Finance

Asset management is a term that describes any process or procedure that an organization uses to keep track of mission critical assets, such as tools, equipment, and software. Due to the importance of asset management in many organizations, there’s a wide variety of software products available to help make the tracking of assets easier, which …

One of the main reasons for creating an LLC for your business is to separate your personal assets and finances from that of your business. This means you’ll need a business bank account, but it can be difficult to find the right one because of the number of options available. The best options are going …

Tracking your business’s spending, profits, and various transactions can be a time-consuming task. Fortunately, you can simplify the process by using a business bank account. A business bank account consolidates your business’s funds, making every transaction easily accountable. In this post, we’ll cover everything you need to know about how to open a business account. …

Your small business or startup idea could change your life as well as the lives of your customers – but you need the capital to get it off the ground. Small business loans are vital if you want to effectively develop a new business idea or expand an existing firm. But with so many different …

“Development” is, by definition, the process of creating and enhancing relationships with (potential) donors to ensure current and future funding; “Fundraising” is only about income generation. With “Development,” with the relationships you create, you take a major step toward ensuring future income; with “Fundraising,” income generation focuses on “now,” with no provision, no assurance, and …

This posting by: Hank Lewis There are two steps to take in answering that question. The first is asking, “Who cares?” Isn’t what we call that person largely irrelevant? Isn’t that person going to do what has to be done, no matter his/her title? Definitely not !! We are greatly affected by how we are …

(This is a follow up piece to the posting What Do You Call The Staff Person In Charge of Raising Charitable Contributions?) The title question is often asked by new/fairly young nonprofit organizations; and, depending on the age/size/mission/location/etc. of the organization, there can be many different answers. As noted previously, the simple answer to the …

1. All Board Members Must Be Donors … to the best of their ability. Not all board members are wealthy, but everyone should give at the highest level possible for their circumstances. It is important to be able to say to the public that 100% of your board supports your mission to the best of …

A reader indicated that she was, “trying to find accounting literature that defines whether we can capitalize the cost of a capital campaign consultant and the project management time provided by development staff who worked on the campaign,” and she asked, are “these costs usually capitalized with the new building or building expansion as project …

I was asked if one 501(c)(3) non-profit can give money to another 501(c)(3) charity. With the usual, and necessary, caveat of, “I am not attorney, nor am I giving legal advice,” I responded that, “Yes, when the transaction advances the donor non-profit’s charitable mission, a non-profit can donate money (and other resources) to another non-profit.” …

A recent email asked: “What is a reasonable goal to ask a development person to raise for a non-profit organization? “Our Executive Director, a former college president, expects me to raise 6 to 8 times my salary in new money, which was the expectation at the college. “Have you heard of that concept before? I’ve …

© Copyright Carter McNamara, MBA, PhD, Authenticity Consulting, LLC. Insurance The D & O Diary : Directors and Officers Liability and Insurance Directors and officers liability insurance – Wikipedia, the free encyclopedia How to Determine Whether to Insure Directors and Officers | Inc.com 20 Questions Directors Should Ask about Directors’ and Officers’ Liability Indemnification and …

Tax Information for Nonprofits (including getting tax-exempt status) Assembled by Carter McNamara, MBA, PhD Applies to nonprofits unless otherwise noted. Sections of This Topic Include Do I Need Help to Get Started? Importance of Good Record Keeping Getting Tax-Exempt Status Federal, State, Sales, Payroll Taxes, etc. Preparing and Filing Form 990s (including about public disclosure) …

U.S. Business Taxes for Small For-Profit Businesses Scope of Information in this Library Topic This library could include thousands of links to tax-related sites. As with other topics in the library, there are enough links included below to cover the basics and help the reader find more information if needed. Regarding federal taxes (the type …

Business Taxes Small For-Profit Businesses Nonprofit Business Taxes For the Category of Taxation (For-Profit): To round out your knowledge of this Library topic, you may want to review some related topics, available from the link below. Each of the related topics includes free, online resources. Also, scan the Recommended Books listed below. They have been …

As a business owner, learning how to calculate payroll taxes are one of the most daunting tasks to tackle. Among all the other aspects of your business that you manage, it’s also essential you calculate your taxes correctly. Without accurate tax calculations, you can face legal and financial penalties if the IRS investigates your business.  …