Category: Not-for-Profits

                      Director of Not-for-Profit Services Daniel L. Weaver and Senior Advisor Anthony Cuozzo are scheduled to present at the 2019 Greater Washington Society of CPAs’ (GWSCPA) Nonprofit Symposium in Washington, DC on Wednesday, December 18 from 9:05 – 9:55 am. The Symposium is an annual two-day event that delivers networking and professional education opportunities for hundreds of financial professionals in the not-for-profit sector throughout the Washington, DC metropolitan region. This… Read more ›

Councilor, Buchanan & Mitchell (CBM) has been approved as a professional education-based provider of Certified Association Executive (CAE) credit by the American Society of Association Executives, the nation’s leading organization dedicated to association management for both organizations and individual association professionals. ”Delivering professional CAE credit is a logical extension of CBM’s not-for-profit association services,” said Daniel L. Weaver, CPA, executive vice president and chair of CBM’s not-for-profit practice. “For nearly 100 years, our accountants and advisors have supported the financial… Read more ›

The Greater Washington Society of CPAs has elected Julia Lafferty, Principal at Councilor, Buchanan & Mitchell (CBM), to its board of governors. CBM has a long history working with GWSCPA dating back to 1924 when the firm’s founder, James Councilor, served as the society’s first president. GWSCPA, a not-for-profit organization serving the DC-area accounting profession, promotes ethical standards and educational opportunities and support for its members. The Society also acts as a liaison contact with Capitol Hill, state, and local… Read more ›

Not-for-profit organizations that claim tax-exempt status in the District of Columbia will likely receive a notice from the Washington, DC Office of Tax and Revenue (OTR) requesting that they renew their exempt status. Failure to comply with the request could lead to a reclassification of their organization as a taxable entity, effective on the date their current exemption expires. This initiative is scheduled to roll out through 2019 though some CBM clients have already received a notice from the District… Read more ›

On Monday, December 10, 2018, the U.S. Treasury Department provided additional guidance on how tax-exempt organizations can compute unrelated business taxable income resulting from parking provided to their employees. The guidance is intended to help employers better understand their new tax situation as it pertains to employee parking. Below is CBM’s overview of the new guidance. In most cases, employer-paid commuting and parking is considered a qualified transportation fringe benefit (QTFB). Because of the 2018 Tax Cut and Jobs Act, tax-exempt nonprofits… Read more ›

Councilor, Buchanan & Mitchell (CBM)’s professionals are running! On Sunday, October 28, ten team members and supporters will participate in the Marine Corps 10K in support of the Children’s Inn at NIH. The Children’s Inn is a not-for-profit residence for families with children participating in leading-edge research studies at the National Institutes of Health in Bethesda, MD. The NIH Clinical Center is the nation’s premier biomedical research hospital, providing an opportunity for residents to be partners in advancing medical discoveries… Read more ›

Not-for-profit organizations that file IRS Form 990 must indicate the number of independent voting members or directors of the governing body. (This is entered on Parts 1 and VI.) The IRS is not the only group interested in these facts. Two other groups also focus on the number of independent directors: state attorneys general and prospective donors. All three groups believe that independent directors are the cornerstone of good governance. In other words, they believe independent directors are less likely… Read more ›

As your not-for-profit strives to use its resources as effectively as possible, you might consider outsourcing the functions that fall under your accounting and financial umbrella. One key benefit to outsourcing for small to mid-sized nonprofits is that it minimizes the time that executives must spend consumed with accounting operations and managing related administrative tasks assigned to other employees. Some responsibilities you might consider outsourcing include: • Processing payables, receivables and cash transactions, • Reconciling accounts at each month-end, •… Read more ›