Article Archives: 2015

Posted by: Cheryl R. Olson · Diane Shey

By Cheryl Olson, CPA, CGMA and Diane Shay, CPA “Ugh, why can’t my accounting system just read my mind?” This is not an uncommon statement when you find your accounting system doesn’t do what you want it to do in the time you want it done. We all have our days when we are frustrated with […]

By Jennifer Becker Harris, CPA The last thing many nonprofit leaders want to see is a media article that depicts their charity in a negative light. The vast majority of charities work hard to be in compliance at both the state and federal levels, as their nonprofit corporation and tax-exempt status is an integral piece […]

Your strategic business plan is becoming more closely linked with your technology plan as the years go by. Technology can often be the strategic plan accelerator if you view it as a strategic asset rather than a cost. Either way, we’re all spending money on computers, software, copiers and telephones, so let’s have a plan […]

Most organizations do not realize that November 1st is a potential filing deadline in Washington. But, if your organization has an old employee paycheck sitting in a drawer, paid a check to a vendor that was never cashed, or has any other money or intangible property that is owed to an individual or business, you […]

Posted by: Sarah Wine

By Sarah Wine, CPA As auditors of not-for-profit organizations, we are often asked what policies are critical for organizations. Though much depends on the type and size of the organization, there are three key policies that all not-for-profits should have: Code of ethics Whistleblower policy Record retention and document destruction policy Code of Ethics One […]

Posted by: Karen Dunn

By Karen Dunn, JD, LLM More due diligence and reporting is required than ever before for grant making and, in particular, foreign grants and programs. To maintain its exempt status, an organization must use its assets, including all domestic and foreign grants it may make, exclusively for qualified exempt purposes. Form 990 requires disclosure of […]

Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA A lawsuit was recently settled for $62 million in which the employees accused the employer of mismanaging their 401(k) plan. The lawsuit stated that the employer hid excessive fees and invested in conservative investments that resulted in diminished investment returns for plan participants. In another case, the U.S. Supreme Court will soon […]

Posted by: Karen Dunn

By Karen Dunn, JD, LLM The Advisory Committee on Tax Exempt and Government Entities (ACT) released recommendations to the IRS last summer for specific changes to UBI reporting and additional guidance. In its report, the committee expounds on the lack of guidance from the IRS on the subject. The ACT points out that such lack […]

Posted by: Cheryl R. Olson

By Cheryl Olson, CPA, CGMA You’ve all heard of the Overhead Myth, which is the “false conception that financial ratios are the sole indicator of nonprofit performance.”  In 2013, GuideStar, BBB Wise Giving Alliance, and Charity Navigator wrote a letter recommending donors look at other performance factors beyond the administrative and fundraising expense ratios. The […]

We live in a world where time and resources are at a premium.  As a result, some responsibilities get pushed to the “back burner.”  However, we also live in a world where the possibility for employee fraud is real,  but the process to uncover such fraud could be difficult and time consuming. One way to […]

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