Blogging Beyond the Numbers

In July 2019, the AICPA issued SAS 136, which makes significant changes to virtually every aspect of audits of employee benefit plans covered by ERISA.  The revision with the most significant impact on auditors is the effective replacement of the "limited scope audit" provisions with new Section 103(a)(3)(C) audit rules. This SAS effective date will be for periods ending on or after December 15, 2020....

I’m a plan sponsor, now what? A retirement plan can be a great way to attract new employees and offer a benefit to existing employees, but it comes with certain responsibilities. If your company or organization sponsors a retirement plan, you have certain fiduciary responsibilities as the plan sponsor. But, let’s get to know ERISA first. The Employee Retirement Income Security Act of 1974 (ERIS...

Audits aren't supposed to be scary. Watch as Abby and Emily give some practical tips to make your audits a little less scary and make sure you don't give your auditor a fright! https://youtu.be/XuSCRTT0EBQ ...

“100% of your contribution directly supports our program.”   Although it would be impressive to be able to make this claim as a charitable organization, it’s impossible.  The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities to make improveme...

Institutional knowledge. What your staff knows is one of the most valuable intangible assets of every organization. It’s often taken for granted and losing it is costly, frustrating, and inefficient. The concept of business continuity is more than having a disaster recovery plan for natural disasters or technology failure. It should also include personnel transitions, which are much more common. How ...

It is important to know the compliance requirements for every award your organization receives and accepts. The consequences of noncompliance can be significant and may include termination of the grant, reduction in future payments or funding amounts, repayment of federal funds already received and spent, imposed fines and penalties, reputational damage, special status for oversight and reviews, corrective...

Are you passionate about a cause and thinking about starting a non-profit? Or even wondering the difference between a 501c3 and a 501c6 or even where to begin? Watch this vlog for 7 tips to start your own non-profit organization! https://youtu.be/DeSITbvFkyo Subscribe to our YouTube channel to view new Accounting for Non-Accountants videos as they are published! ...

In December 2018, the IRS released Notice 2018-99 to clarify the taxation of parking expenses Under § 274(a)(4) and § 512(a)(7) of the Internal Revenue Code. The notice reaffirmed that the amounts paid to a 3rd party for employee parking spots by a taxpayer or exempt organization are subject to tax. The majority of the notice focused on how taxpayers or exempt organizations should handle owned and lease...

Happy New Year!  I’m sure most of you are in full swing with closing your books and getting all your ducks in a row.  Here at the office, we’re in full prep mode for “opportunity season” aka “busy season”.  There’s a few things you should know about as you close out your books and begin prepping for your audit this year.  I’d like to think of this as the cliff note version of our roundta...

Have you ever compared your financial statements to your IRS Form 990 and thought to yourself, "Why don't these two match?" This is a question we receive from a number of clients and we have some answers! Here are some of the most common differences between a nonprofit's financial statements and IRS Form 990 Unless specified, most nonprofit financial statements are prepared in accordance with Generally Ac...