Article Archives: 2013

Posted by: Sarah Wine

By Sarah Wine, CPA As auditors we are often asked for guidance on how to implement strong controls in small organizations. The key is to, at a minimum, segregate the four functions in the accounting process: 1) authorization, 2) custody, 3) record keeping and 4) reconciliation so that every transaction cycle has at least one […]

Posted by: Troy Rector

By Troy Rector, CPA For some, GAAP may seem like a typo. For others, it may seem like a government group. In fact, GAAP is the abbreviation for generally accepted accounting principles, which are the principles commonly used by Not-for-Profit (NFP) organizations for financial reporting. What does GAAP mean to you as a board member? […]

The holiday season is here, which means spending time with good friends, eating good food, and of course… presents! Although shopping for friends and family can be challenging at times, giving a gift card to a favorite restaurant, museum or theater can be sure to please the pickiest of people. As easy as it is […]

By now everyone should have filed their 2012 business and individual income tax returns. Before we settle into the holidays, let’s not forget to do some basic year-end tax planning. The American Taxpayer Relief Act of 2012 (ATRA) passed in January 2013, as well as the Patient Protection and Affordable Care Act (Obamacare), contained significant […]

Posted by: Victoria Kitts

By Victoria Kitts, CPA, CFE You may be asking yourself, “Procurement. What does it mean? And why are my auditors asking me about my procurement policies and procedures?” If your organization receives and spends federal grant money, listen up. You are likely subject to federal regulations under the Office of Management and Budget (OMB) Circular […]

Posted by: Megan Ryan · Karen Dunn

By Megan Ryan, CPA and Karen Dunn, JD, LLM With the holiday season approaching, organizations may find that individuals or groups who benefit from the organization’s services, desire to make year-end gifts to the organization’s employees for their loyal service. Examples include the parents of private school students providing year-end gifts to their children’s teachers […]

Posted by: Candi Avery

By Candi Avery, CPA, CGMA Charities rely on the generosity of donors to make programs happen, and contributions are often the lifeblood of the organization. Organizations that build responsible fundraising practices are more likely to succeed than those that do not. The following are practical guidelines, policies, and practices that charities soliciting funds should review […]

Posted by: Karen Dunn

By Karen Dunn, JD, LLM Taking into consideration the government’s budgetary crisis, the Advisory Committee on Tax Exempt and Government Entities (also known as ACT) issued a report suggesting ways that the IRS can leverage its resources in regulating the more than 1.5 million tax exempt organizations, particularly smaller organizations (990-EZ or 990-N filers). The […]

Posted by: Elizabeth Nesmith

By Elizabeth Nesmith With the current combined gift and estate tax exemption for 2013 at $5,250,000, a couple can transfer up to $10,500,000 while avoiding federal estate tax. An important question now is how to get the most out of this increased exemption. With appropriate leverage, a gift of $10,500,000 can become substantially more through […]

Posted by: Pete Miller

By Pete Miller, CPA, CFE A new business agreement is generally cause for excitement and celebration. Most people enter into such agreements in good faith and with the best of intentions. However, it’s important to plan for contingencies that are not apparent during those days of handshakes and high aspirations. Business disputes frequently arise because […]

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