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First Impressions of FASB’s ASU No. 2016-14 Not-for-Profit Entities (Topic 958)
On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. In a seminar held...
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Don’t Fall for a Social Engineering Scam
Even the most sophisticated organization can be the target of an online attack scheme known as spear phishing. Spear phishing is an email that appears to be from top level management in your...
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OMB Releases 2016 Compliance Supplement
By: Ariana Young, CPA The Office of Management and Budget released the 2016 Compliance Supplement on August 1, 2016. As expected, there were a few changes made in this latest version, but the changes...
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Run More Efficient Meetings with OneNote
As a member of the management team, managing and attending meetings is part of our daily routine. And so a lot of my time is spent on gathering agendas, sending out meeting materials, jotting down...
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OMB 2015 Compliance Supplement – Changes for 2015 Audits
In July 2015, OMB released the 2015 Compliance Supplement, which identifies the important compliance requirements relevant to federal programs for use by auditors when performing a Single Audit. The...
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FASB Issues Much-Anticipated Revisions to Not-for-Profit Financial Reporting
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of...
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Fixed Asset Management – Ways to Save Time & Money
By: Miles Workman, Controller, Outsourced Services Managing fixed assets is a critical function for every organization, but is often overlooked or not focused on because other areas require more...
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How Closely are You Monitoring Your Third-Party Service Providers?
In May 2013, the Committee of Sponsoring Organizations (COSO) released the updated Integrated Internal Control Framework which is effective for fiscal years beginning after December 15, 2014. Although...
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The Nonprofit Finance Department of the Future
The Nonprofit Finance Department of the Future The nonprofit finance department of the future is mobile, agile, and insightful. The nonprofit finance department of the future has arrived today. The...
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Is Your Organization Ready for Its Year-End Audit?
As the end of 2015 approaches, many organizations are in the process of preparing for their year end audits. By now, your auditor has contacted you to discuss the nature, timing, and extent of the work...
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The Importance of Having a Gift Acceptance Policy
A gift acceptance policy is a necessary component of internal control for any organization operating within a philanthropic environment. Having such a policy in place enables an organization to provide...
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GP User Tips to Improve Efficiency in the Bank Reconciliation Process
The Bank Reconciliation Module is a commonly used tool in Microsoft Dynamics GP (Great Plains) for reconciling bank account transactions. However, users that have more complex revenue sources tend to...
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Is Your Accounting Software Hurting Your Business?
Many nonprofits fail to recognize when it’s time to make the switch to a more sophisticated financial management software. We hear stories like the nonprofit that couldn’t get a grant because they...
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Preparing Your Organization’s Budget Does Not Have to be a Daunting Task
Every year, you undertake what always seems like the daunting task of preparing your organization’s budget for the next year. You start by reviewing in detail, the past few months and the prior year’s...
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Don’t Fall for a Social Engineering Scam
Even the most sophisticated organization can be the target of an online attack scheme known as spear phishing. Spear phishing is an email that appears to be from top level management in your...
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DOL Continues Outreach Efforts Aimed at Improving Audit Quality of Employee...
In May 2015, the U.S. Department of Labor (DOL) released a report titled, “Assessing the Quality of Employee Benefit Plan Audits,” which noted that almost 40% of plan audits had “major deficiencies.”...
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How Tech-Savvy is Your Board?
We have all read the articles about how technology is the key to increasing efficiencies. This is not limited to the accounting and finance department, but is important in every single facet within...
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How Closely are You Monitoring Your Third-Party Service Providers?
In May 2013, the Committee of Sponsoring Organizations (COSO) released the updated Integrated Internal Control Framework which is effective for fiscal years beginning after December 15, 2014. Although...
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Charles Tate Discusses Strategic Planning and the Rules of Reserves for...
Managing Partner Charles Tate shares his perspectives on the top concerns for association executives in a recent episode of CEO Update’s Association Newsmakers. In particular, he discusses important...
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The Nonprofit Finance Department of the Future
The nonprofit finance department of the future is mobile, agile, and insightful. The nonprofit finance department of the future has arrived today. The continued evolution of cloud based software tools...
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