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news
for nonprofits...
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Sage
MIP Fund Accounting Wins 3rd Consecutive Campbell Award! |
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On April 10th, Sage
Software announced that its Sage MIP Fund Accounting solution has received
the coveted 2008 Campbell Award from Campbell Rinker, an independent market
research firm, for being the most recommended accounting solution among
users from nonprofits with annual revenue of $5 million and above, based on
the firm's Nonprofit Accounting Software Survey of U.S. customers. Media coverage of
the win was extensive, including this article posted to PR-inside.com.
Read the entire article...
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Sage
MIP Fund Accounting version 8 Garners Perfect Score In CPA Technology
Advisor Comparison Review!
The results
of CPA Technology Advisor's annual review of "Not for Profit" accounting
systems published in the October issue named Sage MIP Fund Accounting version 8
the winner with a perfect score. Reviewer Mary Girsch-Bock awarding it 5 out of
5 stars in all six review categories, including: Ease of Use/Flexibility,
Modules/Scalability, Features/Functionality, Reporting, Support/Help, and
Relative Value.
Read the entire article...
Did
you know?
that the IRS anticipates revising the annual tax return for nonprofit
organizations for 2008?
-Make over in process for Form 990,
Return of Organizations
Exempt from Income Tax. Find out more and review
a draft of the new Form 990.
http://www.irs.gov/charities/index.html
Accountability with Government Funds:
What You Don't Know Can Hurt You
As the US government's Combined Federal Campaign (CFC)
doled out hundreds of millions of dollars to more than 1,280 nonprofit
organizations last year, many were found to have abused the system, using tax
money to pay for extravagant gifts and declining to pay years worth of debt to
the Internal Revenue Service (IRS). Fifteen of these charities underwent a
detailed audit and were found guilty of participating in "abuse and potentially
criminal activity," according to a report from the Government Accountability
Office.
Read
more...
Information courtesy of Sharon Hoffman, Senior Producer,
NBC News
Estimated value of a volunteer
hour grows in 2005
Independent Sector, a leadership forum for
charities, recently announced that the estimated value of a volunteer hour
in 2005 is $18.04. This number, is up from the estimate of $17.55 in 2004.
The value of a volunteer hour gives charitable organizations a tool to help
quantify the immense contributions volunteers make and can be helpful in
winning more volunteers and even grant funding.
Independent Sector estimated the total value
of hours volunteered nationally in 2005 was equivalent to approximately $280
billion. The hourly value of volunteer time is based on the average hourly
wage of all non-management, non-agricultural workers as determined by the
Bureau of Labor Statistics, with a 12 percent increase to estimate for
fringe benefits.
Nonprofits common use the value of volunteer
time to recognize the contributions of those volunteers, or to demonstrate
the level of support the organization has from its community. However, the
value of volunteer services can also be used on financial statements –
including statements grant proposals, and annual reports –if a volunteer is
performing a specialized skill for a nonprofit. The general rule to follow
when determining if contributed services meet FASB criteria for financial
forms is to determine whether the organization would have purchased the
services if they had not been donated. Visit FASB’s website for regulations
on use of the value of volunteer time on financial forms:
http://www.fasb.org/pdf/fas116.pdf.
Clara Miller Outlines
Nonprofit Trends to Watch in 2007
Clara Miller, president and CEO
of the Nonprofit Finance Fund highlighted four Nonprofit World Trends to watch
in 2007. Here are excerpts from her analysis.
The “Buffett
effect” grows. more wealthy donors will
focus on creating larger pools of capital for nonprofits, rather than
fragmenting the available capital and its impact by focusing on “vanity”
projects.”
Even more
short-term thinking in the long-term nonprofit world.
Miller predicts an unfortunate movement to more short-term funding requiring
short-term measurable results from nonprofits that, in fact, are dealing with
complex long-term problems, a trend that tends to hamper management’s ability to
develop long-term strategic solutions.
Wider
recognition that there is a business side to nonprofits.
A growing understanding that nonprofits need
comprehensive funding that includes infrastructure, replacement and
organizational growth needs currently underappreciated and underserved by use of
‘restricted’ funding, which is a growing impediment to the stability of many
nonprofits. This may include technology infrastructure!
Funding decisions less influenced by the portion of
funds devoted to overhead. “Funders will
rely less and less on often misleading measurement of nonprofit success,
getting away from a static “correct” percentage level or formula for determining
the proper level of overhead for nonprofits on an across-the-board basis.
Read/Hear entire news conference...
Information courtesy of
Ailis Aaron Wolf,
Nonprofit Finance Fund
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