Entries with Blog Label: Nonprofit Finance

Thousands of nonprofits have registered with their states in order to legally solicit donations… do you know what state requirements extend to your organization?

Presented by Affinity Fundraising Registration and hosted by Maia Lee, President of Relations, this on-demand webinar explains the essentials of fundraising registration and what you must do to ensure that you’re registered before filing your next Form 990. With over a decade in nonprofit marketing and development experience, Maia understands the challenges nonprofits face in fulfilling their missions with limited resources and is committed to educating nonprofits about charitable solicitation registration requirements.

 

You’ll learn crucial details needed to raise funds legally in any state with key information surrounding possible exemptions and how you may be subject to fines and penalties.  

Watch the webinar recording today!    

Want access to more learning opportunities, tips and legal updates just for nonprofits, sign up for our monthly eNews today!

 

Nonprofit professionals face a challenging job that is made even more complex by industry dynamics and a competitive talent marketplace—requiring even more attention around compensation factors that include benefit portfolio offerings. While benchmarking data exists in the corporate sector, detailed benefit data has been lacking in the nonprofit sector, until now. Work for Good has produced one of the most comprehensive national studies on nonprofit benefit offerings to date.

 

Presented by Karen Beaver, CEO of Work for Good, this on-demand webinar shares their findings from the 2019 Nonprofit Benefits Coverage Index Report, and reveals how you can take action now to prepare for what’s ahead.

 

This educational webinar recording outlines some of the top employee benefits trends shaping the sector this year and presents practical takeaways to inform strategy around:

  • Competitive benefit plan offerings
  • Current benefit trends
  • Strategies for 2020

For access to more learning opportunities, tips and legal updates just for nonprofits, sign up for our monthly eNews today!

Are you familiar with the Accounting Standards Update (ASU) 2016-14 issued by FASB? It’s a standard created to offer solutions to simplify and improve how a nonprofit organization is able to classify its net assets, financial statements, liquidity, financial performance, and cash flows. Now, that organizations have begun to apply this new standard, they are encountering implementation issues that were not anticipated. 

When organizations are gathering and preparing their financial information, they’re being faced with making difficult decisions on how to best present this information. For example, an analysis of expenses by function and natural classifications can be presented in multiple ways however, what is the most efficient and most beneficial method to do so?

Tammy Ricciardello states “Our advice on the presentation? Keep it simple. Yes, the analysis of expenses by function and nature should show the natural expenses of the entity by program and supporting activities, but this doesn’t mean that every type of expense should be presented on its own line. A straightforward approach will prevent the presentation from becoming overly complex and unwieldy.”

It’s important to remain focused on the information that is most useful and make sure that the one reading your financial statements can clearly understand the costs of each activity and where that activity is being allocated to. Remember, keep it simple.

To learn more about the best practices for implementing ASU 2016-14 functional expenses be sure to read the full article here.

Article provided by Tammy Ricciardella, CPA, Technical Director at BDO.

With holidays on the horizon, this is the time for holiday shopping, family gatherings and ringing in the New Year. With so much on our plates, time can get away from us—causing us to miss important deadlines.  As a 501 (c)(3) organization, November is the deadline month to exercise your state unemployment tax exemption for 2019. This means time is running out.

Unlike for-profit organizations, 501(c)(3) nonprofits have the unique opportunity – as allowed by Federal law – to opt-out of the state unemployment tax system and instead only reimburse the state, if and when they have an actual unemployment claim. It can be a savings opportunity for many nonprofits who have lower claims than what they pay in state unemployment taxes—which are often driven up by for-profit organizations and other companies that go out of business, as well as state fund deficits and improper payments made in error.

UST helps nonprofits to better manage their cash flow through proper claims administration and various funding options. With access to e-Filing capabilities, state-specific claims advice and a plethora of on-demand HR services, UST participants are able to streamline operations and reduce back-office paperwork burdens.

Last year alone, UST helped program participants save $26.2 million in unemployment claims costs. That’s millions of dollars more for the nonprofit sector and the communities they serve.

More than 2,200 of your nonprofit peers are already exercising their unique tax alternative with UST. In a time of such uncertainty and ongoing legal changes, shouldn’t you investigate whether UST can help your organization safeguard valuable time and funding?

Submit your FREE Cost Analysis Formno later than November 15th in order to meet the state deadline for 2019 enrollment – which for most states is December 1st. Unfortunately, if a nonprofit misses the state deadline, they have to wait until the following year to exercise their tax exemption and join the UST program.

For a limited time, UST opens up registration to 501(c)(3) nonprofits interested in learning about accreditation and its benefits for your organization.

UST, a program dedicated to providing nonprofits with dedicated HR support and educational tools, presents an exclusive 60-minute webinar that offers an overview of the major phases of the accreditation process and highlights the benefits of becoming accredited—including enhancing revenue opportunities.

Join UST and Jennifer Flowers, Founder & CEO of Accreditation Guru, Inc., to better understand the fundamental organizational requirements necessary for accreditation, key participants to include throughout the process and how to avoid the common pitfalls of accreditation preparation.

This educational webinar will teach attendees about:

  • Understanding the key benefits to becoming nationally accredited
  • Comparing timelines and costs for accreditation from the various accrediting bodies
  • How to recognize why accreditation mandates are becoming more
  • Becoming familar with how to avoid common accreditation preparation
  • How to identify what is needed to successfully prepare for accreditation

If you’re a 501(c)(3) nonprofit executive with 10 or more full time employees, register for the February 13th webinar before space runs out!

UST is giving 532 nonprofits $3,869,249 in cash back for their ability to reduce their anticpiated unemployment claims within the year.

UST, a program dedicated to providing nonprofits with workforce solutions that help reduce costs so that they can focus more on their missions, announces that it will be dispersing $3,869,249.80 in cash back to more than 532 of their program participants. After accruing all of their claims savings, audited state returns and cash back throughout the last year, UST members will have $30.1 million filtered back into their nonprofits’ pockets.

UST aims to provide 501(c)(3) nonprofits with the latest HR training, outplacement resources and unemployment claims management tools they need to stay compliant with the state and federal laws, while also helping to reduce paperwork burdens.

One of UST’s most popular programs, UST Trust, helps reimbursing employers build a reserve—protecting their money on the front end—so they don’t experience the steep ups and downs in their cash flow due to unexpected unemployment claims. Unlike their for-profit counterparts, UST Trust participants can receive cash back through UST when their organization is able to reduce their unemployment claims and still maintain a healthy reserve balance for future claims.

“The $3.8 million we are returning to UST participants can offer their organizations the flexibility they need to execute additional mission-driven initiatives,” said Donna Groh, Executive Director of UST. “Here at UST, we are pleased to be able to continue returning funds to our members and further supporting the communities in which they serve.” 

These refunds are just part of how UST serves its mission of “Providing nonprofits with workforce solutions that reduce costs and strengthen their missions.”

To learn more about the UST program for 501(c)(3) employers, visit www.ChooseUST.org. If you’re a reimbursing or tax-rated nonprofit, and looking for innovative ways to save money, fill out a free Unemployment Cost Analysis form.

UST helps 501(c)(3)s lower their unemployment costs & maintain HR compliance, providing resources to help refocus on mission objectives.

UST, a program dedicated to helping nonprofits ensure compliance and protect assets, today announces it has identified $2,839,940 in potential unemployment liability savings for 135 eligible nonprofits.

 

For 35 years, UST has been helping 501(c)(3) organizations exercise their exclusive nonprofit tax alternative, as allowed by Federal law, to pay only for their own unemployment claims which can save them thousands annually. Because they are no longer subsidizing for-profit companies in the state tax system, and are receiving expert claims guidance, UST members can efficiently manage their unemployment claims while mitigating liability.

 

“UST has continued to identify potential unemployment claims savings for multiple nonprofits across the United States,” said Donna Groh, Executive Director of UST. “It’s incredibly rewarding to know that the UST program continues to provide financial relief to such hard-working nonprofits and the communities they serve.”

 

UST offers exclusive access to a variety of resources, ranging from a live HR hotline and job description builder to e-filing capabilities and claims hearing support. By utilizing their dedicated claims representatives, cloud-based HR resources, and outplacement services, these nonprofits can refocus their saved time and money on what matters most—achieving mission objectives.

 

If you’re a 501(c)(3) looking for ways to help your nonprofit save money, benchmark your unemployment costs by filling out a free Unemployment Cost Analysis form today.

Don’t let change overwhelm your organization!

The phrase, “the world is shrinking,” symbolizes the global influence of technological growth and innovation. While most people stress over these ongoing changes, developing thorough and consistent change management procedures often restores a much needed sense of control in the workplace.

While change affects every work sector, nonprofits in particular often view change in two opposing viewpoints—either as opportunity for mission advancement or as a risk for total organizational downfall. By analyzing the most predominant changes seen throughout the nonprofit world, these organizations can better predict and prepare for such adjustments.

Changes prevalent throughout the nonprofit workforce include:

  • Increasing demand for high-tech information technology
  • Greater focus on efficient administrative and cost practices
  • Staffing changes
  • Restructuring of job requirements or work practices

Though change can be difficult, it can be an asset used to further a nonprofit’s overall development, as long as proper procedures are followed.

Here are a few methods to help you cope with change:

  1. Have your managerial staff rate your organization’s competencies, relevant to change management. Evaluate things like your organization’s readiness for change, board attitude towards change, executive leadership, and your financial stability.
  2. Once you know change will occur, determine all potential effects. It’s important to decipher what factors influenced the change in the first place, to help identify future changes. Additionally, looking at every anticipated effect can help you counteract a negative impact.
  3. Communicate with your staff and encourage feedback, when warranted. In order to avoid feelings of panic or unease among your employees, be sure to inform them what changes are likely to occur and when. Be sure to explain how change will affect both individual positions and the organization as a whole. Allowing your staff to provide feedback will not only give them a sense of control, but also allow you the time to alter changes based off of employees’ suggestions.
  4. Evaluate all changes and review the success rates. Decide whether or not the change was successful and beneficial to your nonprofit’s growth. Be honest with yourself—learn from the mistakes made when the change was implemented and adjust future procedures accordingly.

While you can’t always control change, you can control how you react and integrate change within your organization. Because change is often unexpected, it’s important to learn from your mistakes and keep tabs on what was done right. Remember, without change, the world is static. And change is what gives your nonprofit the ability to move forward.

Read more about change management here.

Nonprofits play a vital role in society by indirectly boosting the economy. Just like their for-profit counterparts, they have payroll, pay mortgages and utilities and have overhead costs. Unlike for-profits, they rely primarily on grants, donors and the community for financial support – making it all the more important that they understand the financial risks they face.

Earlier this year, the findings from a study put out by SeaChange Capital  Partners, Oliver Wyman and GuideStar, “The Financial Health of the United States Nonprofit Sector:  Facts and Observations,” were released and the results signaled an urgency for improved risk management to reduce the likelihood of financial distress within the sector.  

 

Some key takeaways from this report include:

  • Overview of the size and scale of the US nonprofit sector
  • Key financial metrics segmented by size, sub-sector and geography
  • Learn how you can strengthen your nonprofits financial position
  • Ideas for reducing financial distress within your organization
  • Key financial health indicators

 

If you missed it, download your copy today and learn how you can either put a holistic risk management framework in place or enhance your current risk management practices!

The Unemployment Services Trust (UST) has been acknowledged by GoToWebinar as being a great source of business content for the nonprofit community.

Santa Barbara, CA (December 14, 2017) – The Unemployment Services Trust (UST), a program focused on helping nonprofits save money and strengthen their missions, announces that their webinar, “New Accounting Standards Nonprofits Need to Know,” hosted by Lindquist LLP, has made it on GoToWebinar’s list of Top 100 Webinars of 2017.

UST is a one-stop-shop to find HR best practices, workforce solutions and unemployment risk management tips exclusively for nonprofits. UST has created a variety of webinars catering to both nonprofit executives and HR employees. These webinars cover topics ranging from Retirement Planning and Common Financial Reporting Errors to Emergency Succession Planning and Best Practices in Outplacement and Career Transition Services. 

“We are thrilled to be recognized for our efforts and to partner with Lindquist LLP to create content that educates the nonprofit sector,” says Donna Groh, Executive Director of UST. “We look forward to continue providing a robust resource library for the nonprofit community.”

To view the most popular on-demand webinars, UST has launched a dedicated webinar channel on GoToWebinar’s new platform—GoToStage. This all-access video platform is designed to deliver relevant and easily accessible content that the nonprofit community craves. Visit UST’s GoToStage Channel today to keep up-to-date on the important legal changes and trends that may impact a nonprofit organization.

To receive the latest updates on free webinars and how-to guides exclusively for nonprofit organizations, make sure to sign-up for UST’s Monthly e-Newsletter.  

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Privacy Policy and Terms of Use

UST maintains a secure site. This means that information we obtain from you in the process of enrolling is protected and cannot be viewed by others. Information about your agency is provided to our various service providers once you enroll in UST for the purpose of providing you with the best possible service. Your information will never be sold or rented to other entities that are not affiliated with UST. Agencies that are actively enrolled in UST are listed for review by other agencies, UST’s sponsors and potential participants, but no information specific to your agency can be reviewed by anyone not affiliated with UST and not otherwise engaged in providing services to you except as required by law or valid legal process.

Your use of this site and the provision of basic information constitute your consent for UST to use the information supplied.

UST may collect generic information about overall website traffic, and use other analytical information and tools to help us improve our website and provide the best possible information and service. As you browse UST’s website, cookies may also be placed on your computer so that we can better understand what information our visitors are most interested in, and to help direct you to other relevant information. These cookies do not collect personal information such as your name, email, postal address or phone number. To opt out of some of these cookies, click here. If you are a Twitter user, and prefer not to have Twitter ad content tailored to you, learn more here.

Further, our website may contain links to other sites. Anytime you connect to another website, their respective privacy policy will apply and UST is not responsible for the privacy practices of others.

This Privacy Policy and the Terms of Use for our site is subject to change.

Privacy Policy

Privacy Policy and Terms of Use

UST maintains a secure site. This means that information we obtain from you in the process of enrolling is protected and cannot be viewed by others. Information about your agency is provided to our various service providers once you enroll in UST for the purpose of providing you with the best possible service. Your information will never be sold or rented to other entities that are not affiliated with UST. Agencies that are actively enrolled in UST are listed for review by other agencies, UST’s sponsors and potential participants, but no information specific to your agency can be reviewed by anyone not affiliated with UST and not otherwise engaged in providing services to you except as required by law or valid legal process.

Your use of this site and the provision of basic information constitute your consent for UST to use the information supplied.

UST may collect generic information about overall website traffic, and use other analytical information and tools to help us improve our website and provide the best possible information and service. As you browse UST’s website, cookies may also be placed on your computer so that we can better understand what information our visitors are most interested in, and to help direct you to other relevant information. These cookies do not collect personal information such as your name, email, postal address or phone number. To opt out of some of these cookies, click here. If you are a Twitter user, and prefer not to have Twitter ad content tailored to you, learn more here.

Further, our website may contain links to other sites. Anytime you connect to another website, their respective privacy policy will apply and UST is not responsible for the privacy practices of others.

This Privacy Policy and the Terms of Use for our site is subject to change.