At one point the top hat was commonly found throughout American history and pop culture. During the 19th century, it served as a symbol of freedom sitting atop President Abraham Lincoln’s head as he navigated the country through the Civil War.
Many nonprofits who sponsor ERISA 403(b) plans are not aware that they need an audit, because counting participants involves much more than knowing how many full-time employees the organization has or how many account balances are in the plan.
In a time when nonprofit organizations are facing higher demand for their services with fewer financial resources available to them, maintaining compliance with the ever-changing landscape of regulatory requirements is becoming increasingly difficult.
You are a nonprofit and your organization has a Code section 403(b) retirement plan But is an independent qualified plan audit required to be attached to the 5500 filing? Let’s look further into the requirements of a retirement plan to attach an independent qualified plan audit to the 5500 filing.
Posted By Chris Ciminera, Supervisor I have been auditing a nonprofit organization for a few years now. The organization currently has a defined benefit plan and this year I was asked by our contact at the organization to provide some information on switching from a defined benefit plan (DB) to a defined contribution plan (DC). Specifically the organization was looking to switch … Continued
Posted by Maria T. Hurd, CPA With the changes that are taking effect within the nonprofit community related to retirement plans, the US Department of Labor (DOL) has added a web page focusing on 403(b) retirement plan compliance. Nonprofit entities, such as public schools, hospitals and churches, can offer their employees the opportunity to save for retirement with pretax dollars, … Continued