The education business has felt the impact of the financial crisis from all sides. Public school districts in South Florida have fought for funding, cut costs, and in many cases had to lay off professionals. Florida colleges and lobbied unsuccessfully to prevent direct funding cuts, but found state university funding reduced by 4%, and Bright Futures scholarship dollars cut 20%. The state also handicapped private universities\' efforts to offset cuts with private donations by eliminating the dollar-for-dollar matching gift program. One bright spot is that high unemployment may have led to a demand for more job training; educational institutions are taking on office space in South Florida and the business of on-line education has benefitted. Many educational institutions are tax-exempt entities, and account for 13% of registered non-profits.
Educational institutions which are not-for-profit entities face special requirements. Earlier this year the IRS cracked down
on 275,000 tax-exempt organizations which had not fulfilled their
filing obligations for the past three years. In Florida, more than 200
schools had their status revoked.
Kaufman, Rossin\'s tax exempt organization team can assist organizations in understanding their current status, filing requirements, and (if necessary) steps to get back into compliance.
Are you sure your operation is as efficient as it should be?
Mission-driven organizations like those in the educational field,
whether public or private, often miss opportunities for better
operational performance, or even put themselves at risk for compliance
or security issues. You may be focused so intently on your educational
goals or your funding issues that you neglect areas that should be
Our business advisory services team can help. Whether you are struggling to turn risk into opportunity, looking to raise the bar on performance, or considering the implementation of new technology, our professionals have a wealth of experience to offer.