news & announcements · 2020-04-03 · charity to ensure the charity can accept and document...
TRANSCRIPT
Issue97March2020
ABOUT|TRAININGS|LATESTNEWS|RESOURCES|CONTACTUS
News&Announcements
Inthisissue:
·CommunitySupportOrganizationsIssueResponsetoCOVID-19·Federal&StateGovernmentActionontheIssue·ResourcestoHelp·Webinars·InstructionsforCharitableContributions(IRAs,DAFS)
CommunitySupportOrganizations’ResponsetoCOVID-19
AcollectivemessagefromCooperFoundation,ProsperWaco,TheBernard&AudreRapoportFoundation,WacoFoundation,andUnitedWay:
Asorganizationsthatsupportlocalnonprofits,wearecommittedtotheGreaterWacocommunityandtheindividualsandfamilieswholivehere.WeknowournonprofitsareworkingovertimetomeetthemanyneedsassociatedwithCOVID-19,andwethankyouforyourservice.
Weareworkinginpartnershipwithandsupportofourcommunityleaderstounderstandtheneeds,resourcesandbestwaystorespond,andwillkeepnonprofitsupdatedinatimelymanner.We
arepartneringwithActLocallyWacotoshareimportantinformationasitbecomesavailable.
Weencourageallnonprofitpartnersto
checkwww.actlocallywaco.org/cvresources/forupdatesandcommunityinformation.
WeareWaco-McLennanCounty,andwewillgetthroughthistogether.
#wacosupportingwaco
Federal&StateGovernmentResponses
SmallBusinessDisasterLoans
TheU.S.SmallBusinessAdministration(SBA)hasgrantedaccesstoitsEconomicInjuryDisasterLoan(EIDL),committingtoprovidelong-term,low-interestloanstoqualifyingbusinesses(includingeligible501(C)(3)nonprofits)acrossthestateasaresultoftheCoronavirus(COVID-19).Theloansareonafirstcome,firstservedbasis,so501(C)(3)sexperiencingalossinrevenueshouldnotdelayinapplyingforsupport.TolearnmoreabouttheEconomicInjuryDisasterLoanprogram,clickhere.Clickhere,foraPDFofSBAloandetailswehavebeenabletogathertodate.Toviewasampleapplication,clickhere.Toapply,clickhere.
SBADisasterLoanInformationalVideobyMCCSmallBusinessDevelopmentCenter(SBDC)DirectorTimHoltkamp:Clickhere.
ThelocalSBDCisnaturallyreceivingalotofinquiriesrightnowbuttheymaybeabletohelpyouprocessyourapplication.Here’stheDirector’scontactinformation:TimHoltkampatSBDCWork:254.299.8157Email:[email protected]:4601N.19thSt.Waco,TX76706
SBADisasterhotline:1.800.659.2955
TaxDayExtendedtoJuly15–Butnotformostnonprofits:TheNationalCouncilonNonprofitsreportedthat"thePresidentissuedanExecutiveOrderonMarch13instructingtheTreasurySecretary'toproviderelieffromtaxdeadlinestoAmericanswhohavebeenadverselyaffectedbytheCOVID-19emergency.'TreasurythenissuedNotice2020-18toautomaticallypostponethetaxfilingdeadlinefromApril15,2020,untilJuly15,2020.
"Thereisamajorproblem.TheNoticeexpresslylimitsthereliefasbeing“availablesolelywithrespecttoFederalincometaxpayments(includingpaymentsoftaxonself-employmentincome)andFederalincometaxreturnsdueonApril15,2020.NonprofitsfiletheirannualtaxesonForm990,whichtheIRSwebsitenotes'isdueonthe15thdayofthe5thmonthfollowingtheendoftheorganization'staxableyear.Fororganizationsonacalendaryear,theForm990isdueonMay15th.'Therefore,withoutanotherfix,onlynonprofitswithacalendaryearthatendsonNovember30willenjoythetaxfilingreliefforeveryothertaxpayingentity."
OMBRelief:FederalGrantsFlexibility:TheNationalCouncilonNonprofitsfurtherreportedthat"thefederalOfficeofManagementandBudgethasissuedinstructionsallowingfederalagenciestograntexceptionsundertheOMBUniformGuidancetoapplytovirtuallyallfederalgrantsandthenonprofitsthatperformundertherules.NewOMBMemoM-20-17authorizesfederalagenciestoremoveadministrativeimpedimentsandencouragesflexibilityinprocessingrenewalsofgrants,allowslooserreimbursementandpurchasingstandards,andmore.Thedocumentprovidesadditionalreliefforextensionsoffederalreportingdeadlines,indirectcostratenegotiations,allowabilityoftravelandothercancellationcosts,SingleAuditscurrentlydue,andmore.Whilethereisnoguaranteethatallfederalagencieswillauthorizesuchflexibility,theMemoisgroundsfornonprofitstoseekcontinuedpaymentsforsalariesandfacilitiesandadministrativecostseveniftheyarenotcurrentlyoperational."
ResourcestoHelpYouRespondandPlan,
DuringCOVID-19:
WacoFoundationknowsthatmanynonprofitsinourcommunityareexperiencingtheeffectsofthenovelCOVID-19andhavequestionsormightneedresources,ourgoalwiththisnewsletteristoprovideyousomeresourcestokeepyouinformedandupdated.
HR/OperationsInterimGuidanceforBusinessesandEmployerstoPlanandRespond
toCoronavirusDisease2019(COVID-19)CoronavirusImpactingYourNonprofit?Here’sWhattoDoHowNonprofitsandBoardMembersCanRespondtoCOVID-19FamiliesFirstCoronavirusResponseAct
TXWorkforceCommission–SharedWorkProgram
TechnologyRunningEffectiveVirtualNonprofitMeetings:9BestPracticesfor
FacilitatingEngagementGoingRemoteOvernight:PreparingfortheCoronavirusTechnology-enablingyournonprofittosucceedinthefaceofCOVID-
19GoogleHangoutsPremiumisfreethroughJuly1.MicrosoftTeamsisavailableforfreeforsixmonths.GoToMeetingisalsoofferingtheirremoteworktoolsfreeforthree
months.NonprofitsfocusedonfightingCOVID-19canaccessthreemonthsof
freeDropboxPremium.
Fundraising/FundDevelopmentFundraisinginaCrisisFrequentlyupdatingcompilationofCOVID-19FundraisingAdvice
GeneralCOVID-19NewsCentersforDiseaseControlandPreventionTheCityofWaco:COVID-19UpdateCV2020:TheGreatWacoHunkerDown-ActLocallyWacoNationalCouncilofNonprofits:NonprofitsandCoronavirus,COVID-19
WEBINARS
PrepareYourNonprofitforSmoothSailingThroughCOVID-19PresentedbyTechImpact&501Commons
Attemptstoslowthespreadofthecoronavirusmightinvolveclosingnonprofitofficesandprogramsites.Butthatdoesn’thavetoshutdownyouroperationsoryourservices.JoinusforapresentationandQ&Awithexpertsabouthowtorapidlygettherighttechnologyinplaceandminimizedisruptionstoyourorganization.Wewillcover:
•Optionsforcloudproductivitytoolssuchasemailandfilesharing•Techpoliciesforpeopleworkingremotelyandusingpersonaldevices•Waystostartdeliveringprogramsandservicesremotely,inunderamonth•Afewtipsforsanitizingyourtechdevices(alwaysagoodidea)
Clickheretolearnmoreandtoregister.
FundraisingDuringEconomicSlowDownshostedby
IndianaUniversityLillyFamilySchoolofPhilanthropy
Dr.PatrickRooney,executiveassociatedean,IndianaUniversityLillyFamilySchoolofPhilanthropyBillStanczykiewicz,director,TheFundRaisingSchoolDate:Friday,March27,2020
HowtoEndureasaFundraiserDuringDifficultTimeshosted
byIndianaUniversityLillyFamilySchoolofPhilanthropy
Dr.TimSeiler,HenryRossoFellowforPhilanthropyFundraising,TheFundRaisingSchool
Time:12:00pm-1:00pm(EDT)
PatrickRooneyisanationallyandinternationallyrespectedexpertonhoweconomicdownturns–includingeconomicslowdownscausedbynaturaldisasters–affectfundraising.Reviewthelessonsoncharitablegivingfromtheaftermathof9/11aswellasHurricaneKatrinaandsimilarcatastrophicevents,andhowthoselessonsinformtoday’sfundraising…andhowtheydon’t!LearnwhatyouCANdointoday’snewfundraisingenvironment.
Clickheretolearnmoreandtoregister.
CathyBrown,associatedirector,TheFundRaisingSchoolDate:Friday,April3,2020Time:12:00pm-1:00pm(EDT)
TimSeiler’sprofessionalcareerspansfivedecades,andduringthattimehehasobservedthehighsandthelowsofcharitablegivingandfundraising.Tim’swisdomandperspectivecanprovidecalmandreassuranceduringtheseturbulenttimes.Clickheretolearnmoreandtoregister.
CharitableContributionsThroughIRAQCD’sand/orDonorAdvisedFunds
Withtheonsetofmuchhigherstandarddeductionsfortheindividualincometaxpayers,somequalifiedindividualsarerecognizingincometaxbenefitsbymakingcharitablecontributionsthroughQualifiedCharitableDistributions(QCD)fromIndividualRetirementAccountsand/orfromDonorAdvisedFunds(DAF).Whilethesegiftsprovidebenefitstothedonorsandcharitablerecipients,therearesomeimportantreportingrequirementsnonprofitsmustrecognize.1.ProperAcknowledgmentLanguageNonprofitcharitableorganizationsreceivingthesetypesofgiftsarenotalwaysusingproperacknowledgmentlanguageintheir‘thankyou’communications.Manyorganizationsareeitherusingthesamelanguagetheyuseforincometaxdeductiblegiftsand/orareincludingtheQCDorDAFgiftsinindividualyearlygifttotals.BecausedollarsplacedintostandardIRAsandDAFsarepotentiallydeductiblewhenplacedintothosevehicles,thelatertransferfromtheIRAorDAFtothecharityisnotanincometaxdeductibledonationforthedonor.Donorsmaynotbeawareofthedistinctionwhenpresentingtheirincometaxinformationtoincometaxpreparersandtherefore,taxpreparersmaybedeductingthesegiftsinerror.NonprofitentitiesmustmakeeveryattempttodistinguishQCDandDAFgiftsfromthedonor’sotherwiseincometaxdeductiblegifts.
2.CommunicationwithDonorSomenonprofitsarereportingthatgiftsfromdonorsthroughQCDandDAFdistributionsdonotcarrythedonor’snameand/ortheusedesignationofthedistribution.Donorsneedtobeapprisedthroughgeneralcommunicationsthattheyshouldnotifythecharityinadvanceofthedonor’sintenttohaveaQCDorDAFdistributionmadetothecharitytoensurethecharitycanacceptanddocumentthedistributionproperly.DonorsshouldalsoberemindedtoeffectivelycommunicatewiththeirtaxpreparerregardinganyQCDorDAFtaxyeargiftsmade.
3.TaxFormsIRA1099RFormsdonotyetdistinguishbetweenregularrequired
minimumdistributions(RMDs)andQCDssothatinformationmustcomefromnonprofitsandthedonors.
4.IRA/DAFAccountsSomenonprofitsareexperiencingdifficultywiththemanagersoftheIRAorDAFwhentheyaretoldthecharitymustsetupanaccountwiththeIRAorDAFinvestmentorganizationinordertoreceivethedistribution.Thisshouldnotbenecessary.IRAorDAFmanagersshouldbeabletodistributefundsdirectlytothenonprofitperthedirectionsofthedonor.
ContributedbyHarryHarelik,CPA,CFRE
TodownloadthePDF,clickhere.
Staysafeandhealthy,
NicoleWynterWACOFOUNDATION-CAPACITYBUILDINGPROGRAM
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