General Accounting

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Nonprofits May Want to Try a New Budgeting Approach

Some nonprofits have discovered that budgeting, like many other things, sometimes is more effective when you try a new approach.  For example, you may want to look at adopting a rolling budget — or by reforecasting an existing budget.
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Nonprofits: Should You Hire New Staffers or Outsource?

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.
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Nonprofit Gifts in Kind Rule Changes to Start in 2022

Some nonprofit organizations may accept contributions of nonfinancial assets, such as land, services, and supplies. If your nonprofit accepts this kind of contribution, you should know about Financial Accounting Standards Board (FASB) rules approved last year.
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Financial Danger Signs for Nonprofits

Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable.
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Olsen Thielen Celebrates 100 Years

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
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Financial Statement Footnotes Provide Valuable Information for Nonprofits

Financial statement footnotes provide donors, governmental supporters, and other stakeholders with critical information about your not-for-profit. It’s important to work with your CPA to make sure your footnotes are accurate and thorough.
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Reporting a Disaster’s Effects on Your Financial Statements

The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements.
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Nonprofits–What to do When the Audit Ends

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.
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New Principals Elected

We are pleased to announce Matthew J. Klein and Nathaniel L. Nelson have been elected Principals of the firm, effective September 1, 2019. With their election, Olsen Thielen now has 21 Principals and over 86 staff.
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Leasing or Buying Equipment

Have you ever wondered if leasing or buying equipment would be more tax efficient for your business? Recent changes to federal tax law and accounting rules could affect whether you make the decision to lease or buy equipment or other fixed assets.
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Hennen Appointed Board Chair

Olsen Thielen is proud to announce Adam Hennen has been appointed Board Chair for the White Bear Area Chamber of Commerce.
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Get Your Financial Statements in Order Before Asking for a Business Loan

As a business owner, if you are considering expanding your company, be sure to get your financial statements in order before asking for a business loan.
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Michael Bromelkamp to Retire

Olsen Thielen Principal, Michael Bromelkamp, is in the process of transitioning from his many responsibilities at Olsen Thielen after 25 years with the Firm.
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Lisa Dunnigan Named Finalist for ORBIE Awards

Lisa Dunnigan, Olsen Thielen CIO and Principal was named a finalist for the Twin Cities CIO of the Year ORBIE Awards. The Twin Cities CIO of the Year ORBIE Awards honor chief information officers who have demonstrated excellence in technology leadership.
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Hiring Solvency Experts

Solvency is essential to staying in business and sometimes hiring solvency experts is needed to resolve creditor payment issues.
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