At RLB, we want to provide our clients with the tools required to assist with preparing for an efficient year end engagement and to ensure that your organization is sufficiently prepared. The additional effort to be more prepared will save time and money, allow you to have more organized records (both at year end and through the year) and ensure your annual deadlines are met.
Continue ReadingIn Part 1 we reviewed the 3 types of contributions and how each is recognized using both the deferral method and restricted fund method. Here we discuss the net asset treatment under both the deferral method and restricted fund method. RLB’s Not-For-Profit team presented on this topic along with Contributions at their December 2020 Coffee Talk webinar presented by Colleen Gallagher or Michelle Steele.
Continue ReadingMany Not-For-Profit and Charitable organizations struggle with understanding the difference between the deferral and restricted fund methods of recognizing contributions. RLB’s Not-For-Profit team presented on this topic at their December 2020 Coffee Talk webinar presented by Colleen Gallagher and Michelle Steele.
Continue ReadingQuestion: Our board would like to develop a donation receipting policy? Do you have any guidelines we should follow? The board will want to consider incorporating the following aspects when developing a donation receipting policy:
Continue ReadingCharity vs Not-for-profit organization Often the term “registered charity” is used interchangeably with “not-for-profit organizations (NPOs)”. While both terms fall under the larger description of the voluntary, not-for-profit or community benefit sector. However, while both organizations operate on a not-for-profit basis, they are defined differently under the Income Tax Act (ITA). If an organization meets the definition of a “charity,” it cannot be considered a not-for-profit organization under the ITA.
Continue ReadingDid you know there are over 86,000 registered charities in Canada? If you are not one of these registered charities, you may want to give it some consideration! Firstly, you need to ask what it means to become a registered charity. As stated by the Canada Revenue Agency (CRA), a registered charity must use its resources for charitable activities and have charitable purposes that fall in one or more of the following categories:
Continue ReadingQuestion: Can we issue a donation receipt for services received? One of our members has repainted our classrooms and instead of payment has requested that we provide a donation receipt for the services.
Continue ReadingQuestion: Why does our organization now have to start recording its capital assets?
Continue ReadingQuestion: Our organization had to cancel our AGM due to the Coronavirus pandemic, how long do we have to reschedule?
Continue ReadingDid you know there are over 86,000 registered charities in Canada? If you are not one of these registered charities, you may want to give it some consideration!
Continue ReadingMany charities and not-for-profit organizations (NPO) face the choice of which legal structure to use, whether they are constituted as a trust, an unincorporated association, or a corporation. When hearing the word “corporation”, many people think of for-profit businesses, but did you know that corporations can also be in the form of non-share capital corporations (NSCC), which are used for not-for-profit organizations and registered charities?
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