5 ways nonprofits can prepare for an audit
No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We [...]
Do you know the new accounting rules for gifts in kind?
If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) [...]
Need another PPP loan for your small business? Here are the new rules
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of [...]
Gifts in kind: New reporting requirements for nonprofits
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other [...]
Levels of assurance: Choosing the right option for your business today
The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to [...]
External audits offer many benefits to nonprofits
Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other [...]
Is it time to outsource finance and accounting?
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead [...]
Conflict-of-interest policies are too important for nonprofits to neglect
Does your not-for-profit organization have a conflict-of-interest policy in place? Do your board members, trustees and key employees understand how the policy affects them? [...]
Management letters: Have you implemented any changes?
Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. That’s free advice from financial [...]
Auditing grant compliance
Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting [...]