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Blogging Beyond the Numbers

990 financial statements don't match
Posted by: Kristen Williams 3 days ago
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...
Posted by: Drew Barman 2 months ago
Are you tired or spending hour after hour gathering donor name and address information to submit with your organization’s 990 each year? If so, we may have great news for you. The IRS has announced that they will exercise their authority to grant relief to certain nonprofit organizations regarding donor information reporting requirements in their annual tax filings. This relief, however, is not applicable...
Audit Report
Posted by: Adam Kuczynski 3 months ago
One of the decisions an organization faces during its annual budget process is whether or not to engage an external CPA firm to conduct an audit of its financial statements.  Some organizations are required to have an audit due to external regulations (compliance with a grant agreement and/or state regulatory authority) while others decide to have an audit conducted for overall “good practice.” ...
Posted by: Dana Outhouse 4 months ago
What is ASU 2018-08 and will it Impact Me? On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-08:  Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This ASU will impact all organizations that receive or make contributions of cash or other assets.  The only transactions excluded from this ASU a...
Using storytelling to avoid restricted donations
Posted by: Melodi Bunting 8 months ago
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...
city bus
Posted by: Kyle Ager 8 months ago
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...
tax changes for non-profits
Posted by: Kyle Ager 10 months ago
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...
key to successful audit
Posted by: Lisa Lang 10 months ago
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...
creating a church budget
Posted by: Melodi Bunting 10 months ago
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...
Allocating Expenses
Posted by: Danielle Moyer 12 months ago
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...