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Category: Not-for-Profits

December 20, 2018

DC Office of Tax and Revenue to Require DC-Registered Not-for-Profits to Renew Exempt Status

Not-for-profit organizations that claim tax-exempt status in the District of Columbia will likely receive a notice from the Washington, DC Office of Tax and Revenue (OTR) requesting that they renew their exempt status. Failure to comply with the request could lead to a reclassification of their organization as a taxable entity, effective on the date their current exemption expires. This initiative is scheduled to roll out through 2019 though some CBM clients have already received a notice from the District… Read more ›

December 12, 2018

Treasury Issues Guidance on Parking Provided by Tax-Exempt Organizations and Other Employers

On Monday, December 10, 2018, the U.S. Treasury Department provided additional guidance on how tax-exempt organizations can compute unrelated business taxable income resulting from parking provided to their employees. The guidance is intended to help employers better understand their new tax situation as it pertains to employee parking. Below is CBM’s overview of the new guidance. In most cases, employer-paid commuting and parking is considered a qualified transportation fringe benefit (QTFB). Because of the 2018 Tax Cut and Jobs Act, tax-exempt nonprofits… Read more ›

November 16, 2018

CBM to Present on New Revenue Recognition Standards and Simplifying the Nonprofit Financial Process at 2018 GWSCPA Nonprofit Symposium

Daniel L. Weaver, CPA, Anthony A. Cuozzo, Jr., CPA, CGFM, and Julia Lafferty, CPA, respectively senior vice president/director of not-for-profit services, senior advisor and nonprofit principal at Councilor, Buchanan & Mitchell, P.C. (CBM), will present at the Greater Washington Society of CPAs’ 2018 Nonprofit Symposium. The conference, which draws together financial management professionals from the DC-metro area not-for-profit industry for two and a half days of education and networking, will be held November 27-29, 2018 at the Walter E. Washington… Read more ›

September 21, 2018

CBM Professionals Running in Support of The Children’s Inn at NIH

CBM’s professionals are running! On Sunday, October 28, ten team members and supporters will participate in the Marine Corps 10K in support of the Children’s Inn at NIH. The Children’s Inn is a not-for-profit residence for families with children participating in leading-edge research studies at the National Institutes of Health in Bethesda, MD. The NIH Clinical Center is the nation’s premier biomedical research hospital, providing an opportunity for residents to be partners in advancing medical discoveries and improving the health… Read more ›

August 8, 2018

Not-for-Profits: Are Your Directors Independent?

Not-for-profit organizations that file IRS Form 990 must indicate the number of independent voting members or directors of the governing body. (This is entered on Parts 1 and VI.) The IRS is not the only group interested in these facts. Two other groups also focus on the number of independent directors: state attorneys general and prospective donors. All three groups believe that independent directors are the cornerstone of good governance. In other words, they believe independent directors are less likely… Read more ›

July 15, 2018

Five Tips for Dynamic Strategic Planning

Is your not-for-profit the same organization it was three years ago? Are your stakeholders the same now as then? Is your community and its support of your not-for-profit the same? It’s been said that the only thing certain in life is change, so you likely answered “no” to each of these questions. Change is a key reason why your not-for-profit needs to revisit and revise its strategic plan regularly. And you can make your strategic planning process as dynamic as… Read more ›

July 15, 2018

Should Your Not-for-profit Outsource Its Accounting Function?

As your not-for-profit strives to use its resources as effectively as possible, you might consider outsourcing the functions that fall under your accounting and financial umbrella. One key benefit to outsourcing for small to mid-sized nonprofits is that it minimizes the time that executives must spend consumed with accounting operations and managing related administrative tasks assigned to other employees. Some responsibilities you might consider outsourcing include: • Processing payables, receivables and cash transactions, • Reconciling accounts at each month-end, •… Read more ›

June 6, 2018

The Impact of the New Tax Legislation on Transportation Benefits and What It Means for Not-for-Profits

Not-for-profit organizations may find themselves facing questions about something unexpected – taxes! The Tax Cuts and Jobs Act, the tax legislation passed in late 2017, contained a significant modification to the deductibility of certain benefits for not-for-profit organizations including employee parking and transportation benefits. Under the new law, not-for-profit entities that used to be allowed to provide tax free transportation benefits for employee parking and transit passes can no longer do so. The cost to not-for-profit groups is 21% of… Read more ›

October 30, 2017

CBM to Present on Top Issues Facing Not-for-Profits and Government Auditing Standards at 2017 GWSCPA Not-for-Profit Symposium

Daniel L. Weaver, CPA, and Anthony A. Cuozzo, Jr., CPA, CGFM, respectively senior vice president/director of not-for-profit services and senior advisor at Councilor, Buchanan & Mitchell, P.C. (CBM), will present at the Greater Washington Society of CPAs’ 2017 Not-for-Profit Symposium. The event, which draws together financial management professionals from the not-for-profit industry for three days of professional education and networking, will be held November 27-29, 2017 at the Walter E. Washington Convention Center in Washington, DC. CBM will address the… Read more ›

September 24, 2017

CBM to Participate in Associations @ Work Conference Hosted by American Society of Association Executives’ Associations

Julia Lafferty, principal at Councilor, Buchanan & Mitchell, P.C. (CBM), will participate in the 2017 Associations @ Work Conference, hosted by the American Society of Association Executives in Baltimore, MD from October 15-17. CBM, a Bethesda, MD-based accounting and advisory firm, has delivered audit, accounting, tax and consulting solutions to trade/membership associations for nearly 100 years. “ASAE is the foremost and most reputable organization dedicated to advocating for associations throughout the nation,” said Ms. Lafferty. “It is important to participate… Read more ›