Accounting Pitfalls - 11 Your Nonprofit Should Avoid

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All board members are responsible for ensuring that your nonprofit is in compliancy with state, federal, and international regulations and laws. Many boards opt accountants as their Treasurers and they defer totally to the accountant's judgment in all areas of finance. This is fine for the bookkeeping that you need but there may be some unique aspects of the nonprofit world with which your Treasurer is not familiar.

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Make sure that this list of inherent accounting pitfalls gets to your board Treasurer. Or, best yet, give it to the Finance Committee and make it part of the committee's yearly action Plan to ensure that you have not fallen into one of these pitfalls.

Start today and ask the Finance Committee to recap this list of inherent pitfalls. Invite a Finance Committee presentation at your next board meeting that reviews each item on the list, discusses its applicability to your organization, and acknowledges that you are in compliancy with the suitable state, federal, and international laws.

Here are 11 Accounting Pitfalls you want to avoid:

1. Inadequate books and records

2. Incomplete or Incorrect Federal Tax Return (Form 990)

3. Failure to report changes in officers or operations to the Irs

4. Treating employees as Independent Contractors

5. Non-compliance with state-specific Solicitation of Contributions (donations)
-a. Original application and yearly submission to state officials
-b. Donors receipts and permissible disclosure statements
-c. Http://www.nasconet.org and click on Us Charity Offices to find your state regulator

6. Failure to complete (federal) collective Inspection Requirements
-a. yearly self-test
-b. 33 1/3 % or more comes from collective funds
-c. No particular sourcing of money

7. Failure to heed audit charges or no audits

8. Failure to comply with Lobbying Rules

9. Improper budget of revenue and Expenses in the middle of activities

10. Failure to consider Ubit (Unrelated enterprise revenue Tax) -ex. Hospice sells clothing (requires paying federal tax on income)

11. Issues concerning associated entities or joint ventures

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