Not-for-Profit

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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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Ask the Right Questions About Your Cybersecurity Risk

Business owners only need to turn on the news to learn about the latest data breach or attack of ransomware. But when it comes to their own business’ security, are they asking the right questions to ensure they are doing all they can to prepare for the rising tide of
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Don’t Waste Your Board Member’s Time

Your board members serve because they believe in your organization and care about your mission. However, most are unpaid volunteers. You owe it to them to make the job as easy as possible — starting with well-organized board meetings that are only as long as necessary.
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Fraud Risk Assessment

Publicly traded companies must conduct fraud risk assessments but privately held businesses aren't subject to the the same fraud risk assessment requirements. 
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Social Security No Match Letter

Starting in the spring of 2019, the Social Security Administration (SSA) has been sending out these letters to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are filed with the IRS.
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Active Fraud Detection

When it comes to reducing fraud loss and duration, active fraud detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police).  In spite of the effectiveness of the active methods, many companies fail to use them to their full
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Background Checks Help Cover all the Bases

Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background.
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Not for Profit Fraud

In general, the amount lost to not for profit fraud isn't nearly as much as it is at for-profit businesses. Few nonprofit budgets can afford a $75,000 shortfall or the bad publicity associated with fraud. Here’s how nonprofits open the door to fraud — and how your organization can shut it.
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Cause Marketing

Even if your nonprofit typically doesn't have budge shortfalls, you may be looking for new funding sources and may want to consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.
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IRS Audits of NonProfits

Many government agencies are experiencing staff shortages, but don't assume they have given up on IRS audits of NonProfits!  Staff shortage or not, the IRS continues to scrutinize organizations and conduct audits when deemed necessary. If your organization receives an audit letter, you need to know what the process involves
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Operating Reserve is Nonprofit’s Safety Net

An operating reserve is a nonprofit's safety net that has the unrestricted and relatively liquid portion of the organization's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival.
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Board Fiduciary Duties

There are important board fiduciary duties associated with being on a not-for-profit board.  However, not all board members are aware of their fiduciary responsibilities.  It is important to your nonprofit's financial health and integrity that you help them understand and remind them of their responsibilities.
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Joint Cost Allocation for Nonprofits

Watchdog groups and the media have increased their scrutiny and reporting of how much nonprofits spend on programs vs. administration.  As a nonprofit you want to be able to prove that you dedicate most of your resources to your programs. However, accounting rules require that you record the full cost
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Cross Training Benefits Not-for-Profits

Have you thought about how cross training staff could benefit your not-for-profit?  What if a senior manager was suddenly forced to take long-term disability leave? Or what if an accounting staffer quit without notice? A sudden personnel change could bring your nonprofit's work to a standstill.  Having someone else on staff set to
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Hiring a CFO for Your Not-for-Profit

Hiring a CFO for your not-for-profit could ease financial responsibilities for your executives and allow them additional time to pursue your organization's mission.  Expanding your organization's mission and growth is directly connected to its financial health and integrity.
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