Knowledge Nugget

FILING WITH TAX EXEMPT STATUS PENDING

By Michael Pintabone, CPA, Partner

So you’ve successfully defined your organization’s mission, recruited your board members, drafted and filed your corporate documents and even solicited your first donation. Just prior to the filing deadline of your first Form 990 “Return of Organization Exempt from Income Tax,” you remember to file Form 1023 “Application for Recognition of Exemption Under Section 501(c)(3)” to receive a determination letter from the IRS recognizing your charitable exempt status. Since you haven’t received a determination letter from the IRS yet…

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EQUAL OPPORTUNITY IN EMPLOYMENT & FEDERAL CONTRACTORS

By Michael Pintabone, CPA, Partner

Many not-for-profit organizations enter into various Federal grant contracts to provide the funding necessary to carry on many of the organization’s charitable missions. Piggy-backing along with these Federal grant contracts are a host of compliance requirements which, at times, require dedicated personnel within the organization to oversee. Often overlooked is the importance of the organization’s compliance with Department of Labor Equal Employment Opportunity (EEO) laws.

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FEDERAL/STATE GRANT COMPLIANCE REQUIREMENTS

By Michael Pintabone, CPA, Partner

A common misunderstanding of the cash management compliance requirement is that it only applies when grant funds are advanced prior to incurring the costs. However, Federal/state grant recipients with cost reimbursement grant contracts must also comply with this requirement.

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RESIDUAL RECEIPTS & SURPLUS CASH

By Michael Pintabone, CPA, Partner

HUD requires certain projects to include a Supplemental Schedule of Surplus Cash in their annual financial statements. For newer projects or projects that historically haven’t had surplus cash, a residual receipts account would not be necessary, however, it’s important to know that a residual receipts deposit may be required if the project has surplus cash at year-end and is required by the regulatory agreement.

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