Tag Archive for CT Nonprofit

Cloud Computing for Non-Profits: Customer Immersion Event

shutterstock_275563196This customer immersion event is focused on non-profits and how the Office 365 platform enables anywhere, anytime access to document creation, collaboration and storage. Microsoft is constantly adding new features to the familiar Office portfolio like Word, Excel, PowerPoint and Outlook & we’ll highlight some of the new features and offer tips and tricks. We will also introduce some of the new products included in Office 365 like Planner and Delve – both excellent team collaboration tools.

Sign up here!

IRS Audits on the Rise for Tax Exempt Organizations

shutterstock_228440362Whether you are a board member, executive director, accounting manager or CFO of a non-profit organization, you should be aware that the Internal Revenue Service (IRS) is increasing their audits of the Form 990.

Effective for tax years beginning in 2008, the IRS extensively revised Federal Form 990to include a new summary page, a new governance section, enhanced reporting of executive compensation and an organization’s relationships with insiders and other organizations and new reporting for non-cash contributions, foreign activities, tax-exempt bonds and hospitals.

Now that several years have passed since the 990 revisions, the IRS has commenced auditing Form 990s based on “data-driven” criterion. This means organizations will be automatically selected for audit if certain data is detected by this automated process. The shift to “data-driven” assessments of an organization’s compliance with the federal tax laws, means that Form 990 preparation is more critical than ever. A properly prepared and executed information return will ensure that an organization’s chances for random audit selection are minimized and that exposure to income taxes, both on unrelated business income tax as well as other income by virtue of loss of exempt status, are kept at the lowest level possible.

Continue reading the article here >>

Recovering Indirect Costs from Federal Grants Under Uniform Guidance

shutterstock_228440362In previous articles, we have reviewed the major provisions of OMB’s Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance, or UG) and implementation of grantee requirements.

In this article, BlumShapiro Partner Reed Risteen, takes a look at recovering indirect costs from federal grants under UG. One of the common issues our grant-driven clients face is ensuring they are recovering the maximum amount of indirect costs from their federal grants. He covers the following items:

  • Direct Costs
  • Indirect Costs
  • Methods for Charging Indirect Costs
  • Charging Indirect Costs Under Uniform Guidance
  • Use of De Minimis Rate
  • Use of Negotiated Rate
  • Subrecipients

Read the article >>