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VIDEO PODCAST: Common Form 1099 Questions from Nonprofits
Mike and Ben discuss the basics of the Form 1099 rules and address some questions that are frequently asked by nonprofit organizations related to the Form 1099, including whether nonprofits are required to comply with the Form 1099 rules, whether a 1099 is required when the payee is also a nonprofit organization, whether a 1099 is required when reimbursing Board members for expenses, the importance of timely collecting Forms W-9 and avoiding 1099 mistakes, and more.
VIDEO PODCAST: The Downsides of Board “Give or Get” Policies
Mike and Ben discuss Board giving policies, including why nonprofit organizations have them, the components of a formal Board giving policy, and the often overlooked complications and negative consequences of Board giving policies with a "give or get" option.
VIDEO: What is an Unusual Grant? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of the term “unusual grant” and how this concept affects a 501(c)(3) nonprofit organization’s ability to pass the public support tests on Form 990 Schedule A, and avoid being tipped into private foundation status.
VIDEO: What is a Prepaid Expense? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of a prepaid expense, how prepaid expenses show up on the balance sheet, and how prepaid expenses impact the operations of #nonprofit organizations.
VIDEO: Getting a Tax ID Number (EIN) for a New Nonprofit | 5-Minute Lessons 4 Nonprofits
SE4N’s Benjamin Takis provides a short lesson on how to get a tax ID number (also known as employer identification number or EIN) for a new nonprofit organization, including tips for how to most quickly and efficiently obtain the EIN and a guided walk-through of the process using the actual online application (Form SS-4) on the IRS website.
VIDEO: What is a Quid Pro Quo Contribution? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of the term "quid pro quo contribution," how it affects a donor's use of the charitable deduction, and what obligations to apply to nonprofit organizations that receive donations that are partly in exchange for goods or services.
VIDEO: What is Accounts Payable? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of accounts payable, the distinction between accounts payable and accrued expenses, and key considerations nonprofit organizations should keep in mind when dealing with accounts payable.
VIDEO: Establishing a Timeline to Prepare an Annual Budget | 5-Minute Lessons 4 Nonprofits
SE4N's A. Michael Gellman provides a short lesson on the scheduling and timing of the different phases of the budget building process for nonprofit organizations, including how much time to allot for budget preparation and approval and how to structure a work plan for creating initial and final drafts of the budget, seeking feedback from staff, management, and Board members, through the end of the budget approval process.
VIDEO: What is the 501(h) Election? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of the 501(h) election, how it affects the lobbying limits applied to 501(c)(3) nonprofit organizations, how the 501(h) "expenditure test" is different from the "no substantial part" test, and how a public charity makes the 501(h) election.
VIDEO: What is Accrual Basis Accounting? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of accrual basis accounting, its pros and cons, when accrual basis may not be worth the complication and cost, and what nonprofit organizations can do to ease the transition to accrual basis accounting.
VIDEO: Opening a Bank Account for a New Nonprofit | 5-Minute Lessons 4 Nonprofits
SE4N's Benjamin Takis provides a short lesson on what new nonprofit organizations should have in mind when opening a bank account, including the preliminary steps that must be completed before opening the account and what documents and information the bank will require.
VIDEO: What is a Registered Agent? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of what a “registered agent” is, why state law requires nonprofit organizations to name a registered agent if the organization is incorporated in the state or doing business in the state, and who can serve as a registered agent.
VIDEO: Applying the Segregation of Duties Principle | 5-Minute Lessons 4 Nonprofits
SE4N's A. Michael Gellman provides a short lesson on the importance of the segregation of duties (SOD) principle to nonprofit organizations, explaining how SOD is crucial not just for its standard checks and balances role, but also to help ensure that a transaction or process is a good use of resources, aligns with the mission, and enhances sustainability.
VIDEO: What is Cash Basis Accounting? | Nonprofit Glossary
SE4N's A. Michael Gellman provides a short summary of the definition of cash basis accounting, its pros and cons, what types of nonprofit organization's typically use cash basis accounting, and when it may be time to think about switching to accrual basis.
VIDEO: What is a Supporting Organization? | Nonprofit Glossary
SE4N's Benjamin Takis provides a short summary of what 501(c)(3) “supporting organization” status means, how it relates to a nonprofit organization's public charity status under Form 990, Schedule A, and some of the key requirements applicable to supporting organizations.