News and Insights

Surprise! Your Foundation May Owe Taxes to the IRS

08/17/2018

Laura Pierce, Guest Contributor | If your foundation pays for its employees’ parking or transit passes or allows employees to set aside pre-tax dollars for their transit costs, you may be surprised to know that your foundation may now owe the IRS a 21% unrelated business income tax on those payments. And – surprise! – your first payment was due on April 15, so you may face a late-filing penalty, too. If you’re startled by this news, you’re not alone. more »

For a Small Community Foundation, the Right Technology Makes a Big Difference

06/03/2015

Hilary Canty, Executive Director, Orcas Island Community Foundation | In 2011, with assets of $4 million spread across 70+ funds, we had outgrown our "off the shelf" bookkeeping software, spending over half of our precious staff time on accounting. We struggled with finding right sized technology. Like Goldilocks, the existing programs just did not fit, being too cumbersome, too complicated, and far too expensive. Not a recipe for growth. Fortunately, the stars aligned. more »