By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Did you know the first recorded ransomware cyber attack was targeted at a non-profit organization? In 1989, over 20,000 attendees of a World Health Organization (WHO) symposium on AIDS research received a complimentary floppy disc containing a file supposedly related to the […]
Why Every Non Profit Needs a WISP Read More »
The Tax Cuts and Jobs Act is an often-overlooked crackdown on seven-figure compensation amounts paid to the highest earners. Essentially, beginning in 2018, your not-for-profit organization could be charged a hefty excise tax if it pays more than $1 million to certain “covered” employees. The IRS issued final regulations in early 2021 that generally mirror
IRS Clarifies Rules on Excess Compensation Tax Read More »
How does a not-for-profit say “goodbye” to a departing founder or executive? A gift and farewell party usually are appropriate. Though not as much fun to plan, an exit agreement may also be called for. This legal document, usually developed by a nonprofit’s board of directors, details the terms of a leader’s departure. Here’s why exit
Use an Exit Agreement to Bid Farewell to Nonprofit Executives Read More »
With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure
Danger! How Nonprofits Often Lose Their Tax-Exempt Status Read More »
Gray, Gray & Gray has over 75 years of experience assisting non-profit organizations with their accounting, tax and business advisory needs. We apply the Power of More by delivering practical, proven advice that can lead to improved financial stability, and ultimately an enhanced ability to fulfill your mission and continue your important work.
Non-Profit Intro Video Read More »
By Michael Cecere, CPA, MST Gray, Gray & Gray, LLP Most Certified Public Accounting (CPA) firms provide audits of financial statements. But that does not mean all audits are created equal. Although there are accepted standards for the audit process (Generally Accepted Auditing Standards, or GAAS), the quality and accuracy of audit examination and reporting
Why the Quality of Your Audit Matters Read More »
By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Non-profit organizations that exist to address the needs of society occupy a special place in the business universe. Whether the mission is to provide support for disadvantaged communities, enlighten lives through art and culture, fund medical research, further a cause, or any one of
Why Non-Profits Need to Think Strategically Read More »