08.15.17

Reporting of Investment Return under the New ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities
Alison Fetzer

In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one – reporting of investment return.

08.15.17

Deciphering and Combating Cyber Risks
Seamus M. Donoghue

Data breaches can cause safety issues, negative publicity, lost productivity, and compromised personal and corporate data. This article explains the cost of data breach and outlines ways to help prevent attacks from inside and outside an organization

08.14.17

Financial Goals: Going Beyond “Keep Overhead Low”

These are the financial goals for every business that are actually worth making. We know we don’t need to convince you to make financial goals. We’ve all heard the: “don’t spend more than you make,” and “keep overhead low” advice. But those are a little obvious. These five approaches to goal-setting are actually attainable and […]

08.04.17

Correcting 401(k) Plan Loan Failures Voluntarily

Participant loans are a feature of many 401(k) Plans. Participants may borrow the lesser of $50,000 or 50% of the participant’s vested plan assets. Some 401(k) Plans allow a participant to have multiple loans outstanding at one time. In that scenario, the $50,000 limit is lowered by the highest outstanding loan balance during the one-year period ending on the day before the newest loan.

07.27.17

Carefully Weigh the Pros and Cons of Automation

Manufacturers and distributors face rising costs of labor and benefits, burdensome government regulations and a shortage of skilled workers. Investing in automated equipment may seem like a cost efficient alternative to relying on people, but automation can sometimes end up being more expensive and time consuming than management expects. This article presents the pros and cons of automation and explains why it is important to crunch the numbers to assess all the costs and benefits.

07.27.17

Physician, Heal Thyself! Ten Steps to Help Avoid Burnout

Each and every day, physicians face unprecedented work stresses. Included are the ever demanding responsibility for their patient’s health and well-being, coupled with long working hours, sleep disruption, making life and death decisions, and navigating a complex and ever changing health care system. Facing these ever-present and unrelenting pressures can lead to “physician burnout.” This article suggests some steps that can help combat burnout, including accepting limitations, finding a niche and developing a support system.

07.25.17

Functional Expense Reporting under the New ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities
Alison Fetzer

In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016.

07.24.17

Performing Preventive Maintenance is Key
Peggy Vyborny

Do you know the physical condition of the properties that you own? As the owner, you need to understand how things are working and what needs improvement at your residential and commercial properties. A comprehensive preventive maintenance program inventories all interior and exterior equipment “hotspots” and tracks when routine maintenance should happen. This article shows how to create a formal schedule and budget for fixed asset repair and maintenance, taking into account labor requirements and tax considerations.

07.12.17

How to Handle Hardship Withdrawals
Stephanie Zaleski-Braatz

Many 401(k) plans feature a hardship withdrawal option. Both the IRS and DOL maintain strict regulations around these provisions. This article discusses how, in early 2017, the IRS issued updated audit guidelines regarding requirements for hardship withdrawals and guidance for plan sponsors on how to remedy errors in the administration of these withdrawals.

06.30.17

Should You Rent or Purchase Your Practice Facility?
Jason Flahive

Whether they are just opening a new practice or building a current one, physicians may need to assess whether owning or renting medical office space best serves their needs and those of their colleagues, employees and patients. This article explains some pros and cons of both owning and renting, as well as provides some helpful pointers in making this important decision. A Sidebar provides an equation for determining the amount of space needed for a new or expanding practice.