10.25.12

Gift Cards: Adding Revenue to your P&L Statement
Brian R. Israel

Many restaurants estimate and recognize gift card breakage income based on their historical redemption patterns. Restaurants analyze their specific patterns of redemption and use the results to determine the amount of the unredeemed gift card balance that is estimated to have a remote probability of being redeemed. The next question to consider is how this income should be recognized on your financial statements.

10.18.12

Proposed Lease Changes Are Forthcoming… Eventually

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to develop a new approach to lease accounting. Potential changes to lease accounting have been debated for years and to-date these changes remain undecided:

10.12.12

Finding the Right Mix: Board of Directors

Attracting the right people to your not-for-profit board can be challenging.  You obviously want people who are enthusiastic about your mission, and who are willing to give of their time.  Time is often a scarce commodity for people, so you need to exercise caution to not overwhelm your Board members or other volunteers.  These constraints, […]

10.03.12

Are You Planning for the 2012 Fiscal Cliff?

By now you’ve probably heard of the “fiscal cliff,” a term coined by Federal Reserve Chairman Ben Bernanke that describes what could happen if no action is taken by Congress against the expiration of tax rates and spending reductions. Some of the highlights of what tax effects we could see include:

09.28.12

Menu Engineering to Improve Your Restaurant’s Bottom Line
James Pellino

When restaurant owners think of all the different hats they have to wear in their day-to-day business operations, an engineer’s hat probably isn’t one of them. However, many restaurateurs are finding that adding this skill set can dramatically improve their bottom line. Menu engineering is an effective tool for evaluating the profitability and popularity of your menu items.

09.20.12

Tax-Exempt Organizations and Political Activities – Proceed with Caution
Barbara Miller

With the upcoming election in November, politics is at the forefront of everyone’s minds. But for a not-for-profit organization, it is critical that its management understands what types of political activities are allowed and what types of activities may jeopardize an organization’s tax-exempt status.

09.05.12

Donor Acknowledgment Letters: What Recipient Organizations Need to Know

Billions of dollars are contributed every year by individuals to qualified organizations in the United States. As a result, many of the organizations we work with receive charitable contributions from the general public. However, too often, many organizations do not understand what is required of them when they receive charitable contributions.

09.04.12

Apples to Apples: Benchmarking Your Restaurant’s Performance

Whether your restaurant is currently profitable or not, a best practice you should begin now is analyzing how your restaurant compares to industry benchmarks.

08.30.12

The Landlord’s Liability: Security Deposits
Courtney Mayster

The Chicagoland rental market continues to thrive and new players are entering the multi-family game every day, either by acquiring rental properties from banks through foreclosure or taking advantage of the low interest rates.

08.28.12

Making A Difference®: The World of Giving and Learning About Donor Advised Funds
Lisa Dietlin

Have you heard of Donor Advised Funds (often known as DAFs)? Many people haven’t but they are well worth learning about and ascertaining if they can help you begin or continue Making A Difference® in your community while achieving your philanthropic dreams and goals.