Five Tips for Dynamic Strategic Planning
Is your not-for-profit the same organization it was three years ago? Are your stakeholders the same now as then? Is your community and its support of your not-for-profit the same? It’s been said that the only thing certain in life is change, so you likely answered “no” to each of these questions. Change is a key…
Planned Gifts Hold Tremendous Promise
Is your organization pursuing planned gifts? It should be. Research suggests that the average planned gift in the United States falls between $35,000 and $70,000 — and the amount may increase with more Baby Boomers moving into retirement. Yet many not-for-profits, especially small and medium-sized organizations, lack formal planned giving programs. Benefits of Planned Giving…
Minimizing Your Risk of Cyber Breach
Concerns about cyber threats disrupting core operations are now a top operational risk. The Securities and Exchange Commission has called threats to cybersecurity “the biggest systematic risk we have facing us.” Given the impact that breaches can have and the level of sophistication shown by hackers in recent breaches, it’s not a matter of if…
Electronic Spreadsheets Can Conceal Numerous Errors
Electronic spreadsheets are versatile and vital for all types of organizations. However, the flexibility that makes spreadsheets such as Microsoft Excel so popular is also the primary reason that they can end up concealing countless critical errors. Spreadsheet “Horror Stories” An organization called European Spreadsheet Risks Interest Group keeps a list of “horror stories” caused by…
The Engine Behind e-Commerce
Nearly everyone who has any experience with the Web knows programmers use HTML (Hypertext Markup Language) to create the pages we read on the Internet. Benefits of XML Here are some of the ways XML can bolster your business: Boosts efficiency by standardizing information transfers. Lowers repetitive modifications and duplications in transforming data to various types…
Recent Incidents Fuel Concerns over Breach Response
Could your data be hacked? Unfortunately, every organization — including for-profit businesses, not-for-profits and government agencies — is vulnerable to cyberattacks today. Breach Response Legislation in the Works Following the SEC and Equifax incidents, the Personal Data Notification and Protection Act was reintroduced in the House. This bill aims to expedite data breach response time. Representative…
Business Interruption Claims Require Professional Help
Smart company owners and executives obtain business interruption insurance — and possibly contingent business income coverage if the operation relies heavily on outsourcing or a particular supplier. The idea is that the policy will compensate the company for lost earnings if a devastating event forces it to temporarily close down operations. But the calculations and coverage…
Notify the IRS if You Change Your Address
It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified. In one court case, it was made clear that the burden of informing the…
Europe: In-House Legal Professional Privilege
If your company conducts business in the European Union (E.U.), it’s important to keep this in mind: In-house attorney-client privilege does not automatically apply to international communications when the issue at hand is governed by E.U. law. The Heart of the Matter The opinion in the Akzo case handed down by the E.U.’s Court of Justice…
How to Save Tax with an Installment Sale
Are you planning to sell real estate before the end of the year? Naturally, you hope to entice a qualified buyer who has plenty of cash on hand. But being open to the idea of an installment sale may help you seal the deal. Fortunately, installment sales also offer tax savings for sellers. Here’s how these…