While every organization must arrive at its own definition of financial stability, prioritizing the management of financial assets can allow organizations the freedom to provide their vital programming and eventually achieve sustainability.
The phrase “financial sustainability” in the context of nonprofits generally refers to an organization’s ability to sustain itself over an extended period of time in support of its central mission. According to a 2018 report on the financial health of America’s nonprofits, many organizations are facing major financial crises.
Many nonprofits turn to corporate partnerships to reach wider audiences and enhance revenue. However, the challenge for nonprofits is convincing corporations to agree to the partnership and recognize the business value in such an alliance.
The Wayfair decision will have an impact on every nonprofit organization across the U.S., ranging from increased costs for services to a greater need for due diligence. Though nonprofits are exempt from paying sales tax on goods used in their operations, they may now have to collect taxes on goods and services sold to the organization’s target customers.
We are pleased to announce that the Daszkal Bolton team has joined CohnReznick, effective March 1.
