Should you pay people who work in your organization? Absolutely. While your group may start off as an all-volunteer effort, at some point you’re going to need to bring on paid staff — at least part time! — in order…
This category covers forming and maintaining nonprofit and tax-exempt organizations.
Should you pay people who work in your organization? Absolutely. While your group may start off as an all-volunteer effort, at some point you’re going to need to bring on paid staff — at least part time! — in order…
Allocating salaries and wages to programs whenever possible is the true cornerstone of nonprofit accounting. First, it gives you a truer picture of just what it costs to make certain services available. The more granular you can get, the better…
Can we pay our Board members? Sure, if they work in the organization in some capacity! For example, if the Vice President is also the Executive Director, it’s probably appropriate to pay the VP for working as the ED. If…
Yes – even after you’ve obtained tax-exempt status, if you don’t follow the rules, you can lose it! So now that your organization is an official nonprofit tax-exempt 501(c)(3) organization, you’d probably like to keep it that way! After all,…
Are you a charitable soul? Always picking up stray critters and the first to volunteer to help raise money for good causes? If it’s getting to be a regular thing, you might want to look into forming your own nonprofit…
The other big difference is how you report your income and losses for a business and a hobby. Business income and deductions are reported on Schedule C. Deductions for a HOBBY are claimed as itemized deductions on Schedule A, and…