Blogging Beyond the Numbers

All recipients of federal awards should familiarize themselves with the changes in the Uniform Guidance.  Even if your federal awards are passed through the state or another organization, Uniform Guidance applies to goods and services charged directly to federal awards.  It does not apply to goods and services charged to indirect costs. General procurement standards Every non-federal entity receiving fe...

Everyone loves a good story.  Storytelling has a long tradition in our culture.  Research has shown our brains are wired for the structure and engagement of a story.  A story has the potential to instruct, influence, and inspire. Many nonprofits have found this to be true.  Donors are drawn into the mission and needs of the nonprofit through stories of how they are serving their clients.  Imagine he...

Due to the changes in the Federal Tax Law, nonprofit employers will have to pay a 21% Unrelated Business Income Tax (UBIT) on transportation benefits including parking and transit passes provided to employees starting January 1, 2018. Employers are NOT prohibited from providing these benefits, but the effect the tax could have on your nonprofit’s finances should be considered. Some employers will continue...

When an organization receives Federal funds from a pass-through entity (pass-through), it will be classified as either a subrecipient or a contractor, depending on the structure of the agreement. If the funds are a subaward, the organization will be treated as a subrecipient, while if the funds come through as a contract, the organization will be treated as a contractor. The way the organization is c...

The 2017 tax reform legislation is the biggest change to the tax law since 1986. While many of the changes affect individuals and for profit entities, there are some important changes that affect nonprofits. With more than 1.5 million nonprofits in the United States and over 10% of the workforce being employed by nonprofits, the changes will affect the nonprofit community. How donations wi...

Successful audits hinge on communication and documentation. As such, preparing for an audit can either be an easy or daunting task depending on your experience and the state of your financial records. Wegner CPAs is committed to making the audit process be a positive experience. Here are the secrets from an auditor’s perspective Obtain the audit preparation list from your auditor. This is a vital co...

Say the word budget and you may see eyes glaze over, people shrink down in their chair or attention shift to cell phones.  The term “budgeting” is often burdened with negative connotations of being restricting, time consuming, useless, and confusing. Budgeting is not a mysterious process done by an accountant in a windowless office, nor is it a futile exercise, but instead it has the ability t...

Nonprofit organizations are required to present expenses by their functional classification, such as major classes of program services and supporting activities, but some organizations wait to allocate their expenses functionally until they are required to for financial statement purposes. Below, you will find some of the reasons that it is important to allocate expenses throughout the year, as wel...

Nonprofits CAN legally engage in lobbying activity to influence legislation. However, the extent to which nonprofits can lobby without endangering their exempt status has caused many to shy away from lobbying activity altogether. The Internal Revenue Code states that no substantial part of the activities of a nonprofit can be to influence legislation. Therefore, a nonprofit can engage in a non-substantia...

As the plan sponsor of your company retirement plan, you have a fiduciary obligation to manage the plan assets and oversee operation. The fiduciary guidelines of the Employee Retirement Income Security Act of 1974 (ERISA) require the named fiduciaries of the Plan to carry out due diligence in administering Plan operations. Fiduciaries have responsibilities and are subject to standards of conduct because th...