With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.
The Bipartisan Budget Act of 2018 was signed into law on February 9th, 2018. The act includes several provisions aimed at helping victims of the recent California wildfires. Casualty Loss Reporting For qualified wildfire losses on or after October 8, 2017, the act eliminates some of the restrictions involved in claiming these losses, as follows: [...]
With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.
Your nonprofit’s internal controls are strong only if they’re current. So perform a risk assessment every time you experience major organizational changes, such as significant expansion, or when factors such as the loss of a large grant put new stresses on your not-for-profit. Two functions deserve particular scrutiny: 1. Cash inflows Receiving funds is an [...]
Nonprofit groups having a December year-end claiming tax-exempt status have until May 15, 2015, to file returns for the 2014 tax year. Here are the answers to several common questions on this topic. Nonprofit Filing Exemptions There are certain exceptions in the law for filing a nonprofit tax return. For example, the following nonprofits are [...]
I have recently written about the importance of “Not-For-Profits and Transparency.” Although preparing financial statements is the organization’s responsibility, an independent audit of those statements can give granting agencies, donors and others confidence that the numbers are accurate and properly reported. CPA Performed Independent Audit There are many kinds of audits, including those conducted by state [...]
To most nonprofits “transparency” connotes the need to make financial statements more readily understandable, and suggests being open about all aspects of their operations. Since the IRS revised Form 990 several years ago to require the disclosure of a range of information, transparency has become more important for nonprofits. Protecting Your Not-For-Profit Through Transparency Reputation [...]
Another year has passed, and if you have over 100 eligible participants in your employee benefit plan, it is once again time to start thinking about your upcoming employee benefit plan financial statement audit. In order to ensure compliance with Department of Labor (“DOL “) regulations and make the audit run efficiently, the following are [...]
One of the biggest challenges businesses face is determining if workers are employees or independent contractors. Businesses are frequently tempted to classify workers who are actually employees as independent contractors. There are strict guidelines in place for classifying workers.
In a downturned economy, in which donations to nonprofits are difficult for both individuals and organizations to make, being accountable carries more weight than ever. A nonprofit must not only conduct business ethically and transparently but also be able to publicly explain at all times the way it handles its finances and governance. Your nonprofit [...]
