Sisterson Blog

Thank you for visiting our blog. If you have questions about any of these items, contact us or reach out to your Sisterson representative.

Implementing the New Accounting Rules for Leases

Implementing the New Accounting Rules for Leases

Private companies must adopt the new lease accounting standard starting in 2022. This article includes important information that companies should be aware of as they update their processes and systems to reflect the changes.

What to do when the audit ends

What to do when the audit ends

Financial audits are among the most effective tools for revealing risks in not-for-profit organizations. Independent audits help assure donors and other stakeholders about the stability of an organization so long as the audit results are responded to appropriately.

Read more

Private foundations need strong conflict-of-interest policies

Private foundations need strong conflict-of-interest policies

Does your private foundation have a detailed conflict-of-interest policy? If not, or if the policy is not followed closely, you could face IRS attention that results in penalties and even the revocation of your tax-exempt status. Learn how to prevent accusations of self-dealing.

Read more

Recording gifts in kind and donated services

Recording gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to their favorite charities.

Read more

Agreed-Upon Procedures Engagements: No Written Assertion, No Problem

Agreed-Upon Procedures Engagements: No Written Assertion, No Problem

The AICPA's Auditing Standards Board ("ASB") issued a revised attestation standard in December 2019. The revised standard gives accountants more flexibility when performing agreed-upon procedures ("AUP") engagements.

Read more

Sisterson Again Recognized for Quality Control Standards

Sisterson Again Recognized for Quality Control Standards

Pittsburgh-based certified public accounting firm Sisterson & Co. LLP has achieved the highest level of report following a peer review of the Firm's quality controls for accounting and auditing engagements.

Read more

How a not-for-profit should prepare for a financial audit

How a not-for-profit should prepare for a financial audit

Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. However, undergoing regular audits allows an organization to identify risks early and act quickly to prevent problems.

Read more

Sisterson Announces Promotions

Sisterson Announces Promotions

Sisterson announces promotions effective January 1, 2020.

Read more

Employee benefit plans: Do you need a Form 5500 audit?

Employee benefit plans: Do you need a Form 5500 audit?

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year.

Read more

How to Protect your Nonprofit's Credit Cards from Misuse

How to Protect your Nonprofit's Credit Cards from Misuse

A hypothetical not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer's card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement.

Read more

Accounting for contributions and grants is now easier

Accounting for contributions and grants is now easier

Accounting for contributions and grants can be complicated for not-for-profits, especially when they come with donor-imposed conditions. However, 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification.

Read more

Measuring the fair value of equity-based awards

Measuring the fair value of equity-based awards

Equity-based compensation awards can help companies attract skilled workers and boost performance. But accounting for these payments can be complicated and costly.

Read more

Are you prepared for IRS Letter 226-J?

Are you prepared for IRS Letter 226-J?

If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J?

Read more

How strong are the internal controls of your company?

How strong are the internal controls of your company?

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements.

Read more

Private companies: How to account for "profits interests" in LLCs

Private companies: How to account for "profits interests" in LLCs

The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. This article discusses a request from private companies and their advisors to simplify the complex rules that have evolved to account for these transactions.

Read more

Protect your nonprofit from occupational fraud threats

Protect your nonprofit from occupational fraud threats

Here's how nonprofits open the door to fraud - and how your organization can shut it.

Read more

What to do if your nonprofit receives an IRS audit letter

What to do if your nonprofit receives an IRS audit letter

The IRS's staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it is a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary.

Read more

Fiduciary duties: What your board members need to know

Fiduciary duties: What your board members need to know

Not-for-profit board members have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities.

Read more

Protect your nonprofit by cross-training staff

Protect your nonprofit by cross-training staff

What would happen if one of your managers was suddenly forced to take long-term disability leave? Or an accounting staffer quit without notice? It is possible that your not-for-profit's work could come to a standstill, unless you have cross-trained your employees.

Read more

Does your nonprofit need a CFO?

Does your nonprofit need a CFO?

The ability of your not-for-profit to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO).

Read more

Why You Should Run Your Nonprofit Like a Business

Why You Should Run Your Nonprofit Like a Business

It is a well-known truism in the corporate world: Organizations that do not evolve run the risk of becoming obsolete. Just like their for-profit counterparts, not-for-profit organization also must anticipate and react to market demands.

Read more

Don't see what you're looking for?

Contact us and we'll do what we can to help.
 

Contact