Not-for-Profit

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Valuing and Reporting Gifts in Kind and Donated Services

October 11, 2017

Not-for-profit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes.

Are Term Limits Right for Your Nonprofit’s Board Members?

October 6, 2017

Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like. Consider some of the issues involved before making a decision.

An Anonymous Hotline Can Encourage Employees to Report Fraud

October 4, 2017

Anonymous hotlines an effective method of uncovering occupational fraud. But while the mere existence of a hotline can prompt second thoughts in employees tempted to commit fraud, it usually isn’t enough to encourage reporting of fraudulent activities.

Possible Tax Reform Could Affect Timing Strategies

October 4, 2017

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into

Promoting from Within Can Be a Recipe for Management Success

September 14, 2017

Promoting current, nonsupervisory employees to management positions can fulfill the employment needs of many organizations. You’ve just got to follow the right recipe.

Tax Planning Critical When Buying a Business

September 11, 2017

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious.

How Your Nonprofit Can Avoid Investment Fraud

September 8, 2017

Investment fraud, such as Ponzi schemes, can cause significant financial losses for not-for-profits. But the harm it can cause an organization’s reputation with donors and the public may be even worse.

Revenue Fraud in Associations

September 7, 2017

Fraud that makes the headlines are typically disbursement schemes, meaning that they are frauds that occurred from the disbursement of cash, such as embezzlement and purchasing frauds. While these are very significant and should be considered by every type of organization by addressing internal controls surrounding cash disbursements, associations may

Financial Statements that Will Impress Your Nonprofit’s Stakeholders

September 7, 2017

Annual financial statements that have been audited by a professional auditor can help assure funders and lenders that your not-for-profit is financially sound. Audited results demonstrate professionalism and provide assurance that your results are free from errors and fraud.

How to Preserve Fraud Evidence

August 29, 2017

Your first action when you uncover fraudulent activity should be to take proactive steps to preserve evidence. Otherwise, you might inadvertently destroy or discard critical data. And without evidence, fraud can’t be fully traced and perpetrators can’t be prosecuted and punished.

Flipping the Switch with an Employee Survey

August 29, 2017

Many employers labor along with little to no idea what their employees are really thinking or feeling about a variety of critical employment issues.

Create a Nonprofit Executive Search Plan – Before it Becomes Necessary

August 21, 2017

Selecting a new chief executive or other senior staffer is one of the most important decisions your not-for-profit board is likely to face. Even if there’s no immediate hiring need, it’s smart to prepare for the process. That way, you’ll be ready to execute an efficient executive search when the

Is One of Your Nonprofit’s Board Members Behaving Badly?

August 14, 2017

Your not-for-profit has probably spent a lot of time and effort attracting board members who have the knowledge, enthusiasm and commitment to make a difference to your organization. Unfortunately, what begins as a good relationship can sour over time, and you may find yourself in the tough position of having

Reporting Collaborative Activities: A Complex Issue for Nonprofits

August 7, 2017

For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active participants in a joint operating activity — for example, a hospital that’s jointly operated by two nonprofit health care organizations.

Financial Statement Service Levels

July 25, 2017

Did you know that auditors don’t just audit financial statements? In fact, there are a variety of levels of financial statement services provided, including compilations, reviews, and of course, audits.