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Category: Not-for-Profits

February 28, 2024

Independent Contractor vs. Employee Status: The DOL Issues New Final Rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

February 21, 2024

DC Not-for-Profits and Renewal of Tax-Exempt Status

Not-for-profit organizations in the District of Columbia (DC) are required to submit Form FR-164 to the Office of Tax and Revenue (OTR) to request tax-exempt status in DC. Previously, this was a one-time filing requirement, but due to changes in 2019, DC not-for-profit organizations must renew their DC tax-exempt status every five years. The OTR will send two notices, one 180 days before the expiration of an organization’s exemption certificate and another 30 days before expiration.  Not-for-profit organizations that renewed… Read more ›

January 19, 2024

The Corporate Transparency Act and Beneficial Ownership Information Reports: Do Tax-Exempt Organizations Need to File?

UPDATE: On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has since indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case. Click here to read more. The beneficial ownership information (BOI) reporting rules of the Corporate… Read more ›

December 6, 2023

Judy Barnhard and Stephanie Anderson to Present on Investment Policy Development at 2023 GWSCPA Nonprofit Symposium

Judith P. Barnhard, CPA, CFP®, CDFA®, an executive vice president and director of professional services, wealth management and financial planning at CBM, and Stephanie Anderson, CFA, CFP®, CDFA®, manager of divorce financial planning and wealth management at CBM, are scheduled to present on December 12 at the 2023 Greater Washington Society of CPAs Nonprofit Symposium. Their session, entitled Investing for Impact: A Guide to Not-for-Profit Investment Policies, is scheduled from 8:00 – 8:50 am, will address the foundation of an… Read more ›

October 19, 2023

Senior Manager Joseph J. Barreca Joins CBM, Bringing High-Level Not-for-Profit Tax Expertise

Councilor, Buchanan & Mitchell (CBM) is proud to welcome Joseph J. Barreca, a senior manager with more than 20 years of expertise in not-for-profit taxation. Joe has dedicated his career to serving as a trusted advisor to different types of tax-exempt groups including public charities, operating and non-operating private foundations, business leagues, social welfare organizations, and social and recreational clubs. His wide-ranging experience includes the planning and preparation of tax returns including federal Forms 990, 990-PF, 990-T, and state returns…. Read more ›

October 4, 2023

CBM to Sponsor 2023 Greater Washington Society of CPAs Nonprofit Symposium

Councilor, Buchanan & Mitchell (CBM) is proud to serve as a bronze sponsor at the 2023 Greater Washington Society of CPAs Nonprofit Symposium, which will combine web-based education and an in-person component from October 3 through December 12. CBM has sponsored, presented and exhibited at the symposium for many years. Members of the firm’s not-for-profit professional services team look forward to participating in this year’s symposium and attending in-person sessions at the Washington DC Convention Center on Tuesday, December 12…. Read more ›

February 3, 2023

Expanding Your Nonprofit’s Benefit Offerings

Many job seekers and others assume that not-for-profit organizations offer fewer or less-generous fringe benefits to employees than for-profit companies. But that’s not necessarily true. According to a recent survey by the Nonprofit Times, 87% of nonprofit employers offer a health insurance plan. But as the Kaiser Family Foundation has found, only 49% of private for-profit companies with three to nine workers offer health insurance coverage to workers. Larger for-profit companies generally do offer health insurance and other benefits. So… Read more ›

February 3, 2023

Is Your Not-for-Profit Organization in Survival Mode?

The not-for-profit sector is extremely competitive and even a relatively small shift of fortunes can threaten an organization’s future. When events such as the death of a major donor or the loss of grants, organizations turn to their leaders to minimize the damage and restore stability. But all too often there is no plan in place to tackle risks. Astute not-for-profit leaders don’t wait for a storm. By making a risk analysis and confronting the possibilities ahead of time, they… Read more ›

January 18, 2023

Cyber Liability Case Study: How a Business Nearly Fell Prey to a Phishing Attack

Councilor, Buchanan and Mitchell (CBM) works closely with clients to protect their financial and data operations from phishing attacks and criminals seeking access to corporate networks to steal or hold private, customer-related information for ransom. Members of CBM’s outsourced accounting and advisory team recently prevented a business from falling prey to a phishing attack and potentially losing a considerable sum of money. The client had reached out to a vendor to obtain ACH information for sending a payment electronically. When… Read more ›

November 15, 2022

All Aboard: Recruiting New Nonprofit Board Members

  Does your not-for-profit need to replace a departing board director — or add directors to better handle your growing organization’s governance work? Choose carefully, because although a well-qualified, enthusiastic board addition can help infuse the group with energy and fresh ideas, an unqualified one can create conflict and other problems. Here’s how a nonprofit board should operate and how you can recruit effective board members. Governance and More The board has a duty to ensure the prudent management of… Read more ›