This article, although it came out in January, can still be valued for the information it contains. In 2019, fundraising is very different than it used to be 10 years ago, and this article offers some of the best advice/tips. From minding Generation Z to...
This short article discusses the qualities a nonprofit should possess in order to keep workers happy and efficient. It discusses the wants of a worker from feeling valued to be able to trust the organization. To view this article, click HERE to access the original content....
2019 OMB Compliance Supplement Status Each year the Office of Management and Budget (OMB) Compliance Supplement (2019 Supplement) is updated to reflect changes to compliance requirements applicable to federal programs and required programmatic changes outlined by the federal agencies. The changes to the 2019 Supplement are...
By Norma Sharara, JD, and Joan Vines, CPA The IRS recently expanded two existing programs for tax-qualified retirement plans—the Employee Plans Compliance Resolution System (EPCRS) and the determination letter (DL) program for individually designed plans. Generally, an individually designed plan is a retirement plan drafted to...
By Laurie De Armond, CPA, and Adam Cole, CPA In a recent insight, we explored the concept of “Nonprofit Heart, Business Mindset”–which, put simply, is the belief that nonprofit organizations must pursue business-oriented management practices to thrive long-term, without losing sight of their core mission. Nonprofit chief financial officers (CFO)...
By Lee Klumpp, CPA, CGMA The Financial Accounting Standards Board (FASB or the Board) issued Accounting Standards Update (ASU) 2019-03, Updating the Definition of Collections, to address the issue that the definition of the term collections in the Master Glossary of the FASB Accounting Standards Codification (ASC) was not fully...
By Laurie De Armond, CPA What is the audit committee self-assessment? This is a tool designed to assist the audit committee in evaluating how well the audit committee is executing their responsibilities. Please refer to BDO’s Effective Audit Committees for Nonprofit Organizations audit committee self-assessment section to...
By Tammy Ricciardella, CPA As calendar-year-end nonprofits have worked through the implementation of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, we have seen quite a bit of diversity in the preparation of the liquidity and availability disclosure required by the ASU. To...
By Laurie De Armond, CPA, and Adam Cole, CPA The world needs nonprofits to continue striving for meaningful impact on a wide range of social, economic and human rights issues, and it needs them to remain financially healthy. To do so, organizations need to balance a nonprofit heart with a...
By Amy Guerra, CPA Historically there has been diversity in practice among nonprofits with regard to presentation of restricted cash and cash equivalents in the statement of cash flows. To address this diversity, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016‑18, Statement of...
