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Not-for-Profit Advisor - Fall 2013


FALL 2013

Understanding the Differences Between the Development "Tally" and the Accounting Recognition

Every charitable dollar counts, and must be counted. For some organizations, that can lead to the confusing task of making sure a charitable dollar doesn’t get counted twice, or sometimes even three times. Development departments have the unenviable task of raising funds each year. Accounting departments are charged with determining if and when a contribution is recognized, how the gift is valued, and how the future accounting of such contributions and gifts is handled.

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IRS Focuses on UBTI Deductions

The IRS released its final report summarizing the results of examinations (audits) of 34 tax-exempt colleges and universities undertaken as part of an IRS compliance project. One of the primary examination areas focused on by the IRS was underreporting of unrelated business taxable income (UBTI). The Director of the IRS Exempt Organizations Division said that the tax compliance issues identified in the final report may be present elsewhere across the tax-exempt sector and advised that the IRS will look at UBTI reporting more broadly by other types of tax-exempt organizations.

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Tax-Free Charitable Donations from IRAs to Expire on December 31, 2013

Individuals 70 1/2 years of age or older may currently exclude from gross income up to $100,000 per year that is paid directly to a qualified charity from their individual retirement accounts (other than SEP or SIMPLE IRAs). This provision is scheduled to expire at the end of 2013.

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Take our Not-for-Profit Governance Survey

If you have not already participated in CohnReznick’s Not-for-Profit survey focused on the governance side of your not-for-profit organization, please take a few minutes to respond to the short survey now.

Click here to access the survey


Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
 

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