Want to stay up to date in the association world? This blog will provide you with news about members, industry updates, trends and more!
Treasury officials announced (https://home.treasury.gov/news/press-releases/sm426) that the IRS will no longer require tax-exempt organizations other than charities to disclose information about their donors as part of their annual returns.
Congress in the 1960s directed the IRS to collect donor information from 501(c)(3) charities that accept tax-deductible contributions. The policy provided the IRS information that could be used to confirm contributions. By regulation, however, the IRS had – since the Nixon administration – extended the donor reporting requirement to all other tax-exempt organizations, including 501(c)(6) trade associations and 501(c)(4) political groups. Names and addresses of donors of $5,000 or more have previously been listed on Schedule B of tax-exempt Form 990 returns.
Charities and section 527 political organizations, including political action committees, will continue to disclose names and addresses of donors, but the new rule will apply for other types of tax-exempt organizations beginning with Form 990 filings for the years after 2018.
With one week remaining in the Lame Duck session, the legislature continued to take up action on a number of bills including Michigan school grading systems, the right of the legislature to litigate, citizen-initiated bills, and more. The U.S. House and Senate also passed significant revisions to nonprofit fringe benefits and donor disclosure rules.
Many organizations across the country, including associations, are preparing for a surge in personnel costs as they prepare for the Obama administration’s overhaul to the Department of Labor Overtime Rule. According to a letter from the Congress to the Secretary of Labor, the Labor Department's proposal, due to be released in final form in July, would more than double the salary threshold to $50,440 per year, up from $23,660. With implementation of this rule, about five million workers would become newly eligible for overtime pay. In addition, the minimum salary would automatically increase each year to match the 40th percentile of the average salary earned by full-time employees in the United States.
Every association is different. But no matter who you are or whom you represent, one thing is for certain: there is lot of work to be done.
Whether it’s managing members, raising funds, contending with new rules and regulations, or delivering quality programs that serve your mission, there is only so much that can be done in a given day, week, or year.
And that’s not when you’re trying to hire new employees or keep existing ones, or reduce overhead costs, or stay up to date with new technology and ways of communicating.
Does this sound stressful? Perhaps a bit. But that’s part of the job — managing people, processes, finances, and beyond.
The most successful associations are efficient, tech-savvy, and skilled at communicating with members, sponsors, and their local (and online) communities.
Another trait these associations share: They track employee time.