by John F Heveron, Jr. Principal, Heveron and Company CPAs, Rochester NY Here is a quick overview of audited financial statements and what to look for when reading them. Auditors Cover Letter/Opinion This is addressed to the board and is
Allowable costs: Fines, penalties, damages, legal defense?
45 CFR §75.435 and 75.441 address the costs of these legal issues. The first is very detailed, so I am only going to touch on highlights. If you are working through this, your attorney will want to review the entire
Are fund raising costs allowed? How is fund raising different from resource development?
In the Code of Federal Regulations, 45 CFR §75.442, fund raising as a cost line item is defined as the costs of organized fund raising, including financial campaigns, endowment drives, solicitation of gifts and bequests, and similar expenses incurred to
Are advertising and public relations allowed? Conferences?
My typical answer to whether a cost is allowed is “It depends”. Remember we are talking about whether you are allowed to use federal grant funds (usually Part B and Part C funds) to pay for these things. 45 CFR
Allowable costs for federal grants – can we buy a building?
In that list of costs that are not allowable (found in 45 CFR 75) Interest is sometimes allowable and sometimes not. Generally, interest on loans to manage your cash flow are not deductible whether they are line of credit loans,
Allowable costs for federal grants — about lobbying
Over the next few weeks we are going to address the costs that are NOT allowed with federal money, or that are allowed in some cases and not others. The first topic we should discuss is lobbying. First, a CIL
New Executive Director? Do you really want to change that?
Every new executive director wants to make their mark. Take the time, though, to make sure that the change is what is really needed at this time. Here are some radical changes that Executive Directors sometimes make, and my comments
If “Lean” is your dream – How can you grow your center with minimal staff and funding?
We provide considerable information on how to raise money, develop fee for service projects, and partner with funders for other than Independent Living funds. The struggle is getting it done. Everyone is already busy. Who has time to plan and
What does your IRS 990 say about you?
February 19, 2017 the Denver Post, reminded Rocky Mountain readers that “Every year, nonprofit organizations must submit their informational returns to the IRS in the form of a 990 or 990-EZ. Although these forms are sent to the IRS, they
Seven Red Flags on IRS Form 990
IRS Form 990 is a tax return for organizations that are exempt from Income Tax. Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file this form to provide the IRS with the information required by section 6033. The