IN THE NEWS
Hopkins Volunteers with Mental Health Group
Sponsel CPA Group Partner and Director of Tax Services Nick Hopkins is an active volunteer with the Adult & Child Mental Health Center Inc. The Indianapolis-based non-profit group provides mental health services to more than 4,500 Central Indiana individuals and families every year.
Hopkins is currently a board member, treasurer and chairman of the finance committee for Adult & Child.
Sponsel Website Gets New Careers Page
Check out our updated Careers Page to learn about exciting employment opportunities at Sponsel CPA Group.
Call 317.608.6699 today to schedule a consultation with one of our partners or visit our website. |
Legislative Changes Benefit Charity Gaming
By Liz Hemmelgarn, CPA
Senior, Tax Services
 As I was sitting in the INCPA’s annual Not-For-Profit Conference last June, I never would have imagined one of the guest speakers would use the opportunity to ultimately impact legislation. But here we are one year later, and major charity gaming legislative changes were just passed that positively affect many of those in the nonprofit world.
In 2006, the Indiana Gaming Commission (IGC) took on the role of “Charity Gaming Regulator”. Since then, they have been working toward educating nonprofits on how to comply with stringent regulations passed that same year – which came as a shock to many Indiana organizations. As the gaming commission quickly learned, the nonprofit community has no problem voicing its opinion on rules it considers unfair.
During the 2010 NFP Conference, it was obvious to those in attendance that there was one particular point of contention with charity gaming: the definition of "gaming revenue."
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Changes to Cafeteria Plan on
Over-The-Counter Drugs
By Patrick Metallic, CEBS
Manager, Director of Employee Benefit Services
 Due to the Health Care and Education Reconciliation Act of 2010, over-the-counter drugs purchased on or after January 1, 2011, are no longer reimbursable within a company's cafeteria plan. In the past, a participant would have been able to turn in receipts for Tylenol, Advil, cold medicines, etc. and be reimbursed from the plan. This legislation has removed that ability. The only medicines that can now be reimbursed are prescription drugs.
However, if a participant has a prescription for an over-the-counter drug, he or she can still be reimbursed. He or she must submit the prescription receipt in order to be reimbursed.
Cafeteria plan documents must be amended by June 30, 2011, with the proper language limiting over-the-counter reimbursements.
For more information on employee benefits, please contact Patrick Metallic at 317.613.7841 or pmetallic@sponselcpagroup.com. |
