Thursday, July 21, 2016

KOS 4th Annual Professional Development for the Woman Business Leader

Join Us!

A breakfast workshop for women who want to build their
power, presence and communication skills

Workshop Details
WHEN: Thursday, August 25th
WHERE: Maggiano's Little Italy
307 Hawthorne Center
Vernon Hills, IL  60061
COST: Free
RSVP: Kristin Kentra

Come learn from three dynamic women who influence people, have a strong presence, take command and want to help you do the same!

Our speakers:
Lynne Franklin, 
author of "Getting Others to Do What You Want"

Catherine Johns, 
author of "Show Up and Shine: Simple Steps to Boost Your Confidence & Charisma" 

Colonel Jill Morgenthaler, 
author of " The Courage to Take Command - Leadership Lessons from a Military Trailblazer"

Thursday, July 14, 2016

Donating with Confidence during Tragic Times

Tragic events inspire an incredible emotional response to give.  People around the world will express all levels of generosity to victims of misfortune.  Many have opened their hearts and wallets to help victims of the Orlando shooting, and the generosity will continue to help those impacted by the recent tragedy in Dallas.  Before you donate, it is important to know where your money is going since the internet is susceptible to scam artists soliciting donations.  

The Better Business Bureau Wise Giving Alliance suggests you ask lots of questions before donating.  It offers these basic giving tips for donating with confidence in wake of potential fund raising scams:

1. Thoughtful Giving
Take the time to check out the charity to avoid wasting your generosity by donating to a questionable or poorly managed effort.  The first request for a donation may not be the best choice.  Be proactive and find trusted charities that are providing assistance.

2. Government Registration
About 40 of the 50 states in the U.S. require charities to register with a state government agency (usually a division of the State Attorney General’s office) before they solicit for charitable gifts.  Under Illinois law, fundraisers and charitable organizations are required to register each year with the Attorney General's office. Potential donors may then access important information such as income, expenditures, programs and administration before giving to the charity.  If the charity is not registered, consider donating elsewhere.

3. Respecting Victims and Their Families
Organizations raising funds should get permission from the families to use either the names of the victims and/or any photographs of them. Some charities raising funds for the Colorado movie theater victims did not do this and were the subject of criticism from victims’ families.

4. How Will Donations Be Used?
Watch out for vague appeals that don’t identify the intended use of funds.  Find out how the donations will help victims’ families.  Also, unless told otherwise, donors will assume that funds collected quickly in the wake of a tragedy will be spent just as quickly. See if the appeal identifies when and how the collected funds will be used.

5. What if a Family Sets Up Its Own Assistance Fund?
Some families may decide to set up their own assistance funds. Be mindful that such funds may not be set up as charities. Also, make sure that collected monies are received and administered by a third party such as a bank, CPA or lawyer. This will help provide oversight and ensure the collected funds are used appropriately (e.g., paying for funeral costs, counseling, and other tragedy-related needs.)

6. Advocacy Organizations
Tragedies that involve violent acts with firearms can also generate requests from a variety of advocacy organizations that address gun use. Donors can support these efforts as well but note that some of these advocacy groups are not tax exempt as charities. Also, watch out for newly created advocacy groups that will be difficult to check out.

7. Online Cautions
Never click on links to charities on unfamiliar websites or in texts or emails. These may take you to a lookalike website where you will be asked to provide personal financial information or to click on something that downloads harmful malware into your computer. Don’t assume that charity recommendations on Facebook, blogs or other social media have already been vetted.

8. Financial Transparency
After funds are raised for a tragedy, it is even more important for organizations to provide an accounting of how funds were spent. Transparent organizations will post this information on their websites so that anyone can find out and not have to wait until the audited financial statements are available sometime in the future.

9. Newly Created or Established Organizations
This is a personal giving choice, but an established charity will more likely have the experience to quickly address the circumstances and have a track record that can be evaluated. A newly formed organization may be well-meaning but will be difficult to check out and may not be well managed.

10. Tax Deductibility
Not all organizations collecting funds to assist certain tragedies are tax exempt as charities under section 501(c)(3) of the Internal Revenue Code.  Donors can support these other entities but keep this in mind if they want to take a deduction for income tax purposes. In addition, contributions that are donor-restricted to help a specific individual/family are not deductible in the U.S. as charitable donations, even if the recipient organization is a charity.

Adapted from:
How to make sure your donations goes to Orlando shooting victims
Posted 4:46 pm, June 13, 2016, by Vernon Freeman Jr.

If you have any questions or need any assistance, please contact your KOS Advisor who will be happy to help out.

Steve Kessler Published in Accounting Today

Steve Kessler, KOS Partner was published last week in Accounting Today. He writes articles regularly for the monthly KOS newsletter, "Bottom Line Bulletin."

Steve's article was titled, "The Multiple-Employer Trap" and went live on Accounting Today on July 5, 2016.

Please click the link below to view the full article.

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