The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Once a year, a group of awkward auditors sets up camp in your conference room, robbing you and your coworkers of your usual lunch spot to create what looks more like an obstacle course than an office space with our tapestry of wires and clunky equipment.
In February of this year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, a 485 page document that made significant changes to how leases will be accounted for by both lessees and lessors.
A study performed by Jeffrey J. Burks and reported in “Accounting Errors in Nonprofit Organizations” Accounting Horizons 2015, analyzed 5,511 audited financial statements from 2006 to 2010, obtained from Guidestar.org, the world’s largest source of information on nonprofit organizations, and discovered an error rate 60% higher than that of publicly traded companies. Burks discovered that the error rate was negatively correlated with the size of the nonprofit’s audit firm.
As accounting professionals who specialize in nonprofit organizations, we’re often presented with opportunities to strengthen our clients’ financial position and, in turn, serve our communities both directly and indirectly.
Have you ever wondered why auditors always ask to perform walkthrough procedures? You know it is part of the audit, but WHY?
Posted by Christina K. Bell With the start of baseball season, many American hometowns take great pride in their local youth sport teams. Unfortunately, some local leagues trade in town pride for town headlines. Last month, news broke that a softball program volunteer had stolen approximately $13,000 from the program causing them to charter with another program. The Association of … Continued
Posted by Christina K. Bell More than ever I am seeing my smaller nonprofit clients go from a paper to a paperless environment. This switch may include employees scanning in documents such as donor information, copies of donor checks, and company bank statements directly from their copier to their computer system. This is great for efficiency and productivity but did … Continued
Posted By Jonathan D. Moll, CPA The Blue Ribbon Panel on Standard Setting for Private Companies – I know, it’s a mouthful. And unless you’re in the small (but extremely gifted) portion of the population that perceives all of life’s moments as a series of debits and credits, I probably lost you after “Standard”. But this is kind of a … Continued
Posted By Gregory J. Sarnecki, CPA My tale begins as I met one day with Faith, the controller for one of my clients. Faith was very put together and always seemed like she had everything under control. Her office, however, was always a mess of papers, cigarette ashes and dirty coffee cups. Faith never cleaned up her area, and she … Continued