At a recent Finance Committee meeting of one of my clients, a question was raised about appropriate check signing levels. While every organization is different, the following three part signing resolution can be considered a guide for medium-sized organizations: Up to $10,000, any one officer or director. Up to $50,000, any two officers or directors. Over $50,000, [...]

Yesterday, the Office of Management and Budget (OMB) released for public inspection the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. The intention of this 758 page document is to streamline Federal grants rules and procedures. The new requirements apply to continuing awards as of the start of the 2014/2015 fiscal year [...]

Nonprofit organizations inherently have less funding and resources to build a bulletproof internal control system. Therefore, the management team should look for less expensive ways to monitor the effectiveness of its control environment, especially now that more and more data resides and transfers through new technology. Words like “Cloud,” “Portals,” and “Smartphone [...]

With most of us looking forward to a day of over-indulgence with friends and family at the dinner table tomorrow, there are many who will be visiting community kitchens and missions for a donated meal, or sadly, even going hungry. On November 1, 2013, food stamp benefits were cut to more than 47 million Americans on the Supplemental Nutrition Assistance Program (SNAP) [...]

As another week closes on the Government shutdown, we reflect on the impact felt so far by our nonprofit clients: Social Security and Medicare Benefits – these continue to be paid out, but there could be delays in processing new disability applications if the shutdown continues. Unemployment benefits are also still being paid. Federal Grant Administration - grantee [...]

During our August nonprofit workshop, our nonprofit team shared the latest in accounting and tax updates, as well as insights from AICPA’s recently revised Audit & Accounting Guide for Not-for-Profit Entities. We posed various questions during our workshop and over the next few blog postings, we will share the answers to those questions. Q. Can permanent restric [...]

During our August nonprofit workshop, our nonprofit team shared the latest in accounting and tax updates, as well as insights from AICPA’s recently revised Audit & Accounting Guide for Not-for-Profit Entities. We posed various questions during our workshop and over the next few blog postings, we will share the answers to those questions. Q. What happens to a perma [...]

During our August nonprofit workshop, our nonprofit team shared the latest in accounting and tax updates, as well as insights from AICPA’s recently revised Audit & Accounting Guide for Not-for-Profit Entities. We posed various questions during our workshop and over the next few blog postings, we will share the answers to those questions. Q. Are overdue pledges rec [...]

During our August nonprofit workshop, our nonprofit team shared the latest in accounting and tax updates, as well as insights from AICPA’s recently revised Audit & Accounting Guide for Not-for-Profit Entities. We posed various questions during our workshop and over the next few blog postings, we will share the answers to those questions. Q. Is a bequest receivable [...]

During our August nonprofit workshop, our nonprofit team shared the latest in accounting and tax updates, as well as insights from AICPA’s recently revised Audit & Accounting Guide for Not-for-Profit Entities. We posed various questions during our workshop and over the next few blog postings, we will share the answers to those questions. Q. When is a challenge gra [...]