SKR Nonprofit Newsletter
Winter 2011
Wrapping up a gift acceptance policy
 All gifts aren’t created equal. Having a gift acceptance policy to refer to — and using it to decide whether to accept a donation — is important to an organization’s balance sheet, workload and reputation. This article explains why it’s important to reject gifts that are incompatible with an organization’s mission or that might present financial or administrative problems. It discusses the elements of a good gift acceptance policy and the particular considerations that may be involved with different kinds of gifts.
Full Article
Just for nonprofits – Accounting rules change mergers and acquisitions
 Those who are considering joining forces with another organization will want to understand the effects of new accounting standards for mergers and acquisitions — and plan their financial strategies accordingly. This article takes a look at Statement of Financial Accounting Standards (SFAS) No. 164, Not-for-Profit Entities: Mergers and Acquisitions, which outlines how to determine if a new business combination is a merger or an acquisition, and addresses the different methods of accounting involved.
Full Article
Internal controls: Is it time for a checkup?
 Many nonprofits might have cut staff during the recent recession — and that means fewer people to “mind the store.” As the economy continues to mend, now is a good time to inspect the condition of the internal controls that safeguard an organization’s finances. This article looks at how to ensure strong internal controls, while a sidebar emphasizes that an annual audit shouldn’t be relied on, in and of itself, to detect fraud.
Full Article
More tax-exempts can file e-Postcard instead of Form 990 for 2010
The IRS has raised the annual gross receipts threshold at which tax-exempt organizations (other than private foundations and Code Sec. 509 (a)(3) supporting organizations) must file Form 990, Return of Organization Exempt from Income Tax, from $25,000 to $50,000, for tax years beginning on or after Jan. 1, 2010. Thus, under this new rule, most tax-exempt organizations whose gross annual receipts are normally $50,000 or less can file the simpler Form 990-N (Electronic Notification e-Postcard).
Newsbits
 This issue’s “Newsbits” discusses the dos and don’ts of setting prices for products; how cash-strapped state and local governments are considering rescinding tax breaks for nonprofits and increasing fees; and IRS guidance to make it easier for tax-exempt organizations to find out if they qualify for the new health care tax credit.
Full Article
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Our Inaugural SKR Nonprofit Newsletter
Welcome to our first edition of the SKR Nonprofit Newsletter! It is our desire to serve those in our nonprofit community with excellence, and that means helping you get the information you need. So on a regular basis, we will email this newsletter with articles and tidbits we feel you can use.
Steve Hochstetter, CPA, CVA, Audit Partner
Jeff Talus, CPA, Tax Partner
Stockman Kast Ryan + CO Nonprofit Services include:
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Tax preparation
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Audits and reviews of Financial Statements
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Compliance audits with OMB Circular A-133
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Cash flow projections and other consulting services
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UBIT (Unrelated Business Income Tax) consulting
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Internal control reviews
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Bookkeeping
For more information on any of our nonprofit services, please contact us at (719) 630-1186.
We welcome your feedback! Please use this Secure Email link to tell us what you found helpful and what topics you would like to see in the future.
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