Updated IRS Depreciation Rules

Updated IRS Depreciation Rules

ISSUE The IRS has released a fact sheet that highlights new depreciation rules and related expense rules from the “Tax Cuts and Jobs Act” (TCJA).   SITUATION Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code section 501(c)(3)...
Where Can You Find Sample Policies?

Where Can You Find Sample Policies?

ISSUE Sometimes, it can be hard to find good resources such as sample policies, procedures, etc.  A new website is setting out to help institutions find sample policies that they might utilize. SITUATION Idaho Bible College & Seminary (IBCS) is a private college...
Form 990: Special Reporting for Schools

Form 990: Special Reporting for Schools

ISSUE Form 990, Schedule E (Form 990) – Schools contains some potential traps to be aware of.     SITUATION Marathon Bible College (MBC) is a public charity and a school under I.R.C. sections 501(c)(3) and 170(b)(1)(A)(ii). Per requirements, MBC has a racially...