Revenue recognition, charitable giving results, compliance supplements—several recent developments could hold particular interest for the not-for-profit community. The following is a brief round-up of what’s new and noteworthy in not-for-profit accounting and management.
Topics: Revenue Recognition Standard, Not-for-Profits, FASB, OMB, NFP, Accounting Updates, Economy, charitable giving
Audit committees for not-for-profit organizations do much more than what their name suggests. In addition to their primary focus of overseeing all aspects of the audit process, they are increasingly tasked with oversight of the not-for-profit’s enterprise risk management process and other risk mitigation activities.
Topics: Audit Committee, Non-profits, Not-for-Profits, NFP, audit risk, Not-For-Profit Risk Management, ERM
Fraud comes with a significant monetary impact. The Association of Certified Fraud Examiners (ACFE) Report to the Nations on Occupational Fraud and Abuse 2016 Global Fraud Study estimates that fraudulent activity costs $6.3 billion in losses, with the average loss per case coming in at $2.7 million. Nearly one in three of the cases in the study occurred in the not-for-profit and governmental arena.
Topics: fraud, non-for-profit, Non-profits, John Mulvaney, nonprofit, nonprofit fraud
On May 4, President Trump kept a campaign promise when he signed an executive order directing the IRS “to exercise maximum enforcement discretion to alleviate the burden of the Johnson amendment, which prohibits religious leaders from speaking about politics and candidates from the pulpit."
Topics: non-for-profit, Non-profits, nonprofit, Donald Trump, Johnson Amendment
The protection of sensitive information is vital in today’s operating environment. There were more than 100,000 information security incidents and 3,141 confirmed data breaches in 2016, according to a recent Verizon Data Breach Investigation Report.
Topics: non-for-profit, Non-profits, cybersecurity, nonprofit, Brenda Piazza
Not-for-profit organizations are the in the midst of a leadership shortage. Research compiled by Bridgespan projects that organizations will need nearly 80,000 new senior managers per year, significantly more than the number of senior managers who are currently employed.
Topics: non-for-profit, Non-profits, Daniel Cummings, CEO, nonprofit
CBIZ Tofias and MHM are pleased to sponsor the 2017 American Institute of Certified Public Accountants (AICPA) National Not-for-Profit Conference being held on June 21-23, 2017, at the Gaylord National Resort & Convention Center in National Harbor, MD.
Considered the premier annual conference for this sector, it brings together the industry's top experts and thought leaders to offer their perspectives on the most crucial issues facing not-for-profit organizations and the practitioners who serve them.
Topics: AICPA, NFP, NFP Conference
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Whether it’s with donors or in the workforce, not-for-profit organizations need engagement. Contributors and staff who support the work of your organization keep your operations running smoothly through financial contributions and delivering services and programs to the community you serve.
Topics: Brenda Booth, not-for-profit, NFP, social media
Even when you have a strong reporting team and positive audit results or audit results with only minor deficiencies, the IRS, the Department of Education, the Department of Labor and/or other regulatory agencies may want to take a closer look at the information you submitted. The first reaction to a notice of a federal audit or review may be panic, but not-for-profit organizations can more efficiently react if they approach the request as a new—albeit significant—project.
Topics: not-for-profit, Michelle Spriggs, NFP, regulatory agencies, inspections, reporting regulations
Not all donations come in the form of cash. Donors may want to contribute financial assets, real estate, clothing and artwork to help your not-for-profit organization further its mission. If your organization accepts these in-kind donations, it should have clear policies and reporting measures in place.
Topics: charitable donations, Scott Goldberg, In-Kind Donations, Donations