Featured Articles

Jun 11, 2024

Probably the main reason for you to form a nonprofit organization rather than a for-profit entity is the exemption benefits that come with the tax-exempt status. As a tax-exempt nonprofit, your organization is exempted from federal income taxes and, at the state and local level, besides state income taxes, you may receive an exemption from property and sales taxes and other special fees.

Amanda Dolina, CPA, CAPM
May 28, 2024

Organizations employ various methods, ranging from Excel spreadsheets to sophisticated timekeeping software, to track and report employee time. Tracking and reporting employee time is essential, particularly for organizations with federal awards. To ensure compliance and efficiency, maintaining a timekeeping policy is recommended and required to ensure the allowability of compensation and fringe benefits. The requirements around time and effort reporting may vary based on the award type (i.e., a contract or a cooperative agreement).

Subscribe to Front page feed