Connections for Success

 

Not-For-Profit

01.10.20

Federal Appropriations Bill Provides Some Tax Changes for Exempt Organizations
Jeffrey Chiles

On December 20, the Further Consolidated Appropriations Act, 2020 (H.R. 1865) was signed into law. It includes a number of tax-related items, two of which directly affect exempt organizations.

12.20.19

Caution Ahead: New City of Chicago Ordinance Requires More Not-for-Profit Employees and Directors to Register as Lobbyists
Quarles & Brady LLP

For-profit businesses are not the only organizations that can find themselves in need of a loan. Not-for-profit organizations often face cash flow issues due to budgetary restraints that call for relatively quick cash. If your organization faces similar situations, consider the decision to borrow carefully.

12.13.19

Teaming Up: How to Handle Financial Reporting for Two
Charles J. Burke

So, you have recently joined forces with another entity to boost efficiency, save money and better serve your constituencies. Sounds like a smart move. But does your accounting staff know how to report the activities of the two organizations?  Much will depend on the nature of your new relationship.

12.10.19

Look Before You Leap: Key Considerations When Seeking Loans
Daniel Omahen

For-profit businesses are not the only organizations that can find themselves in need of a loan. Not-for-profit organizations often face cash flow issues due to budgetary restraints that call for relatively quick cash. If your organization faces similar situations, consider the decision to borrow carefully.

11.21.19

Functional Expense Schedule Best Practices for Not-for-Profits
AICPA

For some not-for-profit entities (NFPs), a separate statement of functional expenses will be the most efficient and effective way of presenting the analysis of expenses by function and nature that is required under FASB Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Voluntary health and welfare organizations were previously required to present a statement of functional expenses; other NFPs were not required but could choose to present one if desired. However, many NFPs are preparing this statement, or a similar schedule in the notes to the financial statements, for the first time. With that in mind, here are some best practices for organizations to keep in mind as they prepare these schedules.

11.07.19

Holding an Auction? Be Sure to Comply
Barbara Miller

So you are having an auction. Rev up the team to solicit those baskets of goodies, spa visits, vacations and game tickets, but do not forget about complying with tax laws. There are several steps your not-for-profit organization must take to fulfill your tax obligations and help your auction buyers fulfill theirs.

10.28.19

Key Considerations When Adopting Digital Technology for the Cash Disbursement Process
Alison Fetzer

Fewer and fewer businesses are relying on paper checks as their primary form of vendor payment.  Whether these payments are switching to credit card, ACH, wire, bill pay software or others, one thing is for sure—the days of presenting a stack of paper invoices with a stack of paper checks for review and approval are numbered.  With the rising popularity of alternative forms of payment and new technology, it is critical that organizations take a moment to ensure that they have sound controls over the review and approval process of cash disbursements. 

10.17.19

Creating a Not-For-Profit Budget that Drives Funding Growth
Sherry Quam Taylor

Besides accuracy, one of the most important things about financial management is using those numbers to discover trends that will inform the business decisions that lead to growth. Your numbers tell a story about your not-for-profit organization – and when you understand how to read your numbers you can strategically use it to grow your funding.

09.26.19

How to Prepare for Your Audit
Caitlin G. Gibbs

It’s that time of year again: Your annual financial statement audit. You want it to go as smoothly as possible, but you are not sure what you need to do in order to make it happen. Here are some best practices and helpful tips to improve the efficiency of the audit.

09.13.19

Roles of the Finance Committee
Kevin Omahen

The finance committee is charged with overseeing and keeping the board of directors informed of an organization’s overall financial health. Ideally, this entails more than simply scanning financial reports. The most valuable finance committees take a strategic role when it comes to oversight and planning. Active involvement not only pays off with robust financial governance, […]

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