Nonprofit organizations submit financial statements to government authorities, lenders and other stakeholders just like their for-profit counterparts, although the focus of the financial statements is slightly different.
A Nonprofit Corporation is a special type of corporation that has been organized to meet specific tax-exempt purposes. To qualify for Nonprofit status, your corporation must be formed to benefit.
In an effort to bring more valuable resources to our clients, we have joined the Not-for-Profit Section of the American Institute of CPAs (AICPA). These governance and management resources are being shared with our Not-for-Profit clients.
The TCJA imposes unrelated business income tax on certain fringe benefits paid by nonprofits including any expenses paid or incurred after December 31, 2017, by a nonprofit for qualified transportation fringe benefits and parking facilities.
Success for not-for-profits (NFPs), regardless of their type or size, is built on a firm foundation of fiscal accountability and governance. Achieving these oftentimes elusive goals requires more than traditional business know-how and insights into the industry.
When an organization’s financial statements are not prepared on a timely basis or if financial statements are unreliable, it’s normally a “red flag” that there are issues with management, the accountant or bookkeeper or possibly serious financial troubles
You can learn a lot from looking at the disclosures made about a company’s board of directors in its annual report, but it takes time and knowledge to pick up clues on the level of quality of a company’s governance.
The term Yellow Book refers to the complete set of Generally Accepted Government Auditing Standards (GAGAS). The standards provide users with a framework for the conduct of audits of all types of government entities and entities that have received awards.
You probably didn’t start a nonprofit to stare at spreadsheets and Google things like “how to record an in-kind donation.” But proper accounting (and the analysis it lets you do) is crucial to the survival of your organization.
10 Steps to a Successful Audit. Plan ahead. Stay up-to-date on accounting standards. Assess changes in activities. Learn from the past. Develop a timeline and assign responsibility. Organize data. Ask questions. Perform a self-review.