Nonprofit

Is your nonprofit subject to the FLSA? The answer isn't a simple yes or no. Nonprofits fall into a special category, but fortunately, the Department of Labor has provided guidance in this area. In brief, says the DOL, there are two ways in which an employee...

Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Organizations making less than $200,000 in revenue and having less than $500,000 in assets must file Form 990-EZ, and...

If you work for a nonprofit that's funded by grants or donations, you need to keep iron-clad records in order to account for every penny if you're ever audited. However, that doesn't mean you need to retain all your files forever. Nobody's got the storage...

The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo an audit....

It's often assumed that nonprofits have no tax obligations at all, but that's not true. Nonprofits do get a lot of tax breaks, but managers of nonprofits still need to be well-versed in the tax code to make sure they're in compliance. Although most tax-exempt nonprofit...

Without volunteers, most nonprofits wouldn't be able to function. But you want to ensure the safety of the individuals you're serving. Background checks protect nonprofits from repercussions of placing unsuitable candidates in volunteer roles. For example, churches, youth sports leagues, hospitals and schools often run background...

Bipartisan legislation to provide coronavirus relief to nonprofit groups has been approved by Congress and President Donald Trump is expected to sign it into law. The measure also provides relief to state, local and tribal governments. The U.S. House passed the Protecting Nonprofits from Catastrophic Cash Flow...