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Senators Push to Restore the Universal Charitable Deduction: 3 Things You Need to Know

NonProfit PRO

Last week, senators introduced legislation to make the universal charitable deduction effective for tax years 2023 and 2024. Now dubbed “Charitable Act,” the legislation, if passed, would give more Americans the ability to claim tax deductions for charitable contributions.

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3 Top Compliance Challenges for Nonprofits + Expert Advice

NonProfit Leadership Alliance

In this guide, we’ll review expert tips for overcoming the top three nonprofit compliance challenges: Complying with governance guidelines Following fundraising requirements Reporting finances accurately Accuracy and thoroughness are key to maintaining compliance so your nonprofit can continue its important work.

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Sponsorship v. Donations: The Drawbacks and Benefits

NonProfit Hub

Drawbacks of Corporate Donations Here are some common challenges nonprofits face with corporate donations: These charitable contributions are typically unpredictable and unsolicited, making budgeting challenging. Overall, this is a low-touch way for companies to support a cause they believe in without being overly involved.

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When to Call It Quits

Stanford Social Innovation Review

As the Nicaraguan government tightened its grip on authoritarian rule, it was threatened by civil society organizations who possess the power to hold them accountable, receiving funds they do not control and investing those funds in services that preserve human rights, protect democracy, and empower individuals.

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Discovering The Tax Implications of Nonprofits Owning For-Profit Businesses

The Charity CFO

Tax Implications of Nonprofits Owning For-Profit Businesses Unrelated Business Income Tax (UBIT) Recognized nonprofits generally receive tax-exempt status from the federal government. Impact on Charitable Contributions Donors to nonprofits often receive tax benefits for their charitable giving.

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Sponsorship v. Donations: The Drawbacks and Benefits

NonProfit Hub

The “benefit” can be anything from promotion as the title sponsor of an event, for example, or simply a meal and entertainment at that same event. ” Where’s the reciprocity?

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Best Practices when Accounting for Grants

The Charity CFO

The IRS has strict regulations on how to handle grants and charitable contributions, so it is essential that you understand the best practices when accounting for them. You really don’t want to be red-flagged by the government because of incomplete, unorganized, or inaccurately recorded grant information. What is a Grant?