Document Your Donation to Preserve Your Charitable Deduction

Charitable contribution substantiation is a team sport — everyone involved is critical to ensuring the donor’s tax deduction is valid. Although this is not a new area of tax law, it is an arena of continued tax litigation, with the IRS winning most cases on technicalities. The government is generally successful in the courtroom because […]

Schedule of Expenditures of Federal Awards (SEFA): What Federal “Expenditures” Are Included?

Most not-for profit organizations understand that, when receiving federal assistance, they are required to complete a Schedule of Expenditures of Federal Awards (SEFA) to determine whether a single audit is required and, if so, include the SEFA in the single audit reporting. But what is the SEFA and what is the basis for determining which […]

Small Not-for-Profits: 10 Roles for the Board of Directors in Internal Control Oversight

An organization’s board of directors plays a unique and important role in providing the internal control oversight. Internal control is defined by COSO1 as a “process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.” It is […]

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