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Unlock the Potential of Your Nonprofit: A Guide to Tax-Exempt Status

The initial spark that ignited your passion for your nonprofit – the unwavering dedication to a cause, the desire to make a real difference – remains vibrant. However, navigating the intricacies of tax-exempt status can sometimes feel like entering unfamiliar territory, when trying to keep up with updated regulations to keep your organization qualified for its tax-exempt status. Let’s shed some light on the path towards tax-exempt status and what you need to do to maintain it once you get there.

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How to Determine the Classification of a Non-Profit Organization

You're on a mission to make the world a better place, one good deed at a time. Whether you're helping the unhoused, promoting the arts, or anything in between, your work is vital. Still, as a non-profit, ensuring you stay on top of financial responsibilities is critical. Here’s what you need to know about empowering your non-profit charity to unlock the benefits of 501(c)(3) status, ensure tax exemptions, and maintain the trust of your supporters - and how to determine the classification of a non-profit organization.

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Posted by: Charles P Myrick CPA Posted on: Feb 09 2023

Everything Non-Profit Managers Need to Know to Prepare for Tax Season

When the IRS instituted annual reporting requirements for non-profit organizations, you might have thought they were bringing the famous Oscar Wilde quote ("No good deed goes unpunished") to fruition. While the need to track the progress of 501(c) organizations may cause some headaches, it can be a timely opportunity to effectively review the goals of the mission and ensure that good governance practices are in place. Here’s everything non-profit managers need to know to prepare for tax season.

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Posted by: Charles P Myrick CPA Posted on: Dec 26 2019

Cash Flow Helps Nonprofits Thrive on Limited Resources

In my work with nonprofits I see that any organization without a substantial base of operating cash can experience cash flow problems. Small to mid-size nonprofits are often localized in an area without a large number of resources to draw from. The most important way to make the most of the resources your nonprofit has is to manage your cash flow.

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Posted by: Charles P Myrick CPA Posted on: Dec 05 2019

Successful Nonprofits Know That All Funds Are Not Equal

During this "giving season" many nonprofit organizations participate in fund raising activities. When I talk with nonprofit financial leaders, I emphasize the importance of strategically seeking appropriate funds. Why? Not all revenue sources are relevant to the mission  - some actually add cost to the programs. 

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