Month: June 2025

Valuable Resources for Nonprofits: Grant Thornton and the First Day Podcast

Valuable Resources for Nonprofits: Grant Thornton and the First Day Podcast

Nonprofits face unique challenges that require continual learning and growth. To help you navigate these hurdles, we’ve found two exceptional resources that can aid in improving your nonprofit’s operations and fundraising efforts: Grant Thornton’s nonprofit insights and the First Day Podcast from Indiana University’s Lilly Family School of Philanthropy. These tools offer practical advice and …

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Common Peer Review Deficiencies in Nonprofit Organization Audits: How to Avoid Them

Common Peer Review Deficiencies in Nonprofit Organization Audits: How to Avoid Them

Peer reviews help auditing firms identify common pitfalls and areas for improvement. For nonprofit organizations, it’s crucial to stay on top of the most recent findings in order to maintain high standards and avoid penalties. The AICPA’s most recent peer review engagement examples highlight common deficiencies in nonprofit audits, including issues with auditor training, audit …

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Understanding Automatic Excess Benefit Transactions (EBTs) and Their Implications for Nonprofits

Understanding Automatic Excess Benefit Transactions (EBTs) and Their Implications for Nonprofits

Exempt organizations must be diligent when it comes to compensating officers, employees, and disqualified persons. If an economic benefit is provided and not properly reported as compensation, it could trigger what the IRS refers to as an automatic excess benefit transaction (EBT). EBTs are subject to significant excise taxes, which can severely impact both the …

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Understanding Companion Travel Costs for Nonprofits What You Need to Know

Understanding Companion Travel Costs for Nonprofits: What You Need to Know

Travel can be an essential part of nonprofit operations, but when it comes to accompanying family members or companions on business trips, the rules can get tricky. While nonprofits may want to provide their employees with the option of having a spouse or companion join them on a business trip, it’s crucial to follow the …

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