Technical Resources
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Planning
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Governance & Management
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Planning for the Unrelated Business Income Changes
Among the sweeping reforms passed in the new tax law are dramatic changes to the reporting of Unrelated Business Taxable Income (UBTI). Dennis helps clarify the new rules. Read more …
Among the sweeping reforms passed in the new tax law are dramatic changes to the reporting of Unrelated Business Taxable Income (UBTI). Dennis helps clarify the new rules. Read more …
New Section 199A - Sharpen Your Pencils
New Internal Revenue Code Section 199A, providing a deduction for business income from flow-through entities, is confusing and complex, but offers many planning opportunities once it is understood. Dennis provides perspective with helpful insight into some of the many considerations we face. Read more …
New Internal Revenue Code Section 199A, providing a deduction for business income from flow-through entities, is confusing and complex, but offers many planning opportunities once it is understood. Dennis provides perspective with helpful insight into some of the many considerations we face. Read more …
Thinking about starting a nonprofit?
“Forming a North Carolina Nonprofit – Process Overview,” will give you an overview of what’s involved and some important things to consider before you take the plunge, along with some great resources for planning and administration.
Guide to Gifts of Noncash Assets Available for Download, Dennis Among Contributing Authors
Charitable Gifts of Noncash Assets by Bryan Clontz and Ryan Raffin of Charitable Solutions, LLC is a new and helpful resource for nonprofit development staff, accountants, attorneys, and other financial advisors for use in understanding and planning such gifts.
Dennis and Jane Wilton, JD, LLM co-authored an advisor-level discussion of gifts of interests in pass-through entities. Dennis also contributed an advanced discussion of intangible property.
A free digital version is available for download courtesy of Charitable Solutions, LLC and The American College Press. Paper copies are also available for purchase.
Neither Dennis nor The Micah Project has any affiliation or financial interest in Charitable Solutions, LLC.
Dennis and Jane Wilton, JD, LLM co-authored an advisor-level discussion of gifts of interests in pass-through entities. Dennis also contributed an advanced discussion of intangible property.
A free digital version is available for download courtesy of Charitable Solutions, LLC and The American College Press. Paper copies are also available for purchase.
Neither Dennis nor The Micah Project has any affiliation or financial interest in Charitable Solutions, LLC.
Public Charity or Private Foundation – Why does it Matter?
For many charitable organizations classified as a public charity, reclassification as a private foundation can have significant implications for sustainability and mission accomplishment. In this contribution to the Planned Giving Design Center, Dennis provides an overview of key operating, administrative, and financing issues associated with private foundation status, as well as planning tips that will help organizations maintain their public charity status. Those considering the use of a private foundation for personal philanthropy may also benefit from an introduction to private foundation features. Read more …
10 Tips to Get Ready for the Not-for-Profit Standard
On August 18, 2016 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, which should improve existing standards for financial statement presentation by not-for-profit organizations. See Dennis' post with the NC Association of CPAs for an overview and ways to help get ready.
LLC Changes of Interest to Nonprofits
As a result of Senate Bill 482, effective October 1, 2016, North Carolina nonprofit organizations have a new alternative for strategic combination. The provision should add flexibility for nonprofits contemplating a merger, and provide a new option for entities threatened by loss of public charity status. Learn more …
As a result of Senate Bill 482, effective October 1, 2016, North Carolina nonprofit organizations have a new alternative for strategic combination. The provision should add flexibility for nonprofits contemplating a merger, and provide a new option for entities threatened by loss of public charity status. Learn more …
Ashes to Taxes: Feeling the Burn
A few cases involving an interesting charitable gift idea can teach donors some valuable lessons about the importance of identifying gift restrictions and the valuation of non-cash property for income tax purposes. Read more …
Planning a Charitable Auction?
Charitable auctions have stood the test of time as a great way to leverage our consumption oriented culture for the benefit of philanthropic activities. Planning an auction presents an opportunity to build goodwill with participants, donors and bidders alike, by educating them regarding the tax features of property donations and auction purchases. Auctions also present compliance issues to become familiar with before undertaking such an endeavor. Read more in Dennis’s contribution to the Planned Giving Design Center, Charitable Auction Compliance Toolkit
Charitable auctions have stood the test of time as a great way to leverage our consumption oriented culture for the benefit of philanthropic activities. Planning an auction presents an opportunity to build goodwill with participants, donors and bidders alike, by educating them regarding the tax features of property donations and auction purchases. Auctions also present compliance issues to become familiar with before undertaking such an endeavor. Read more in Dennis’s contribution to the Planned Giving Design Center, Charitable Auction Compliance Toolkit
Navigating the Charitable Transfer of a Partnership Interest: A Planner’s Guide
For an individual holding an interest in a business or investment entity taxed as a partnership, a charitable transfer can create an attractive planning opportunity while providing welcome support to a favored charity. In this January 2011 article written for the Planned Giving Design Center, Dennis provides a concise overview of the issues surrounding charitable transfers of these entities and what donors, nonprofit development staff, and gift planners should know.
Partnership Interests Aren't Simple Gifts for Charities
Partnership interests (including interests in limited liability entities treated as a partnership) represent a potentially valuable gift to charities and private foundations, but with greater potential complications than gifts of stock. In this February 2011 contribution to the Journal of Accountancy, Dennis offers a helpful checklist of issues for nonprofits and planners to consider when contemplating this type of transfer.
Donation of Intellectual Property –What Does it Look Like?
In this four-part series published by the Planned Giving Design Center, Dennis provides the most comprehensive and practical primer available for the charitable transfer of patents, copyrights, trademarks, and other intellectual property assets. Part III includes a comprehensive case study. Read more …
Housing Allowance for Nonprofit Clergy: Yes or No?
Dating from the 1920's and well rooted in American tradition, the ministerial housing allowance, authorized by Section 107 of the Internal Revenue Code and which allows clergy to exclude the value of a housing benefit from their gross income, has survived various legal attacks over the years. In this article published by the Planned Giving Design Center, we discuss housing allowance eligibility with an emphasis on clergy employed outside the traditional church setting and how the special tax status of clergy members may affect a decision to treat qualifying remuneration as paid for ministerial services.
Stress Testing the Charitable Organization
There are more than 1 million nonprofits in the United States, and more than 70% of these entities receive annual support of less than $200,000. Here's a tool to help them stay healthy and improve sustainability.
Treasurers of All-Volunteer Organizations
Eight Key Responsibilities. More than half of the nonprofits in the United States are estimated to be all-volunteer organizations. Here is a succinct guide for the 600,000+ treasures of such organizations.
UPMIFA and Real Life: A Case Example
The Uniform Prudent Management of Institutional Funds Act (UPMIFA), now enacted in all states except Pennsylvania, has created a new landscape for the administration of charitable endowments. In this contribution to The Planned Giving Design Center, Dennis discusses why planned giving professionals and those advising them should be familiar with UPMIFA provisions and consider its implications when designing new gift agreements.
Get the Most Value from Your Audit
Audits are expensive in terms of money, staff time, and board attention. In this Blue Avocado article we discuss how to wring the most value from them.
Nonprofit Bookkeeping Test
If you're not an accountant yourself, it can be hard to hire a qualified bookkeeper. How can you tell if an applicant really knows bookkeeping? Dennis created this 21-question assessment test. It samples from general bookkeeping knowledge as well as nonprofit bookkeeping and compliance matters. Use it as part of your hiring toolkit as well as for identifying staff training needs. Take it yourself and see how you do.
Seven Ways to Reduce Your Audit Costs
Too many of us think of audit costs as an expense to suffer, not to manage.
In this September 2009 article appearing in Blue Avocado, Dennis tells us differently.
Tracking Volunteer Time to Boost Your Bottom Line
A Complete Accounting Guide Tracking volunteer time: sounds like another chore? Actually it can help you meet match requirements, improve your financial statement presentations, and reduce liability. In this March 2009 Blue Avocado article, Dennis explains why and how to include volunteer time in your budgets and financials.
The Uniform Prudent Management of Institutional Funds Act (UPMIFA), now enacted in all states except Pennsylvania, has created a new landscape for the administration of charitable endowments. In this contribution to The Planned Giving Design Center, Dennis discusses why planned giving professionals and those advising them should be familiar with UPMIFA provisions and consider its implications when designing new gift agreements.
Get the Most Value from Your Audit
Audits are expensive in terms of money, staff time, and board attention. In this Blue Avocado article we discuss how to wring the most value from them.
Nonprofit Bookkeeping Test
If you're not an accountant yourself, it can be hard to hire a qualified bookkeeper. How can you tell if an applicant really knows bookkeeping? Dennis created this 21-question assessment test. It samples from general bookkeeping knowledge as well as nonprofit bookkeeping and compliance matters. Use it as part of your hiring toolkit as well as for identifying staff training needs. Take it yourself and see how you do.
Seven Ways to Reduce Your Audit Costs
Too many of us think of audit costs as an expense to suffer, not to manage.
In this September 2009 article appearing in Blue Avocado, Dennis tells us differently.
Tracking Volunteer Time to Boost Your Bottom Line
A Complete Accounting Guide Tracking volunteer time: sounds like another chore? Actually it can help you meet match requirements, improve your financial statement presentations, and reduce liability. In this March 2009 Blue Avocado article, Dennis explains why and how to include volunteer time in your budgets and financials.
Are Small Churches and NPO's Leaving a Valuable Tax Credit on the Table?
Since 2010 the Patient Protection and Affordable Care Act (PPACA) has enabled many small employers that provide health insurance coverage for their employees to claim a tax credit for premiums paid. However, many eligible churches and charities have failed to take advantage of the credit, often leaving thousands of dollars on the table. In this article, Dennis removes the mystery surrounding the credit and calls attention to some issues of special importance to churches and other exempt entities. Read more …
Three Barriers to Superb Fundraising
Nonprofits can overcome three barriers to superb fundraising. Sincere and personally expressed gratitude is likely to sustain donor affinity and refresh inspiration over time, explains Dennis in this Philanthropy Journal article.
Going Concern Assessment Now Mandatory
ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” must be applied to financial statements issued after December 15, 2016. This financial reporting standard is likely to have a profound effect on the nonprofit sector. In this contribution to the Planned Giving Design Center, Dennis briefly refreshes the newly effective standard, important background, and highlights technical requirements along with some suggestions to help organizations take a proactive stance.
Housing Allowance and Other Clergy Tax Issues
Dennis prepared this summary of special tax reporting issues designed for chaplains and other clergy employed by units of government and performing services in the exercise of ministry in non-traditional settings. Written in question and answer format, this is a helpful technical aid for minister employees, employers, and tax practitioners regarding the special income and employment tax provisions applicable to ministers in general, while also addressing the unique issues affecting ministers serving outside the church proper.
Reasonable Compensation: A Section 4958 Primer
In April 2013 the Internal Revenue Service published its final Colleges and Universities Compliance Project report, which included an examination of executive compensation in connection with the excess benefit transaction rules under IRC section 4958. In this PGDC article, Dennis examines the findings of the report and suggests actions to be taken and questions to be asked by nonprofits when setting executive compensation.
Safeguarding UBI Deductions
The Internal Revenue Service multi-year Colleges and Universities Compliance Project (CUCP) final report was issued in April 2013 and resulted in increases to unrelated business taxable income for 90% of the colleges and universities examined. In this PGDC article, Dennis continues his examination of this report by discussing the definition of a "trade or business" that
gives rise to the unrelated business income tax along with steps organizations engaged in such activities should take to minimize their tax exposure.
gives rise to the unrelated business income tax along with steps organizations engaged in such activities should take to minimize their tax exposure.
Universal e-filing Key to Transparency
The dramatic reduction in the cost of collecting and analyzing information from nonprofits’ Form 990 annual tax returns made possible through e-filing will lead to an information-rich sector that will meet the diverse needs of various stakeholders. In this op-ed appearing in Philanthropy Journal and the Planned Giving Design Center, Dennis makes the argument for requiring that e-filing of Form 990 be made mandatory.
