Nonprofit founders didn’t start their organizations to crunch numbers and file paperwork. They started it in order to achieve a mission: to contribute to society. However, financial number crunching is necessary for effective funding of this mission and to facilitate nonprofit growth. This means nonprofits must ensure effective accounting principles and strategies to function. Nonprofit accounting is a unique beast to tackle. This is especially true because of the accounting staff differential between nonprofits and for-profits.
The Treasury Department, in conjunction with the Internal Revenue Service, is providing relief to certain taxpayers who borrowed money to attend a for-profit or nonprofit school that later discharged student loan debts. Referred to as Revenue Procedure 2020-11, the measure provides a safe harbor for students that had student loans discharged because their schools were closed or involved in some type of fraud. Previously, the IRS offered relieve to students from Corinthian College or American Career Institutes Inc.
Millennials have earned a reputation as a generation working for change. Love them or hate them, this generation is all about finding joy, making a difference, and finding employment that satisfies a greater need for good. Nonprofits then seem like the perfect place of employment. And they are, if not for another millennial staple--student debt. Over 75% of millennials list their company’s purpose as a major deciding factor in their choice to be employed there, so we know it is important.
As we enter into the new year, it shouldn’t come as a surprise that nonprofits will be using technology in new or different ways. On small budgets, technology can truly be the thing that sets your organization apart in terms of efficiency, organization, and ability to make big change, no matter your resources. So what’s on the horizon for nonprofit technology in 2020? A few things you’ve probably heard of before will be making a bigger difference than ever this year.
It’s hard to make yourself stand out in a sea of holiday emails during one of the busiest times of year. Still, the holidays are an important time for nonprofits, and approaching your communication efforts the right way can have big payoffs for your organization. Though it seems daunting, you too can communicate in a way that addresses the variety of holidays people do or don’t celebrate, stands out from the crowd, and initiates action.