Sending thankful praise your way
Audits are important because they promote accountability. Here are 10 FAQs to help you better understand the Single Audit process.
Strategic planning is a process in which an organization determines what it wants to accomplish in the future, what actions need to be taken to achieve these goals and what resources the organization needs to reach its goals.
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.