Done right, corporate sponsorships can pay off for both the nonprofits that receive funding and the sponsors that receive valuable branding opportunities. Done wrong, though, your organization could end up on the hook for unrelated business income tax (UBIT). You need to understand how to navigate the nuances before you wade in. Identify qualified sponsorship…
Tag: bookkeeping
Sharpening Your Organization’s Accounting Function
Your nonprofit may be exempt from income tax, but financial and accounting responsibilities still abound: There are budgets to project and results to monitor. There are financial statements to prepare and payroll taxes to collect. And these are only some of the responsibilities that fall under the accounting umbrella. Are these tasks, and others, being…