That’s not really a loss for those who may be confused at what they are looking at. The Form 990 is to look at what business (and hence taxable) income a nonprofit had; therefore charitable donations to the nonprofit are taken off the top. They have a loss on their business undertaking, therefore they pay no tax. But they’re still $200k in the black. Lots and lots of money freely flowing.
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Aaaargh, and yet with all the talk about tax reform, simplifying the code, etc. there is absolutely no talk about making the “books” honest.
That’s not really a loss for those who may be confused at what they are looking at. The Form 990 is to look at what business (and hence taxable) income a nonprofit had; therefore charitable donations to the nonprofit are taken off the top. They have a loss on their business undertaking, therefore they pay no tax. But they’re still $200k in the black. Lots and lots of money freely flowing.
Aaaargh, and yet with all the talk about tax reform, simplifying the code, etc. there is absolutely no talk about making the “books” honest.