By Sue Greenberg, executive director As we look ahead to a better 2023, here's a suggestion that will pay off: Take deliberate control of your creative business by making a commitment to recordkeeping. Start with banking. You should have a separate credit card and a separate checking account for your creative business. If you use digital wallet apps like Venmo,…
By Sue Greenberg, VLAA Executive Director As outlined in most by-laws, the treasurer is the organization’s principal financial officer. The treasurer’s duties may include: making regular financial reports to the board; overseeing the preparation of the annual budget and monitoring its implementation; chairing the finance committee; ensuring that all federal, state and local financial reports are filed on a timely…
Not long ago, we heard from yet another small nonprofit art organization that lost its tax-exempt status. Why? No one remembered to file the organization’s IRS 990-N. Also known as the e-Postcard, the form is used by tax-exempt organizations whose annual gross receipts are normally $50,000 or less. The form is very easy to complete and does not require an…