Board

3 Alternative Engagements to an Audit

By |2019-09-18T16:21:32-05:00August 15th, 2019|Assurance, Board, Budget, Compliance, Nonprofit|

Last quarter, I discussed what an audit accomplishes and what it does not accomplish in my article titled “Do You Really Need An Audit?” In that article, I introduced the idea that an audit may not be right for every organization, especially if resources are tight, as audits can be costly. Below, I discuss a [...]

Data Security: Is Your Organization Doing Enough?

By |2019-09-03T09:50:55-05:00August 14th, 2019|Assurance, Board, Fraud, Internal Control, IT, Nonprofit, Preparation, Tips|

The term data security broadly refers to defensive measures put into effect to prevent unauthorized admission into computers, databases, websites, and any other places data may be stored. Data security is typically applied to systems which protect personally identifiable information (PII). Examples of more sensitive PII include social security numbers, driver’s license numbers, full names, [...]

Have You Thought About a Liquidity Policy?

By |2019-08-29T21:16:23-05:00August 14th, 2019|Assurance, Board, Change, Compliance, Nonprofit|

New Accounting Standard Update (ASU) 2016-14 The Financial Accounting Standards Board (FASB) issues these new standards. This new standard affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (Calendar Year 2018 or Fiscal Year 2019). ASU 2016-14 requires [...]

Can I Use My Endowment As Collateral?

By |2019-04-01T13:30:06-05:00March 13th, 2019|Assurance, Board, Budget, Cash Flow, Gifts, Nonprofit|

Organizations looking to expand their programs sometimes need to obtain bank financing for large projects such as the acquisition of a building. Depending upon the financing received, collateral is often a necessary piece of closing the deal. For organizations with large endowments, the question may come up as to whether the organization may use the [...]

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

Do You Really Need An Audit?

By |2019-04-18T12:06:47-05:00February 6th, 2019|Assurance, Board, Compliance, Internal Control, Nonprofit|

For those of you that go through an audit each year, you know how costly and time consuming they can be. You may have wondered, “Do I really need an audit? Is there something else that I can do to satisfy my financial reporting requirements?” To accurately answer those questions, you first need to understand [...]

Governance vs Management, Is There a Difference?

By |2019-01-24T15:08:15-05:00December 18th, 2018|Board, Goals, Internal Control, Leader, Nonprofit|

It’s no secret that nonprofit organizations come in a variety of shapes and sizes.  Likewise, the structure of their boards are made up of various shapes and sizes.  As a board member, it's important to understand what your role is in providing service to the organization.  Especially for organizations without paid staff, board members are [...]

Here They Are…More Changes to Financial Statements!

By |2019-05-22T10:02:36-05:00December 11th, 2018|Accounting, Board, Budget, Cash Flow, Change, Compliance, Investment, Nonprofit, Preparation|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?” we provided information on the changes to net asset presentation and underwater endowments under the new financial statement presentation standard. Now we will address the new presentation and disclosure items related to liquidity and availability disclosures, functional expenses, investment expenses, and the statement [...]

Performance Measurement: Board Member Volunteer Hours

By |2018-12-07T14:17:14-05:00October 11th, 2018|Board, Donation, Nonprofit, Performance Measurement, Volunteer|

 This week’s segment of the Performance Measurement video series, Ross Van Laar, CPA, provides an overview of Nonprofit Board Member Volunteer Hours.

Preventing and Detecting Fraud Through Effective and Practical Internal Controls

By |2018-12-07T14:57:19-05:00September 6th, 2018|Board, Fraud, Nonprofit, Tips|

Dan Montgomery, CPA, provides some insight in preventing and detecting fraud through effective and practical internal controls for our Nonprofit Video Series.