Archive: Contributions

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Bifurcation of Transactions Between Contribution and Exchange Components

This blog continues our discussion on ASC 606 and revenue recognition, looking specifically at the bifurcation of transactions between contribution and exchange components. Bifurcating is not a new concept, but it was covered in the audit guide in light of the new revenue recognition standard (ASC 606). It is generally agreed that contributions are not […]

Private Schools Balance between Tuition and Contribution Revenue

Two of the most common revenue streams for private schools are tuition and contribution revenue.  Unfortunately, tuition alone does not cover the cost for private schools to run their programs and maintain their campuses. Contributions are a great addition to tuition for private schools. However, do you know how to account for both revenue sources? Tuition revenue […]

Beating the Odds with a Long Term Development Director

I have had the honor of being associated with Bread for the City (Bread) for more than 20 years, the last six or seven as a Board Member and Treasurer. One key element of Bread’s success has been the longevity of Kristin Foti, their development director. For many clients, Development Directors turn over frequently in […]

PATH Act Makes Permanent Several Popular Provisions which Promote Charitable Giving

On December 18, 2015 the President signed the PATH Act (Protecting Americans from Tax Hikes Act). While generally considered an extenders bill (multiple tax incentives were extended one year at a time), this Act makes permanent some of the provisions which promote charitable giving by individuals and businesses. These include: Charitable contributions of food inventory […]

Avoiding Management Letter Comments – Net Asset Classification

A common management letter comment stems from the misclassification of net assets.  There are three main classifications of net assets: unrestricted, temporarily restricted, and permanently restricted.  Unrestricted net assets are not subject to donor restrictions.  Temporarily restricted net assets are subject to donor imposed restrictions that will either be met by actions of the organization […]

A New Creative (and Possibly Simple) Way for Fundraising

We have all seen which way the winds are blowing. We are all witnesses to the aggressive rate at which social media permeates daily operations of virtually all nonprofits. For those nonprofits that hesitate to embrace online fundraising, it may be time to consider taking that first step. Online fundraising keeps growing at a bellicose […]

Fishing for Funding and the Charitable Deduction Debate

As the government works to solve the country’s budget problems, President Obama and Congress are considering caps or cuts to the charitable tax deduction. Recently Senator Max Baucus, Chairman of the Senate Finance Committee and Senator Orrin Hatch, Senior Rep. on the committee, initiated a process of crafting legislation to overhaul the tax code beginning […]

Online Donations OK By IRS

The IRS released an Information Letter on March 29, 2013 stating that there is no prohibition against a 501(c)(3) utilizing an internet fundraising platform to raise funds. Which is good because that’s been around for a few years. They did include some good suggestions. Be sure to consider any state laws and regulations that may […]

Ways and Means Hearing on Charitable Contribution Tax Deduction

Just in time for Valentine’s Day, the House of Representatives Ways and Means Committee held a hearing featuring over 40 witnesses testifying in favor of protecting the charitable contribution tax deduction. Large nonprofits were in attendance, including: Council on Foundations, Meals on Wheels, Jewish Federations of America, and the United Way, among others. Participants in […]

The Aronson Foundation Donates $5K to So Others Might Eat (SOME)

Aronson LLC and the Aronson Foundation were pleased to announce that they have made a $5,000 donation to So Others Might Eat (SOME), a DC nonprofit that has “helped thousands of people get off the streets, transform their lives, and live independently.”  The donation was made as part of Aronson’s holiday party and 50th Anniversary […]