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Is it time to tune up the accounting function of your nonprofit?
It is a good idea to regularly review the accounting function of a not-for-profit organization for inefficiencies and oversight gaps.
Sisterson Admits Three to Partnership
Sisterson & Co. LLP has announced that Melissa A. Pugne, EA, MST, Jared G. Sullivan, CPA and Megan E. Walsh, MBA, CFE have been admitted to the partnership effective January 1, 2021.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Protect your nonprofit from occupational fraud threats
Here's how nonprofits open the door to fraud - and how your organization can shut it.
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.
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.
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.
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).
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.