The July 4 enactment of the One Big Beautiful Bill Act (OBBBA) marked a significant shift in U.S. tax policy, impacting nearly every sector — including nonprofits. While much of the media coverage has focused on corporate and individual tax changes, the nonprofit community must...
According to BDO Middle Market CFO Outlook Survey, 64% of chief financial officers (CFOs) believe environmental, social and governance (ESG) adoption will improve their organization’s long-term financial performance. However, for sustainability initiatives to succeed, ESG needs to be a cross-functional collaboration. Finance leaders must play a...
The IRS on June 9, 2023, released generic legal advice memorandum AM 2023-004, which addresses whether developing paid name, image, and likeness (NIL) opportunities for collegiate student-athletes furthers an exempt purpose under Internal Revenue Code Section 501(c)(3). The memorandum concludes that many 501(c)(3) organizations developing these opportunities...
Incredible advances in technology in recent years have enabled organizations to connect with and serve stakeholders in new and increasingly efficient ways. This includes leveraging artificial intelligence (AI) and chatbot technologies to revolutionize higher education operations, offering many benefits to institutions and their various stakeholders. In...
When examining the availability of tax credits, organizations in the nonprofit and local government space typically disregard the opportunity as inapplicable to their organizations. To tax-exempt entities, the concept of leveraging credits to lower their tax burden may seem at odds with their tax status....
Decades of innovation have transformed the finance office from a mindset of processing transactions to one of strategic financial management. But even with this advancement, nonprofit organizations are operating in an increasingly complex environment that requires them to balance routine and new tasks with a...
Many in the nonprofit world know Form 990 as the all important nonprofit tax form that details an organization’s activities and financial standing. In addition to justifying an organization’s tax-exempt status, Form 990 reveals key information that charity-rating organizations and grantmakers use when evaluating nonprofits. The...
With an increasing focus on environmental, social and governance (ESG) issues, some organizations are seeking ways to fund various ESG initiatives. Tax credits and incentives have played an important role in subsidizing ESG initiatives, with the Inflation Reduction Act significantly enhancing their impact on environmental...
The BDO 2023 Nonprofit Standards Benchmarking Survey of more than 250 nonprofits highlights a crucial shift in the nonprofit sector towards strategic resilience, marking a departure from the reliance on recent federal funding. Data from our annual survey reveals that in response to economic uncertainties,...
The chorus of a popular ’80s song says, “I always feel like somebody’s watching me.” Not-for-profit entities (NFP) have their financial information available on a variety of platforms including, but not limited to, the NFP’s website, the public inspection copy of its Form 990, and...
