Article Archives: Vincent J. Stevens

Posted by: Vincent J. Stevens

There are now several new accounting standards that not-for-profits will need to implement over the next few years. With more likely coming down the pipeline, many not-for-profits are asking for advice to follow when implementing new standards. Here are steps to consider:
Getting Started:

  • Designate an internal champion to perform an assessment of the new standard’s impact on the organization.
  • The first order of business should be to determine if the standard applies to your organization. You can find electronic versions of the new standards at fasb.org.
  • Read the standard, and do not skip the Background Information and Basis for Conclusions section;

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As a Sage Intacct Value Added Reseller (VAR), we are pleased to announce the new relationship between Sage Intacct and GuideStar. The partnership will be releasing a Nonprofit Financial Board Book in early 2018 to all NFP customers.

What is the Nonprofit Financial Board Book?

A digital board book is a way to present metrics through a dashboard—specifically when using cloud based software, or Software as a Service (SaaS). The Board Book also provides a way for your organization to combine both financial metrics and operational metrics together for your board reporting.

The dashboard can be set up using performance cards,

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By Vincent Stevens, CPA, CGMA and Troy Rector, CPA

Imagine asking supporters of your nonprofit to donate to pay for all the administrative fees necessary to run the organization – items such as human resources, accounting and technology. Most funders – individual donors, foundations and government granters – like to fund the actual work, the direct costs a nonprofit spends to help those it serves. But for an organization to be healthy and do direct programming, it also has to pay for the back office infrastructure. All of these so-called “indirect costs” are necessary for the organization to fulfill its mission of helping those it serves.

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Posted by: Vincent J. Stevens

By Vincent Stevens, CPA, CGMA

The federal grantor arrives for a monitoring visit and just like clockwork, the first thing that is requested is the organization’s policies and procedures. The finance director, anticipating the request, points to the thick binder on the table labeled “Accounting Policies and Procedures.” But is this binder enough?

Although the grant monitor will be interested in financial controls and procedures, the primary reason for the visit is grant compliance. Well-written accounting policies and procedures will address some compliance issues, but not all. What the federal grant monitor wants to see are “Grants Management and Compliance Policies and Procedures.”

Grant monitors are not the only ones who need to see these specific policies and procedures.

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