A captain doesn’t decide on a whim that he or she is going to sail around the world tomorrow. The voyage will take proper planning, appropriate resources, and a skilled co-captain. The same can be said for succession planning. Business owners, like captains, must plan and consider many variables before selling or transitioning their business [...]
Many organizations gear up every few years for a capital campaign with the purpose of raising money to acquire or improve a physical asset. A capital campaign can be useful to organizations as donors are drawn to what they can see and feel. As you’re planning and executing your next capital campaign, keep these four [...]
When I was a kid, my dad said something that has stuck with me throughout my life. Considering I grew up to be a CPA, the irony of his statement isn’t lost on me... He said, “Son, there are only two definite things we must do in this world, pay taxes and die.” The takeaway [...]
FASB’s Not-for-Profit Advisory Committee determined that existing standards for financial statements of Not-for-Profit entities could be improved to provide more useful information to donors, grantors, creditors, and other users. The update is effective for years beginning after December 15, 2017. If your organization has a calendar year-end, you’ll be required to present financial statements under [...]
Finding time and enough resources to commit towards a multi-step, multi-year succession plan, while managing the controlled chaos of running a business can be daunting. When time is the most precious resource we have, spending it thinking about how to get out of a business we spent our lives getting into seems illogical. However, those [...]
Dan Montgomery, CPA, provides some insight in preventing and detecting fraud through effective and practical internal controls for our Nonprofit Video Series.