Tax-exempt status does not mean tax-free status. If your nonprofit earns income from activities that are not substantially related to your exempt purpose, that income may be subject to unrelated business income tax (UBIT) under IRC §§ 511–514. Organizations with $1,000 or more in gross unrelated business income must file Form 990-T. Getting UBIT wrong can result in unexpected tax bills, penalties, or — in extreme cases — jeopardize your exempt status. 501 CPAs explains the three-part test, the key exceptions, and what your nonprofit needs to do to stay compliant.

Fund accounting is the system nonprofits use to track how every dollar is received, restricted, and spent — organized by purpose rather than by profit. It is governed by FASB ASC 958 (Not-for-Profit Entities) and shapes everything from your monthly financial reports to your annual Form 990 filing. If you are a nonprofit executive director or board member, understanding fund accounting is essential for making sound financial decisions, maintaining donor trust, and staying compliant with U.S. GAAP. 501 CPAs breaks down the complete framework below.

The One Big Beautiful Bill Act reshaped charitable deductions starting in 2026. 501 CPAs explains the 6 key provisions nonprofits and their donors must understand.