Advisory boards are informal and often short-lived. But that doesn’t mean these groups can’t play a critical complementary role to your nonprofit’s governing board of directors. Let’s take a look.
Members of Generation Z are digital natives who may be more politically motivated and charitably inclined that previous generations. How can your nonprofit engage this diverse group?
Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable accounting guidelines.
Beware: Your supply and service contracts may contain hidden surprises known as “embedded” leases. Identifying them can create challenges as private companies and not-for-profits implement the updated accounting rules for leases.
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs. Updated guidance on accounting for cloud computing costs aims to reduce differences in the accounting treatment for these arrangements. In a nutshell, the changes will spread more of the costs of implementing a cloud computing contract over the contract’s life than under existing guidance.
Many companies are suffering adverse financial effects during the COVID-19 crisis. Should you test your organization’s assets for possible impairment?
Ready or not Remote working arrangements have suddenly become the “new normal” in these trying times.
We can help you cross-train your accounting personnel to minimize business interruptions and deter fraud, along with implementing other internal control procedures.
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it.⠀
One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams.
Your company is unique, and we may not be able to answer your specific questions within a blog post. Contact us and let our experts find the solution that’s right for you.
Packer Thomas Certified Public Accountants & Business Consultants.
