Most people would rather buy a lottery ticket than put money in a savings account. But Doorways to Dream, a nonprofit organization that aims to create savings innovations for lower-income individuals, is helping people essentially do both with its Save to Win program. The program offers prize-linked savings accounts. This means that every certificate of …
Posts Tagged: NonProfits
Off-the-Court Conflicts for the U.S.T.A.
As the U.S. Open got started this week, The New York Times was more interested in conflicts off the court than on it. An examination of the United States Tennis Association (U.S.T.A.), the 501(c)(6) national governing body for the sport of tennis, revealed that several of the organization’s current and recent board members have benefitted …
Nonprofit Embezzlement Finally Stopped After 40 Months
Wendy Harper started to embezzle from her nonprofit employer within four months of assuming her duties as payroll supervisor. She wasn’t caught until 40 months later. During her time as acting payroll supervisor at Harvest Management Group, a nonprofit that manages 18 properties for the disabled and elderly, Harper used her position to embezzle almost …
IRS Makes Progress on Exemption Application Backlog
At the beginning of 2014, 15% of the exemption applications still on backlog with the IRS were more than one year old. The IRS Tax-Exempt and Government Entities Division (TE/GE) announced this week that the division has since closed 97% of those cases. According to TE/GE’s deputy commissioner, Donna Hansberry, the division is “on pace …
Does Your Nonprofit Pay Its Payroll Taxes?
According to a recently released report from the Treasury Inspector General for Tax Administration (TIGTA), although most exempt organizations pay their federal taxes, more than 64,200 of the nearly 1.7 million organizations recognized as exempt (or 3.8%) had nearly $875 million of federal tax debt as of June, 2012. This included payroll taxes, unrelated business …
Does the Ice Bucket Challenge Leave You Cold?
It is likely that videos of people dumping buckets of ice water on their heads has filled up your Facebook and other social media newsfeeds in the past few months. And not just anyone. Participants include Bill Gates, LeBron James, and Taylor Swift. So what’s it all about? In short, people are “nominated” to complete …