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VIDEO Q&A for Subscribers: July 2024 [SUBSCRIBERS-ONLY]
Ben and Mike answer questions from subscribers about the definition of cash basis accounting and its consequences, implications of Board term holdover language and legal remedies to hold organizations accountable for not following their Bylaws, the benefits of tracking volunteer hours and what this means for an organization’s Form 990 and financial statements.
VIDEO PODCAST: Bylaws Tips for Nonprofits
Ben and Mike discuss tips and recommendations to help nonprofit organizations build better Bylaws, such as establishing a schedule for regular review of the Bylaws, complying with state law requirements, addressing Board meeting formalities, notice, and quorum requirements, clarifying term limits language, and more.
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VIDEO Q&A for Subscribers: June 2024 [SUBSCRIBERS-ONLY]
Ben and Mike answer questions from subscribers about the responsibility of a Board of Directors to fill vacancies and how vacancy appointments count towards term limits, the Board's responsibilities regarding the use of large unexpected gifts and bequests, whether Board service can be reported as an in-kind contribution, and the distinction between policies and procedures that apply to Board and the staff.
VIDEO PODCAST: How and Why to Do Regular Financial Health Assessments for Your Organization
Ben and Mike discuss the importance of performing regular financial health assessments for a nonprofit organization, understanding the key components of an organization’s financial health and the appropriate financial health markers to track, how the Financial Health Assessment and Implementation Framework worksheet can be a valuable tool for your organization, and more.
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Video Q&A for Subscribers: May 2024 [SUBSCRIBERS-ONLY]
Ben and Mike answer questions from subscribers about Board liability exposure, deciding whether a new organization should have a broad or narrow focus, how receiving more than $50,000 in revenue impacts an organization’s Form 1023-EZ, and when nonprofits should think about changing audit firms.
VIDEO PODCAST: Using a Single-Member LLC as a Nonprofit Subsidiary
Ben and Mike discuss tax, legal, and strategic considerations related to the use of single member limited liability companies (LLCs) by nonprofit organizations, including how and why nonprofits use this type of subsidiary structure, tips for drafting the Articles of Organization and Operating Agreement, and other issues such as charitable solicitation registrations and donor acknowledgment letters.
VIDEO: Disclosing Your Form 990 Approval Process | 5-Minute Lessons 4 Nonprofits
SE4N's A. Michael Gellman provides a short lesson on how to approach answering the questions about your nonprofit organization’s Form 990 review and approval process on Lines 11a and 11b on page 6 of the Form 990, Part VI, Section B, including a discussion of some of the various ways to distribute the final draft of the Form 990 to the Board before filing, which Schedule O disclosures are needed, and the importance of setting procedures and providing a clear timeline to the Board.
VIDEO PODCAST: Improving your Form 990 Review Process
Mike and Ben discuss the process of reviewing and approving drafts of Form 990, the steps nonprofit organizations can take to improve their Form 990 review and approval process, the importance of getting input from both financial and non-financial perspectives, how to approach the questions on page 6, Part VI, Lines 11a and 11b of the Form 990, and more.
VIDEO PODCAST: The Role of a Nonprofit CFO
Mike and Ben discuss the importance of CFOs taking on a broader role in order for nonprofit organizations to thrive and reach their fullest potential as well as the challenge of balancing their traditional finance duties with their role as a strategic thought leader within the organization. Additionally, Mike and Ben discuss tactics for navigating this balance through improving the integration of the CFO within the C-Suite, more effective financial messaging and communications, and having more strategic financial discussions.
VIDEO: What is Deferred Income? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of deferred income, why deferred income is a liability on a nonprofit organization’s balance sheet (statement of financial position), how deferred income impacts an organization’s operations and cash flow, and more.
VIDEO PODCAST: Common Form 1099 Questions from Nonprofits
Mike and Ben discuss the basics of the Form 1099 rules and address some questions that are frequently asked by nonprofit organizations related to the Form 1099, including whether nonprofits are required to comply with the Form 1099 rules, whether a 1099 is required when the payee is also a nonprofit organization, whether a 1099 is required when reimbursing Board members for expenses, the importance of timely collecting Forms W-9 and avoiding 1099 mistakes, and more.
VIDEO PODCAST: The Downsides of Board “Give or Get” Policies
Mike and Ben discuss Board giving policies, including why nonprofit organizations have them, the components of a formal Board giving policy, and the often overlooked complications and negative consequences of Board giving policies with a "give or get" option.
VIDEO: What is an Unusual Grant? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of the term “unusual grant” and how this concept affects a 501(c)(3) nonprofit organization’s ability to pass the public support tests on Form 990 Schedule A, and avoid being tipped into private foundation status.
VIDEO: What is a Prepaid Expense? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of a prepaid expense, how prepaid expenses show up on the balance sheet, and how prepaid expenses impact the operations of #nonprofit organizations.
VIDEO: Getting a Tax ID Number (EIN) for a New Nonprofit | 5-Minute Lessons 4 Nonprofits
SE4N’s Benjamin Takis provides a short lesson on how to get a tax ID number (also known as employer identification number or EIN) for a new nonprofit organization, including tips for how to most quickly and efficiently obtain the EIN and a guided walk-through of the process using the actual online application (Form SS-4) on the IRS website.