WK's Not-for-Profit team presented a seminar on the revised Form 990 via videoconference from the Columbia and Jefferson City offices.

Does your NFP use QuickBooks? Register for our free AccountAble Focused Topics seminar on August 30 in the Columbia office.

Learn about the GFOA's Lean Government initiative, including a video and whitepaper

Essentials: The essentials newsletter is published as a resource for not-for-profit organizations. Contact our Web Editor if you would like to receive essentials via postal mail or e-mail.

You may be hearing from your auditor!

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Resources:

Fundraising in a down economy: Belt-tightening basics

GAQC conference call: Preparing for your single audit (Page includes PDF handouts and archived audio recording)

Not-for-Profit Client Alert:

Does your organization sponsor a 403(b) plan covered by ERISA?

New Department of Labor regulations impose filing and audit requirements on certain 403(b) plans. Click here to visit our 403(b) plan page for additional information

Helpful Links:

GuideStar

NonProfit Times

Independent Sector

UPMIFA

Panel on the Nonprofit Sector

Ethics World, Non-Profit Governance

2010 Form 990 forms and instructions

Annual e-Postcard filing requirement for small exempt organizations

Sample IRS conflict of interest policy

IRS -Tax information for political organizations

IRS brochure - Disaster relief

IRS tax guide for churches and religious organizations

Stay Exempt -
Tax Basics for Exempt Organizations

Employee Benefit Plan Audit Quality Center

403(b) Resource Center

National Association of College and University Business Officers

Not-for-Profit Organizations

Williams-Keepers LLC has worked with not-for-profit clients throughout our firm's history, and our associates have gained a clear understanding of the unique financial issues of charitable, educational, religious, governmental, political and membership organizations.

WK assists not-for-profit entities in the following areas.

• Financial reporting, including financial statement audits, compilations and reviews
• Financial projections, forecasts, modeling, and strategic planning
• Exempt organization tax return preparation and consultation on unrelated business income issues
• Accounting consulting, especially for endowment funds
• Internal control studies, fraud investigations and agreed-upon procedures engagements
• Audit committee, board responsibilities and other governance advisory services

The WK Not-for-Profit team focuses on regular communication with our clients to ensure they stay current on relevant regulations and industry trends. Our essentials newsletter and client seminar series addres topics such as Form 990 changes and best practices. Subscribe to our RSS feed today to receive the latest not-for-profit news and event information.    
   
To learn more about WK’s not-for-profit services, please call (573) 635-6196 or (573) 442-6171 or email information@williamskeepers.com.

New Form 8940 for Miscellaneous Determination Requests

Read the IRS summary of the new Form 8940, Request for Miscellaneous Determination.

Lost Exemption for Failure to File?

If your not-for-profit organization has been notified by the IRS of the loss of exempt status for failure to file required returns for three years, you must resubmit an application for exempt status to regain tax exemption. However, small organizations might be eligible for retroactive reinstatement of their exemption at a reduced filing fee. Please contact a WK advisor for more information.

The Health Insurance Credit

The 2010 health care legislation included a new tax credit for qualifying small businesses, including not-for-profit organizations. The new small business health insurance credit is designed to help offset some of the health insurance coverage costs incurred in providing coverage to employees. Not-for-profit organizations can benefit, provided they meet certain general requirements. If your organization meets all three of the following criteria, you might qualify.

• Fewer than 25 full-time equivalent employees (FTEs)
• Average annual wages per FTE less than $50,000
• The organization provides a uniform subsidy of at least 50% of health care premiums for each employee

For 2010 through 2013, the credit for not-for-profit organizations can be as much as 25% of health insurance premiums paid. The calculations involved to calculate the credit can be complex and a careful analysis must be performed to detemine which NFPs qualify. If you think your organization might qualify, please contact a WK advisor for more information.

Private Foundations

Special restrictions apply to distributions by private foundations to other private nonoperating foundations and controlled organizations. In addition, grants to certain supporting organizations do not count toward your payout requirement. To learn more about these rules, contact your WK advisor or click on the links below.

GuideStar - Grantmaker Due Diligence in the Pension Protection Act Era: How to identify supporting organizations and align your grants administration process with the 21st century tax code

GuideStar Charity check - verify a nonprofit's charitable status and identify supporting organizations