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The Two Key Financial Statement Changes Not-For-Profit Boards Should Know About
Posted by Tracey McDonald on Wed, May 9, 2018 @ 07:47 AM

As not-for-profit organizations prepare to adopt the new financial reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), Board members should take an active role in overseeing the implementation of this standard since one of the key fiduciary responsibilities of those charged with governance is to oversee the financial reporting process. ASU 2016-14 is designed to provide more transparency into the financial reporting process of an organization and does so by addressing updates to several areas, including net asset classifications, investment reporting, expenses and the presentation of statement of cash flows information.

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Topics: Non-profits, Not-for-Profits, NFP, Not-for-profit financial statement, board of directors, financial statement audit, financial statement reporting, tracy mcdonald, not-for-profit board of directors

8 Ways to Help Prevent a Retirement Plan Lawsuit
Posted by Brad Sieniawski on Mon, Apr 23, 2018 @ 03:43 PM

If you are the sponsor of a 403(b) retirement plan, you may be asking if it is possible for your organization to be sued over your retirement plan fees. Historically, lawsuits have primarily been filed against for-profit companies sponsoring 401(k) plans. But litigation from 2016 suggests not-for-profit organizations are being scrutinized for their retirement plan fees as well. The law firm Schlichter, Bogard, & Denton targeted numerous high-profile universities, including Yale University, the University of Pennsylvania, New York University, and the Massachusetts Institute of Technology on behalf of retirement plan participants who alleged their recordkeeping and investment costs were too high. Plaintiffs also alleged that there were too many investment options offered in the 403(b) plans, which created confusion, with many underperforming peer benchmarks.

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Topics: retirement plans, Non-profits, NFP, Retirement Plan Fees, Retirement Plan Lawsuit, 403(b) programs

Data Analytics Drive Compliance Efforts in the 2018 IRS Work Plan for Not-For-Profits
Posted by Betty Isler on Tue, Oct 31, 2017 @ 01:50 PM

Data-driven analytics are here to stay when it comes to compliance enforcement for not-for-profit organizations. The IRS Tax Exempt and Government Entities FY2018 Work Plan outlines strategies and approaches that the IRS will use to monitor tax compliance for tax-exempt organizations.

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Topics: not-for-profit, IRS, Non-profits, NFP, tax compliance, Betty Isler, tax exempt bonds, NFP Compliance, 2018 IRS Work Plan, tax-exempt organizations, IRS Work Plan

Tap Into Relief Efforts Without Drilling Too Deep: Tips for Fundraising After a Natural Disaster
Posted by Dyan Reinhold on Tue, Oct 31, 2017 @ 11:50 AM

Natural disasters and other unexpected, disruptive events can bring out the best in people. Community members want to help in any way they can, and one of the easiest ways to lend a hand is through donations.

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Topics: Dyan Reinhold, non-for-profit, Non-profits, fundraising, Donations, natural disaster, fundraising tips

Engaging Millennials in a Multi-Generational Workforce
Posted by Mike Nichols on Thu, Aug 31, 2017 @ 01:19 PM

Generations have always mixed together in the workforce, but today it appears that we are experiencing an unprecedented mix of four, and recently up to five, generations in today’s workplace. As each generation brings its own expectations to the workplace, managers are challenged to understand and respond in a manner that builds engagement and achieves results.

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Topics: Non-profits, Not-for-Profits, Gen X, Mike Nichols, Millennials, workforce, multigenerational organization, employee engagement, baby boomers

How to Make Your Grant Application Stand Out
Posted by Scott Goldberg on Tue, Aug 29, 2017 @ 12:48 PM

Competition for funding is almost always fierce, and at the end of the day, it can be difficult to know why one not-for-profit’s grant application is selected over another’s. We recently received an inside look at the grant-making process, and the experience provided some additional insights into the type of information and requests that make a grant application appealing to grant-makers.

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Topics: Non-profits, Not-for-Profits, Scott Goldberg, funding, grant application

Revitalize Your Audit Committee Charter: A Self-Evaluation for Not-For-Profit Organizations
Posted by Tracey McDonald on Tue, Jun 20, 2017 @ 12:47 PM

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.

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Topics: Audit Committee, Non-profits, Not-for-Profits, NFP, audit risk, Not-For-Profit Risk Management, ERM

How Not-For-Profits Can Stay Ahead of Fraud
Posted by John Mulvaney on Wed, May 31, 2017 @ 04:52 PM

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.

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Topics: fraud, non-for-profit, Non-profits, John Mulvaney, nonprofit, nonprofit fraud

Does Trump's Executive Order Set the Stage for a Repeal of the Johnson Amendment?
Posted by Eric Strawder on Tue, May 30, 2017 @ 06:25 PM

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." 

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Topics: non-for-profit, Non-profits, nonprofit, Donald Trump, Johnson Amendment

7 Steps Not-For-Profits Can Take to Protect Sensitive Data
Posted by Brenda Piazza on Tue, May 30, 2017 @ 02:03 PM

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.

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Topics: non-for-profit, Non-profits, cybersecurity, nonprofit, Brenda Piazza

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