Sage MIP Fund Accounting & Fundraising Press Releases, Nonprofit software news

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.

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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.

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.

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.

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: