As of July 1, 2024, the minimum salary threshold under the Fair Labor Standards Act went up. A lot. New Salary Minimums Below is a table showing the new U.S. Department of Labor (DOL) minimum salary amounts. Notice the first increase is already in effect as of July 1, 2024. The new current annual minimum…
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Credit cards always seem to be a sore spot for nonprofits. Yet they are often essential for staff to carry out the organization’s business. Is it possible to make credit card administration any easier? First consider all these credit card management problems. Credit Card Sore Spots 1. To manage physical credit cards, some organizations use…
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Alternative title: I love you, I need you, unrestricted net assets! “Look at all this money we have! I don’t understand why we can’t pay the bills,” exclaimed Todd, a member of the board of directors, as he looked at the balance sheet. “What number are you looking at, Todd?” I asked. “Right here at…
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Mary Diegert is a recently retired CFO with 25 years’ experience in the nonprofit human services sector. She earned a master’s degree in Accounting and her CPA license (now lapsed) in the 80’s. Her most recent experience is fifteen years with a $20 million Catholic Charities agency in upstate New York. Her focus is on…
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On December 27, 2020, a new Covid-19 relief bill called the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“the new bill”) was signed into law. While the new bill includes many benefits, a few provisions are especially interesting for nonprofits. Paycheck Protection Program Round 2 The new bill kicks off a new…
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Welcome to the second installment of our two-part series on nonprofit revenue recognition. In the first post of this two-part series we: Covered the history and background for the new revenue recognition standards; Explained how to distinguish between contributions and exchange transactions (important for today’s blog post); and Gave an overview of conditional contributions and…
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We have a few timely online learning opportunities to share with you! New Mediator Course In this era of strife we love that our friend Kate Otting, a professional mediator, has created several affordable online course packages for becoming a mediator. One thing that distinguishes her course from others is the wealth of practice you…
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No one likes audit surprises. Seems like they never go in your favor. One place you may stumble into an audit surprise is with the new revenue recognition standards. One standard applies only to nonprofits and covers contributions. The other standard applies to all entities, for-profit and nonprofit, and covers exchange transactions. We’ll explain these…
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Our world has experienced a seismic shift. No doubt many of you are rethinking priorities and questioning what you thought to be true. You are racing to learn about new coronavirus relief programs. You’re scrambling to shift to online formats for everything from fundraising events to board meetings to programs. With so much going on,…
Read MoreAs a result of the coronavirus pandemic, your organization may be eligible for Federal financial assistance. Below we highlight three programs that can help nonprofit organizations. Time is of the essence. Please read and act now. 1. Paycheck Protection Program Starting this Friday, April 3, 2020, nonprofit organizations and other small businesses affected by the…
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