2018 Yellow Book and New Independence Rules for Auditors
Many organizations are subject to reporting under generally accepted government auditing standards, also known as the Yellow Book. This reporting applies to all organizations that are subject to Single Audit reporting, HUD audits, most charter/contract schools and many social service agencies that receive state funding. The 2018 Yellow Book was recently updated and includes a […]
Newsworthy Notes for Not-for-Profits
Cryptocurrency Donations pose problems It’s hard enough figuring out how to manage donations of art or other nonfinancial assets — now some not-for-profits must navigate the challenges that come with cryptocurrency donations. According to Bloomberg, several colleges and universities have recently received crypto donations. These can raise accounting questions, complicate tax filings and require special […]
Giving Study Yields Disappointing Results A new study based on data gathered over 15 years from more than 9,000 U.S. families offers an in-depth look into charitable giving during that period. It also includes some discouraging data. The Philanthropy Panel Study is conducted every two years by the Indiana University Lilly Family School of Philanthropy […]
Accounting for Grants
Sarah G. Widlock
With the release of the Financial Accounting Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Topic 606, Revenue from Contracts with Customers, there was some confusion on how it would affect the not-for-profit industry, specifically how entities recognize grants. Even before the issuance of ASU 2014-09, there has been diversity in practice in recognizing grants, but […]
Signs of Financial Trouble for Board Members
Charles J. Burke
A key fiduciary duty of a not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial matters may jump out at board members, such as the loss of a major funder or a successful fundraising event. But other financial factors are less flashy. Here are some to consider. Watch for […]
Rightsizing Your Board: How Many Directors Do You Really Need?
Caitlin G. Gibbs
State law typically sets the minimum number of directors a not-for-profit must have on its board. But as long as that requirement is fulfilled, it is up to each organization to determine how many total board members it needs. While there is no “sweet spot” that will work for every organization, several guidelines can help […]
Landing Corporate Backing Requires a Game Plan
Marva M. Flanagan
When the economy is good, corporations tend to be more generous with their donations to not-for-profit organizations, but the competition can be tough. Not-for-profits that make detailed, compelling pitches to corporations and provide support for their requests have the best chance at securing corporate backing.
Is Your Department a Group or a Team?
D’Ann R. Meisenheimer
Several years ago, I became the manager of a small group of which I was a member. As the new manager, my goal was to bring the group together and foster a team mentality. I started by defining two similar and often interchangeable terms—group and team.
Should You Accept That New Grant?
Kelly H. Buchheit
Grants are among the most important funding sources for many not-for-profits. It is easy to understand why so many organizations are quick to accept every new grant that comes their way.
Are You Thinking About Transparency?
Did you know your organization’s transparency could be hindering your support? Not-for-profit organizations may be seeing an erosion of trust by the public.