IRS Releases 990-T Refund Procedures for Qualified Transportation Fringes (QTFs)
With the retroactive repeal of Internal Revenue Code (IRC) Section 512(a)(7), many tax-exempt organizations are now entitled to a refund of UBI taxes paid on QTFs as explained in GRF’s December 23, 2019 industry alert. On January 21, 2020, the Internal Revenue Service (IRS) posted instructions on its website on how to claim a refund…
GRF’s Mac Lillard Earns Certified in Risk and Information Systems Control (CRISC) Designation
GRF Risk & Advisory Services Supervisor, Mackenzie (Mac) Lillard has earned the Certified in Risk and Information Systems Control (CRISC) designation. This qualification is awarded by ISACA® to IT professionals who identify and manage risks through the development, implementation and maintenance of information systems (IS) controls. Candidates must have at least three years of relevant…
To Compensate or Not to Compensate Nonprofit Board Members
Many nonprofit directors serve on boards for altruistic reasons. But it can be a huge commitment and the issue of compensation often comes up. Compensating nonprofit board members is rare. One survey suggested that just 2% of organizations pay their directors. Another study found that 96% of nonprofit boards are voluntary. Survey results and anecdotal…
Elements of Successful Nonprofit Cybersecurity
Nonprofits are more reliant on technology than ever before to deliver on their mission. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than ever…
President Signs Bill Repealing Troublesome TCJA Provision for Nonprofit Organizations
Repeal of the UBI Tax on Nonprofits Providing QTFs On Friday, December 20, 2019, President Trump signed “The Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the Act) as part of a spending bill to fund the government through September 2020. The Act includes a provision to retroactively repeal Internal Revenue Code Section (IRC)…