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Posted on March 14, 2017

U.S. nonprofits that have bank accounts in foreign countries must file a Report of Foreign Bank and Financial Accounts (FBAR) each year to report the existence of foreign financial accounts held outside the United States. Beginning this year, the filing deadline for the FBAR has been moved up to April 15 with a new automatic six-month extension option until October 15, 2017. This change aligns it with the filing deadline for individual income tax returns.

For more information about FBAR, see our article Reporting Requirement for Nonprofits with Foreign Bank Accounts.

Posted on July 17, 2014

This is part seven of an eight part webinar series that provides general legal information about operating a 501(c)(3) tax-exempt, nonprofit corporation. This webinar details the financial responsibilities of the Board of Directors, including approving budgets, reviewing financial statements, and setting internal controls.

Presenter: Denise Devenny, CPA, Vice President of Operations with the Bipartisan Policy Center

Click here to view webinar.

Posted on December 7, 2011

Since Enron, the board of directors has been required to take on a greater role in overseeing the financial affairs of a nonprofit organization. All of your board members should read this!

Please note that in addition to the legal disclaimer above, this article contains information that is based, in whole or in part, on the laws of the District of Columbia. As a result, the information may not be appropriate for organizations operating outside the District of Columbia.

Posted on December 7, 2011

Learn about audits, reviews and compilations to help determine which one might be best for your organization.

Posted on December 6, 2011

The IRS prohibits every 501(c)(3) nonprofit from paying its officers, directors and other insiders too much for any goods or services they provide to the organization. Nonprofits that do not follow these rules, and any officer or director who approved an excess payment, may be subject to taxes, fines and other penalties. This article will help your nonprofit determine whether a payment is within acceptable practices or whether it would result in an excess payment.

Please note that in addition to the legal disclaimer above, this article contains information that is based, in whole or in part, on the laws of the District of Columbia. As a result, the information may not be appropriate for organizations operating outside the District of Columbia.

Posted on December 6, 2011

Private inurement (using charity’s income or assets for personal use) is prohibited by the IRS. Learn more about this important restriction and suggestions on how to protect your 501(c)(3) status.

Posted on August 1, 2010

As our Financial Policies 101 webcast demonstrated, nonprofits need to have good financial policies and procedures in place in order to satisfy funders, comply with IRS requirements, and avoid misuse of funds or even embezzlement.

During this one hour webcast, our presenters discuss best practices for:

  • Budgeting and financial reports,
  • Checks and balances for financial activities, and
  • Financial policies and procedures.
Posted on July 20, 2010

Nonprofits need to have good financial policies and procedures in place in order to satisfy funders, comply with IRS requirements, and avoid misuse of funds or even embezzlement.

During this one hour webcast, our speakers discuss best practices for:

  • Financial recordkeeping and recording,
  • Investment policies, and
  • Internal controls
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