Nonprofit Blog

Business owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, the entire team (or at least key members) should have input on the choice. And while it may be impossible to please everyone, it’s possible to come close.

Smith & Howard extends warm congratulations to our good friend Ann Curry of Coxe Curry & Associates. Ann has been selected as an honoree for the upcoming Heroes, Saints & Legends gala, which is being held in March. Ann will be recognized by the Foundation of Wesley Woods as one of four Georgians who have made significant ongoing contributions to the community through their dedication to leadership, service and philanthropy.

There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should:

On Monday, December 12, 2016 the Supreme Court refused to hear a case challenging a Colorado law that requires online retailers without a physical presence in the state to turn over customer purchase data to state tax officials. While the Colorado law spurred the case, the ramifications of the Supreme Court’s refusal to hear the challenge will affect individuals and businesses in states across the U.S.

As competition increases among nonprofits for new donations, there is one advertising avenue worth exploring: Google Ad Grants advertising. Whether you are trying to attract volunteers, drive or increase donations, or achieve greater recognition for your nonprofit’s mission and initiatives, Google Ad Grants can provide you with a free tool for creating a custom marketing strategy. The best news? Nonprofits may qualify for up to $10,000 per month for free AdWords, Google’s online advertising tool. 

Donor advised funds (DAF), which are often alternatives to establishing a private foundation, have received much attention in recent years. Their rise in prominence has prompted financial institutions and other public charities to offer DAF arrangements. There are several considerations in choosing a DAF or a private foundation to fulfill a donor’s philanthropic needs. Some of the considerations include:

The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation arrangements of all employers, including tax-exempt organizations. The newly proposed Section 457 regulations provide plan design opportunities specifically for tax-exempt employers, which could aid in the recruitment and retention of key executives.

The holiday season always seems to open people’s hearts (and wallets). Giving to a charity is not only generous and needed, but can bring significant tax deductions. Charitable giving is known as one of the most flexible tax planning tools because your choice of recipients is vast and you can give at any time of the year (although deductions are based on IRS deadlines). To take a charitable donation deduction, the gift must be made by Dec. 31, 2016. Don’t give and go. As a donor, make sure you are taking advantage of the available tax planning strategies.

The Internal Revenue Services has issued the 2017 optional standard mileage rates which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2017 the standard mileage rates for the use of a car, van, pickup or panel truck will be:

Many companies report financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP), such as earnings before interest, taxes, depreciation and amortization (EBITDA), in their business plans and other promotional materials. These figures can sometimes cast a more favorable light on the borrower’s historic and prospective operations than the GAAP figures do. So, do your homework before banking on non-GAAP metrics.