About Kathryn Hogan

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So far Kathryn Hogan has created 121 blog entries.

Unrelated Business Income Tax (UBIT)

UBIT rules were enacted by Congress to ensure that tax-exempt organizations pay taxes when regularly carrying on a trade or business not substantially related to their exempt purpose. To determine if an activity is not substantially related, you can refer to the Articles of Incorporation filed when the organization initially formed for the exempt purpose.

By |2019-03-28T10:35:50-04:00March 28th, 2019|Articles, Not For Profit|0 Comments

Marti Asher – In Memory Of

Marti Asher passed Tuesday morning, March 12th with family and friends at her side. Always a consummate professional. Marti was passionate and took a genuine interest in others. We will miss her smile, laughter, vigilance in many details and most of all her friendship. Our heartfelt condolences go out to her four children – Elizabeth (Christopher) Sanders, Melissa, David (Adelina) and Michelle; three beloved grandchildren, Henry, Norah and Catherine; and to her boyfriend Ron Cardwell. God has blessed us with her presence. She was a tireless champion for our non-profit clients, launching a practice niche for us. Marti started at GCM in 1997, switching careers after a break to have four children. A previous BS with distinction from Purdue University, she later earned her AA with high honors in Accounting at Alamance Community College (ACC). She received the 2014 ACC distinguished alumni award.

By |2019-03-29T20:25:38-04:00March 26th, 2019|GCM News|0 Comments

Succession Planning for Not-for-Profit Organizations

Succession planning is a common topic of discussion in the for-profit sector, but is often ignored by nonprofits. Succession planning can be overlooked due to the lack of a clear ownership structure for a nonprofit, combined with board member rotations. However, succession planning is critical to ensuring the long-term viability of an organization. Proper [...]

By |2019-02-14T12:08:01-04:00February 14th, 2019|Articles, Not For Profit|0 Comments

Recruiting the Right Board Members

Board Members are responsible for maintaining the integrity of an organization. Overseeing management and accounting, including accurate financial statements and tax returns, and being good stewards of donor funds are important pieces of this responsibility. Because of their role, finding the right board members is key for an organization. What Should your Organization Seek [...]

By |2019-02-14T12:15:32-04:00February 14th, 2019|Articles, Not For Profit|0 Comments

Not-for-Profit Organization Guide to Preparing for an Audit

The annual process of a financial statement audit can interrupt your Organization’s daily flow, but there are steps you can take to limit the interruption for your Organization’s staff, and ensure a smooth process. See below for suggestions: A. Be proactive - As you prepare your year end close, you can begin to pull [...]

By |2019-02-14T11:53:12-04:00February 14th, 2019|Articles, Not For Profit|0 Comments

Automatic Waiver of the Electronic Filing Penalty for Form NC-3

Secretary Ronald G. Penny announced on January 11, 2019 that the North Carolina Department of Revenue (NCDOR) will waive the $200 penalty for all taxpayers who do not file Form NC-3 and the state’s copies of Forms W-2 and 1099 electronically for tax year 2018. Under state law enacted in 2018 by the General [...]

By |2019-01-24T11:48:31-04:00January 24th, 2019|Articles, State and Local Tax|0 Comments

2019 Tax Rate Schedule

Click here for a schedule of selected tax rates applicable for the 2018 and 2019 tax years. These include payroll tax rates and local property tax rates. The tax rate schedule also provides the social security earnings thresholds for determining how much income you can earn each year before losing any social security benefits you are due to [...]

By |2019-03-07T10:04:41-04:00January 24th, 2019|Articles|0 Comments

North Carolina Escheat Laws – What to do with Old Uncleared Checks

Have you been waiting a year, or five, or ten for a check to clear your bank account? Outstanding checks are frequently reported as unclaimed property in the state of North Carolina. There are specific steps a holder of unclaimed property must take to be in compliance with North Carolina’s Unclaimed Property Law. Just [...]

By |2019-03-07T10:10:19-04:00January 15th, 2019|Articles, Not For Profit|0 Comments