Articles From Lumsden McCormick
Supreme Court Ruling on Federal Funding Pause: Key Considerations for Nonprofit CFOs
Posted by Sarah Hopkins on March 07, 2025
Recent developments from the U.S. Supreme Court have significant implications for nonprofit organizations that rely on federal funding.
Why Filing a Gift Tax Return Could Be Beneficial
Posted by Robert Ingrasci on March 06, 2025
Filing a gift tax return, even when no tax is due, can be beneficial as it starts the clock on the statute of limitations, limiting the IRS to three years to challenge the gift's valuation. Adequate disclosure in the return can prevent future disputes and provide peace of mind.
Effective Strategies for Nonprofits to Reduce Expenses Without Cutting Staff
Posted by Elizabeth Krause on March 04, 2025
Nonprofit organizations can reduce expenses without cutting staff by investing in technology, leveraging partnerships and shared services, and optimizing business operations and vendor contracts. Additionally, focusing on employee development, utilizing volunteers, and implementing eco-friendly practices can lead to significant cost savings while maintaining the organization's mission and morale.
Managing the Business Interest Expense Deduction Limit
Posted by Michē Needham on March 03, 2025
The Tax Cuts and Jobs Act introduced Section 163(j), limiting business interest expense deductions. Businesses can manage this limit by opting out for certain industries, capitalizing interest expenses, or reducing overall interest expenses.
Understanding the NIH’s New Indirect Cost Rate Policy: What Nonprofit and Higher Education CFOs Need to Know
Posted by Sarah Hopkins on February 28, 2025
The National Institutes of Health (NIH) has announced a major policy change that will significantly impact universities, research institutions, and nonprofits receiving federal research funding (Research Institutions).
Important Estate Planning for Individuals Without Partners or Children
Posted by Amanda Wojtkowski on February 27, 2025
Estate planning is essential for single and child-free individuals to ensure their final wishes are respected and their assets are distributed according to their preferences. It allows them to specify beneficiaries, appoint trusted individuals to manage finances and medical decisions if incapacitated, and employ strategies to reduce gift and estate taxes.
Maximize Your Product Profitability with Data-Driven Insights
Posted by John George on February 25, 2025
Understanding the profitability of each product is essential for manufacturers to make strategic decisions and optimize production, marketing, and pricing strategies. By analyzing product-specific costs and profit margins, manufacturers can focus on the most profitable products and make informed financial decisions.
OMB’s Temporary Pause on Federal Financial Assistance: Detailed Implications for CFOs
Posted by Robert Torella on February 21, 2025
In a significant development affecting federal funding, the Office of Management and Budget (OMB) issued Memorandum M-25-13 on January 27, 2025, directing a temporary suspension of obligations and disbursements of federal financial assistance.
Federal Agencies Tasked with Comprehensive Program Analysis Amid Federal Funding Pause
Posted by Robert Torella on February 21, 2025
In the wake of the Office of Management and Budget's (OMB) recent directive to temporarily halt federal financial assistance, federal agencies are now under a tight deadline to conduct a detailed analysis of their programs.
The Crucial Role of Cybersecurity for Nonprofit Organizations in 2025
Posted by Jill Johnson on February 21, 2025
As we step into 2025, the importance of cybersecurity for nonprofit organizations cannot be overstated.