Nonprofit Issues Newsletter, February 2023
Economic Forecast and Impact of Inflation on Revenue and Compensation
Nonprofit leaders need to make strategic decisions amid ongoing uncertainty. We recently discussed the current economic forecast and the impact of inflation on investments, contributions, and employee compensation during the CapinCrouse National Nonprofit Virtual Seminar.
Read the key takeaways from that conversation here.
Updated Information on the Requirements for Pell Grant and Mandatory Direct Loan Reconciliations
The U.S. Department of Education Federal Student Aid office has provided updated information to assist higher education institutions with reconciling the Federal Pell Grant Program and the Federal Direct Loan Program. This information, which includes answers to common questions such as what items should be verified during the reconciliation process and what tools are available to assist with reconciliation, applies to institutions’ financial aid and business offices.
Learn more in our updated articles about Pell Grant and Direct Loan reconciliations.
IRS Provides Clarification on the Qualified Appraisal Requirement for Cryptocurrency Contributions
The IRS recently provided clarification about the qualified appraisal requirement for charitable contributions of cryptocurrency in a memorandum from the Office of the Chief Counsel of the Internal Revenue Service.
The key takeaway is that although cryptocurrency may be traded on an exchange with readily available market quotations, the IRS’s position is that cryptocurrency is not a security. Learn more.
May 15 Tax Deadline – Including Form 990 – Extended for Taxpayers in Certain Disaster Areas
In News Release 2023-33, the IRS announced that the due date to file numerous returns, including IRS Form 990, has been extended to October 16, 2023. The extension applies to parts of Alabama, California, and Georgia that are in an area subject to a Federal Emergency Management Agency disaster declaration.
Additional details are available on the Tax Relief in Disaster Situations page on IRS.gov.
Join Us at a Higher Education Roundtable
Dallas-area higher education leaders are invited to join us in-person at the CapinCrouse 2023 Texas Higher Education Roundtable on Thursday, March 23 at Dallas Theological Seminary. You can learn more and register for this free event here.
We will also be offering a virtual National Higher Education Roundtable on Tuesday, April 11. Mark your calendar; details and registration will be available soon.
Don’t Miss Our Free Ransomware Update Webcast
The 2023 CapinTech Cyber Series kicks off on Wednesday, March 22 with a free one-hour Ransomware Update webcast. CPE credit is available. Learn more and register.
Key Federal Tax Figures for 2023
Our 2023 Key Federal Tax Figures summary is designed to be a helpful reference tool throughout the year. You can download or print your free copy here.