NJEDA Opens Pre-registration for Phase 4 of Small Business Relief

The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program on Wednesday, April 14, adding $85 million in funds from the CARES Act. Phase 4 will provide grants up to $20,000 to New Jersey small and medium sized businesses and non-profits that have been negatively impacted…

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Help Staffers with Tax-Free Disaster Relief Payments

With the COVID-19 crisis pushing people across the country into financial hardship, it’s natural that some nonprofits want to extend a helping hand to staff members. The good news is that the federal tax code provides a way to make tax-free direct payments to employees in need. This article explains the type of events that…

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Covid-19 Relief Available for Qualifying Not-for-Profits

The not-for-profit sector, the nation’s third-largest industry, was especially hard hit by the Covid-19 pandemic. Fortunately, the federal government provided financial relief in the form of grants and loans to small businesses, including not-for-profits, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and/or the Coronavirus Response and Relief Supplemental Appropriations Act of 2021…

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Accounting For Program Services and The Activities That Support Them

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Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards Board (FASB) can help you break down spending. Here’s a review of the key rules affecting expense allocation. And the definitions are … According to…

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The American Rescue Plan Act Tax Implications

President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student loan debt forgiveness were changed by the Senate. Below…

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Artificial Intelligence Moves to the Nonprofit Forefront

AI has made an impact on a wide range of industries, including the nonprofit sector. Although some organizations might find this evolving technology daunting and cost-prohibitive, AI tools can help nonprofits of all sizes cut costs by streamlining operations. They might even be able to leverage AI to better achieve mission-critical objectives. This article defines…

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Nonprofit Audit Preparation: 6 Ways to Save Time and Money

Although the idea of undergoing an external audit may not be appealing, it is a valuable tool for demonstrating your nonprofit’s financial condition to stakeholders — perhaps more important than ever in the shadow of COVID-19. Here are some preparatory steps you can take to make the annual audit process less expensive and disruptive. 1.…

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New Jersey Retirement Program

NEW  New Jersey Retirement Program New Jersey has implemented a new law, effective March 2021, requiring New Jersey businesses (both for-profit and non-profit) with at least 25 employees and which have been up and running for 2 years, to provide a retirement plan for their employees. New Jersey will require business owners to either sponsor a…

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