Does Your 501c3 Measure Up?

 

It is essential that your 501c3 organization quantify its performance and share those measurements with its funders, volunteers, participants, board of directors and employees. Numbers are clear, concise and defined. Providing numbers along with your narrative will be especially positive as your organization is seeking to raise funds from private foundation. Private foundation leaders like to know the impact that their funding is likely to have when they fund your nonprofit organization.

Below, we provide some questions that you should quantify the answer to.

How many participants did your 501c3 organization serve this quarter?

How many volunteers do your nonprofit organization have?

How long did it take your 501c3 to reach different milestones?

How much money did your nonprofit organization raise last month?

Read more: Does Your 501c3 Measure Up?

Lucky 7 Ways to Reduce Income Taxes

 

Tax time is here and Floyd Green CPA wants to help you with our tax services and tax tips.  We offer tax preparation services for individuals, LLCs, S Corps and 501c3 charitable organizations.  

Below, we will provide you with 7 tips to reduce your personal income taxes.
 
Healthcare Expenses.  Depending upon the amount you spend on healthcare cost and the amount of your income, your healthcare expense may result in a significant reduction in your income taxes.  Healthcare expenses include medical insurance premiums, doctor visits, etc.  
 
Work Expenses.  When you incur expense that relate to your employment and you are not reimbursed for those expenses, then you can deduct those cost on your income tax return as unreimbursed employee expenses.  For example - A regular man or woman business suit would not be deductible; however, a uniform with the company patch would be a deductible expense.  

Read more: Lucky 7 Ways to Reduce Income Taxes

501c3 Organizations Need People To Grow

 

All 501c3 and nonprofit organizations need people to ensure that the organization grows and thrives.  Large nonprofits which are successful have an army of people running the organization’s programs and activities as well as handling the administrative functions of the organization.

We, at Floyd Green CPA, group the people who work and serve nonprofit organization into 3 main groups:

-        Volunteers

-        Employees

-        Contractors

All three groups are valuable to nonprofits as each group brings a set of skills, expertise and enthusiasm.

Volunteers.  Many small 501c3 organizations operate exclusively by using volunteers.  Volunteers are unpaid individuals who perform duties and services for the organization.  Some volunteer jobs may involve lower skill responsibilities – such as passing out pamphlets at a function or greeting visitors at an organization function. 

Read more: 501c3 Organizations Need People To Grow

Electing Board Members and Officers (Nonprofit)

 

ElectingNewBoard

Each organization consists of governing body that is responsible for the management of the organization and for overseeing the activities of the organization.

 

 The Board of “members” or “Directors/Trustees” are elected, according to the type or the organization:

 

  1. If the organization has members: the Directors are nominated and elected by the organization’s members. They represent the community of members and manage the organization’s activities, accordingly;
  2. If the organization doesn’t have members: the Directors are the individuals who stand in front of the organization, either when the organization is setting-up or later on, once it has been operating for a couple of years.  If new Directors need to be appointed, the current Board of Directors elects the new Directors, as they have the voting control.

 

Read more: Electing Board Members and Officers (Nonprofit)

Nonprofit Church or Ministry

 

Ministries and churches are similar and often get confused as the same thing. They both are religious entities and are working to spread the word of a higher power. However, when filing for the 501c3 status there are a few main differences that matter to the IRS.

Ministry is defined as the service, functions, or profession of the body or class of people authorized to conduct religious worship. Usually, ministries are put in place to help someone in the name of a deity. For example, a Christian ministry would hand out food to the homeless in the name of Jesus. When filing for the 501c3 nonprofit status as a ministry, most are able to file the 1023-EZ form. If a ministry is doing more extensive work (like housing or disaster relief) and know they will go over $50,000 a year in revenue for the initial years, they must file the 1023 standard form. Each of the forms have different fees.

Read more: Nonprofit Church or Ministry?

501c3 Nonprofit Organizations for Veterans

Nonprofit veterans’ organizations must be operated exclusively to promote the social welfare of the community, to assist disabled and needy war veterans and their dependents, to provide entertainment or care to hospitalized veterans, to carry on programs to perpetuate the memory of veterans, to conduct programs for religious, charitable, scientific, literary, or educational purposes, to sponsor patriotic activities, to provide insurance benefits to members or their dependents, or to provide social and recreational activities to members.

Read more: 501c3 Nonprofit Organizations for Veterans

 
It's ime to start planning for the 2019 year for your nonprofit organization. This will help keep your charitable organization on track and easier to manage throughout the year. Here are some tips to help your organization plan.
 
1. File last year’s tax return with the IRS! This is important! Your nonprofit organization’s tax return is due by the 15th day of the 5th month after your organization’s tax year-end. (example: if the organization’s year end is December, then the tax return is due by May 15th of the following year)
 
2. Make sure your 501c3 organization’s information is updated on all filings. This includes address, the board of directors, etc. for any state filings and the IRS. You can update this information on your yearly tax return with the IRS and on annual report filings with the state.
 

10 Easy Fundraising Ideas for Your 501c3

 

1. Yard Sale Fundraiser

People can donate their unwanted clothes, home goods, or collectibles to the organization. The 501c3 organization can then advertise around the community about the yard sale and sell the donate items to collect funds for the nonprofit organization.

2. Auctions

There are a few different types of auctions: Guess the Amount, Silent Auction, 50/50 Raffle, Penny Auction, Live Auction, and Online Auction. These can be easily done in the community by asking businesses to donate their goods or services to the charitable organization for the type of auction.

3. T-Shirt Fundraising

The nonprofit organization can get t-shirts made and sell them for donations. Not only does this help raise funds, but it also will spread the organization’s message whenever people wear them out.

4. Walkathons/Marathons

This is usually best during nicer weather months. The 501c3 organization can host a Walkathon/Marathon for the community. There can be an entry fee for all participants, as well as the participants could have the opportunity to get sponsors who donate a certain amount for each mile walked/ran.

Read more: 10 Easy Fundraising Ideas for Your 501c3

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