The IRS Form 990’s Schedule I is designed to provide information about a not-for-profit organization’s giving of grants and other assistance to domestic individuals, governments, and organizations. This includes cash grant awards, non-cash assistance, scholarships, stipends, and other similar payments. Assistance provided to foreign organization or individuals should not be included on Schedule I, but … Read more
Fraud can affect any organization, no matter the size, location, or industry. Internal controls are more important than ever in this uncertain environment. In this webinar presentation, Kari Young, CPA and special guest Kristin Short from Oregon Pacific Bank discuss best practices with respect to internal controls. Learn tips and tricks for keeping a strong … Read more
If you have received funds under the Paycheck Protection Program (PPP), you need to know the importance of Full-Time Equivalent (FTE) employees with regard to your loan forgiveness. The borrower’s count of FTE employees during their covered period is divided by the FTE count from the selected base period. The borrower is able to choose … Read more
In response to the COVID-19 pandemic, many not-for-profit entities applied for relief funding made available through the CARES Act. Two of the most common forms of funding are loans made through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. A significant question among not-for-profit entities that received PPP or EIDL funding … Read more
What is CAT (a.k.a. the Student Success Tax)? Oregon’s new Corporate Activity Tax (CAT) is imposed on businesses for the privilege of doing business in this state. The CAT is not a transactional tax, such as a retail sales tax, or an income tax. Oregon’s CAT is measured on a business’s commercial activity – the … Read more
For many non-profit organizations, Schedule A is the most important part of the Form 990 Return of Organizations Exempt from Income Tax. Organizations that are described in Internal Revenue Code Section 501(c)(3) and are public charities must complete Schedule A. The purpose of Schedule A is to provide information about the public charity status and public … Read more
By Sophia Bennett Sophia is a freelance business writer based in Eugene, Oregon. Her work has appeared in Oregon Business, 1859 Oregon’s Magazine and many other publications. The moment when a family steps into their new home for the very first time, their eyes lighting up as they take in clean rooms and safe spaces … Read more