Jitasa Nonprofit Blog

Best Practice for IRS Form W9

January 31st has come and gone, and with it the deadline to file all 1099 forms. Ideally, this deadline was met with preparedness and ease for your organization. If it wasn’t…this is the blog for you. In it we discuss best practices for your 1099 filing, why obtaining and maintaining your vendor information is crucial, and how to prepare for success at the beginning of the year.  What is a 1099?

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Contribution or Grant: Knowing the Difference

Simply, a contribution is a gift of funds, typically with no stipulations (though more on that later), frequently given by individuals. A grant is funds awarded as part of an application process, usually given by a foundation that sets specific rules for allocating money. Of course, there’s more to it than first meets the eye--knowing the difference between contributions and grants can be difficult because they share many of the same characteristics.

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The What and Why of Functional Expenses

Functional Expenses Defined Functional expenses are synonymous with a number of accounting terms: class, buckets, cost centers, project codes, etc. Nonprofit organizations rely on functional expenses to identify and allocate organizational departments and programs. This process allows your nonprofit to distinguish the purpose of expenses and revenues in a complex way that accounts just don’t feature. An organization may have as few as three functional expenses, or more than thirty.

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Your IRS Form 990 Questions Answered

It’s officially 2014, with any luck your nonprofit is revamped from the influx of donations in December, new budgets and goals, and a fresh team of volunteers resolving to dedicate more of their time this year. If you’re experiencing any of this, then you are off to a great year. However, you’re not out of the woods just yet. Remember that year end procedures are just around the corner. Now is the time to focus on the upcoming months and the tax deadlines they hold.

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Nonprofit Year End Planning: Budgeting Processes to Remember

Part 2 of a 2 part series.  Read Part 1 Last week we covered the components of an effective budget.  To achieve a truly great budget for your nonprofit there a few processes you should focus on during its development. The first includes the human component of team building. To achieve a budget truly suited to your organization, be sure to include the necessary members of your organization. That means the budgeting process should be a team effort involving the board of directors, treasurer, finance committee, executive director, program directors, and fiscal staff.

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