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Category: Not-for-Profits

November 15, 2022

How to Approach Succession Planning

Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they’ll get to “someday.” But that’s a mistake. Like making future plans in your private life, creating a succession plan for your organization is a necessity. And the earlier you start planning, the better. You’ll come across information that needs to be documented for the successor — and you might also… Read more ›

October 3, 2022

Quick Reference: Simplifying the New Lease Standard

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. What is the new lease standard? The new lease standard is intended to account for all lease obligations on financial statements, rather than excluding operating leases as has been the standard. This change ensures… Read more ›

September 26, 2022

From Reluctant to Excited: Turn Your Board into Enthusiastic Fundraisers

If your not-for-profit organization expects its board members to play a fundraising role, you probably already know how difficult it can be to motivate them. They’re busy people, and even when they have excellent connections, they’re not always comfortable asking those in their network for money — however noble the cause. Fortunately, there are ways you can help board members overcome their reservations. Up Front and Personal Board members are obligated to help your organization implement its revenue strategy, and… Read more ›

September 26, 2022

Encourage Legacy Gifts to Your Not-for-Profit

If your not-for-profit focuses most of its fundraising energy on donors who can contribute to your mission and programs now, you may have neglected legacy gifts. Such gifts represent a portion of wealthy donors’ estates that go to your organization on their death. Legacy gifts can help position your nonprofit for sustained growth well into the future. Let’s take a closer look at the hows and the whys. Mechanics of Giving The vast majority of legacy gifts are made through… Read more ›

September 23, 2022

CBM to Serve as Bronze Sponsor of 2022 Greater Washington Society of CPAs Nonprofit Symposium

Councilor, Buchanan & Mitchell (CBM) will serve as a bronze sponsor at the 2022 Greater Washington Society of CPAs Nonprofit Symposium. The symposium, which includes weekly virtual professional education sessions from early October through mid-December and an in-person component on Tuesday, December 13 at the Washington, DC Convention Center, draws hundreds of not-for-profit representatives and service providers each year from across the DC metropolitan community. CBM has been a long-term sponsor, exhibitor and presenter at the Greater Washington Society of… Read more ›

August 18, 2022

How to Land Major Donors

Unlike some fishing enthusiasts, not-for-profits don’t usually “throw back” contributions from the small fry in its donor base. Modest donations, after all, add up. But landing some big fish can make a whale of a difference to an organization’s financial security.Unfortunately, major donors don’t usually knock on a charity’s door and hand over millions of dollars. You have to work to find them and then earn their trust and confidence. Here are seven practical suggestions: Upsize your annual fund. Your… Read more ›

August 18, 2022

Entities that Don’t Qualify for 501(c)(3) Status

Organizations that are created to provide goods or services exclusively (or primarily) to Section 501(c)(3) organizations (or governmental entities) may think that this purpose is sufficient to also qualify them under tax law. However, providing commercial-type services exclusively to exempt organizations is not by itself an exempt purpose. Much more is required for qualification under the rules of Internal Revenue Code Section 501(c)(3) than just having a mission to assist charitable organizations. Basic Requirements An exemption under tax code Section… Read more ›

July 18, 2022

Cryptocurrency Giving: Why Not-for-Profits Should Consider Getting Ready

The growing number of cryptocurrency transactions is staggering with millions of users from every walk of life investing in assets such as Bitcoin to handle countless donations and financial transactions. Nationally known entities such as Fidelity and PayPal are providing customers with the resources to engage in crypto trading or sharing. It is now time for the not-for-profit sector to get ready. Organizational development managers would do well to note that potential donors to their tax-exempt groups will find cryptocurrency… Read more ›

July 17, 2022

CBM Senior Accountant Bhavin Patel Publishes Availability and Liquidity Disclosure Article with Greater Washington Society of CPAs

The Greater Washington Society of CPAs has published “Availability and Liquidity Disclosure”, an article by Bhavin Patel, CPA, senior accountant at Councilor, Buchanan & Mitchell, to highlight one key determinant about the health of a not-for-profit organization. The article was published on GWSCPA’s Nonprofit Accounting Basics website, which provides current, up-to-date financial information for not-for-profit organizations. This is the first of two related articles by Patel; the second will be published in the near future. Patel also participates on GWSCPA’s… Read more ›

July 12, 2022

CBM Partner Julia Lafferty Elected to the Greater Washington Society of CPAs Executive Committee

PDF: CBM Partner Julia Lafferty Elected to the Greater Washington Society of CPAs Executive Committee Julia Lafferty, CPA, a partner at Councilor, Buchanan & Mitchell and a director of the firm’s not-for-profit and employee benefit plan services groups, has been elected to the executive committee of the Greater Washington Society of CPAs (GWSCPA) effective July 1, 2022. This five-year commitment will incorporate several progressive leadership roles including annual service as secretary, treasurer, vice president/president-elect, president and immediate past president. During… Read more ›