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Dear Noah,
Hello and welcome to this month's issue of Nonprofit Agendas e-newsletter.
We encourage you to contact Hood & Strong LLP for help or advice in any of these areas to keep your non-profit strong and successful.
Your comments on the
e-newsletter format are welcome and encouraged, please direct them to notforprofitgroup@
hoodstrong.com
Sincerely,
Not-for-Profit Niche
Kathy Grogan
Lynn Henley
Susan Malone
Mollie Marshall
Stephen Piuma
Robert Raffo
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Board financial responsibilities — Put best practices in motion
 Even if new board members are enthusiastic, wise or skillful, they may not fully understand their fiduciary responsibility to be good stewards of the public’s money, have a working knowledge of finances — or even be good with numbers. This article shows how a board can assure fiscal responsibility by having strong operating procedures, the right committee structures and appropriate training. A sidebar describes some of the metrics a board should know.
Full Article
The audit dance — Nonprofit and auditor roles are distinct but complementary
 A nonprofit and its external auditor are somewhat like dance partners performing a well-choreographed routine. To execute the dance properly, each dancer must complete specific moves and coordinate timing with his or her partner. Likewise, a not-for-profit and its audit firm each have particular duties in the audit process but share the same end goal: a set of financial statements that fairly present the organization’s financial condition and operating results. This article defines the responsibilities of each party and shows how the board can be used as a resource.
Full Article
Regaining tax-exempt status
 Nearly 275,000 not-for-profits lost their tax-exempt status this year because they’d failed to file required annual reports for three consecutive years. This article tells what a nonprofit needs to know if it’s on the revocation list and seeks to re-attain its exempt status. It describes the tax forms and other items it must file and explains that small organizations may be eligible for transitional relief.
Full Article
News for Nonprofits
 This issue’s “News for Nonprofits” notes that, while the Internet is a significant communication tool, it also can create unrelated business income (UBI) and the tax liability that comes with it. The article describes the activities to watch out for. It also explains how the proposed Protection of Charitable Assets Act (PCAA) is designed to safeguard the role of the states in protecting charitable assets by further clarifying the role of the state attorney general.
Full Article
This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. ©2011 NPAon11
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