Exploring the Auditor-Client Relationship Dynamic

By |2021-08-04T16:38:23-05:00August 2nd, 2021|Assurance, Change, Trust, Value|

  In many instances, the term ‘audit’ carries a negative connotation. Most people visualize auditors as impersonable, number-crunching accountants with the main objective of digging up as much ‘dirt’ in your financial records as possible. However, not all audits and auditors are created the same! Ideally, the auditor-client relationship is one of open communication during [...]

Common Plan Errors and Internal Control Shortfalls

By |2021-07-28T12:55:59-05:00July 19th, 2021|Assurance, Change, Compliance, Internal Control|

  Employee retirement plans are a great benefit to provide to employees of your organization, but the requirements associated with them are very specific and numerous. Many plans fail to meet some of the requirements with design of the plan, or they make operational errors. Usually it’s just an oversight. Both of these can lead [...]

SAS 136: Significant Changes to Employee Benefit Plan Audits

By |2021-08-04T16:33:14-05:00June 7th, 2021|Assurance, Change, Compliance|

Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, will soon be effective for all employee benefit plans (EBPs) requiring an audit under the Employee Retirement Income Security Act of 1974 (ERISA). The new auditing standard is effective for years ending [...]

The 80–120 Participant Rule

By |2021-07-28T15:59:13-05:00April 26th, 2021|Assurance, Compliance, Retirement|

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. One of these requirements is that “large” plans undergo an annual audit. At first glance of the audit requirements, [...]

3 Key Financial Ratios That Every Nonprofit Should Track

By |2021-09-07T12:01:13-05:00June 9th, 2020|Advisory, Assurance, Budget, Nonprofit, Saving|

Let’s face it, every month you review the same financial statements, which are most commonly: the statement of financial position, the statement of activities, and possibly the cash flow statement. Do you take the next step and dig deeper into these financial statements by calculating the key financial ratios that are important to your organization? [...]

Why Donate? Enhanced Charitable Giving Incentives

By |2020-07-15T14:25:06-05:00May 12th, 2020|Assurance, Change, COVID-19, Donation, Fundraising, Nonprofit|

Everyone is learning and adjusting during this COVID-19 pandemic because every day is different, requiring us to live, work, and play in ways we had not before. As the world feels the economic challenges of the COVID-19 crisis, there are new challenges that are arising for nonprofit organizations, especially with maintaining donor involvement. While this [...]

Your Accountant Left – Where to Go from Here?

By |2020-04-01T16:06:13-05:00March 24th, 2020|Advisory, Assurance, Budget, Change, Internal Control, Nonprofit|

  In the current economic and social climate, turnover is inevitable. Talented people land different jobs, move away, or retire. When turnover happens in your accounting department, most organizations experience some uncertainty and concern over the accounting function. You may wonder “how will we produce our financial reports next month?” or “how can we do [...]

New Lease Accounting Standard: Is Your Organization Prepared?

By |2020-03-31T14:18:42-05:00March 17th, 2020|Accounting, Assurance, Change, FASB, Lease|

  In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 – Leases (Topic 842), which contains substantial changes in the accounting for leases by lessees: organizations which lease assets. The new lease accounting guidance will require lessees to record an asset and liability on the statement of financial position [...]

Donor Trust and Financial Transparency

By |2020-03-31T14:18:58-05:00February 18th, 2020|Assurance, Budget, Cash Flow, Donation, IRS, Nonprofit|

  For many nonprofit organizations, it may be easy to create and tell a story that pulls on potential donors’ heartstrings to encourage an initial donation. However, keeping them engaged and donating in the future requires trust; one of the best ways to ensure trust is through financial transparency. Sure, there are some financial transparency [...]

Understanding Your Retirement Plan Document and Fiduciary Duties

By |2020-01-16T15:20:09-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Retirement|

  As a retirement plan administrator or plan trustee, you are responsible for the management and successful operation of the retirement plan, in accordance with the plan document and the Employee Retirement Income Security Act (ERISA), on behalf of plan participants and beneficiaries. Therefore, in serving in these fiduciary roles, it is greatly important to [...]

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