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Guidance Issued Regarding Contributions Made and Received for Not-For-Profit Organizations
Posted by Holly Perez on Thu, Jun 28, 2018 @ 11:14 AM

On June 21, 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions received and Contributions Made, which provides accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations and business enterprises.

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Topics: Not-for-Profits, NFP, Holly Perez, FASB, Financial Accounting Standards Board, Revenue recognition, ASC Topic 606

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, tracy mcdonald, financial statement reporting, Not-for-profit financial statement, financial statement audit, board of directors, not-for-profit board of directors

How to Navigate a Merger or Acquisition in the Not-For-Profit Sector
Posted by Brent Wilson on Wed, Sep 27, 2017 @ 07:38 PM

Mergers and acquisitions aren’t part of a typical not-for-profit organization’s growth strategy, but they may be a resource worth considering. As with the for-profit sector, a strategic merger or acquisition can enhance service offerings and strengthen marketplace position. It may also extend the reach of an organization’s mission and enable the organization to serve a broader audience.

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Topics: Brent Wilson, mergers and acquisition, Not-for-Profits, NFP, nonprofit merger, m&a, not-for-profit acquisition

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

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

Substantiate, Substantiate, and Substantiate: A Friendly Reminder for Not-For-Profit Organizations and their Donors
Posted by Amy O’Loughlin on Tue, Aug 22, 2017 @ 06:06 PM

Donations to not-for-profit organizations are normally a win-win for organizations and their donors. Organizations receive gifts to help support their mission, and the donor receives a tax write-off. But not-for-profit organizations and donors must ensure they are in compliance with IRS substantiation requirements. The IRS requires that in order for a donor to take a deduction greater than $250, he or she must have a contemporaneous written acknowledgment (CWA) of the donation from the not-for-profit organization. CWAs must include the name of the organization, the value of the donation (if cash), a description of the donation (if non-cash), whether goods or services were provided in exchange for donation, and, if services were provided, a good faith estimate of the value of those services. If the value of the gift exceeds $5,000, in most cases, a qualified appraisal must be obtained in addition to the CWA.

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Topics: Amy O’Loughlin, Not-for-Profits, Donations, In-Kind Donations, charitable donations, nonprofit

In Case of Emergency: Ensure Your Contingency Plan Covers All Its Bases
Posted by Holly Perez on Tue, Aug 1, 2017 @ 07:27 AM

Medical emergencies can happen at any time to anyone. Having the information you need at your fingertips, from emergency contact information to passwords and file access, can help ensure that if one of your employees experiences a health crisis, your organization is able to notify the people who need to know as soon as possible. A back-up for system for passwords can help operations to recover after an emergency event has occurred.

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Topics: Not-for-Profits, NFP, business continuity planning, emergency situations, BCP, business continuity

Top 5 Financial Aid Audit and Program Review Findings for Colleges and Universities
Posted by Terri Albertson on Mon, Jul 31, 2017 @ 06:07 PM

Colleges and universities play a vital role in facilitating federal student loans and financial aid to their student body. Enrollment changes make the role a difficult one. Administrators need thorough recordkeeping that monitors changes and provides the U.S. Department of Education (ED) the information it needs.

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Topics: Not-for-Profits, NFP, FAFSA, FSA, Department of Education

Mid-Year Round-Up of Not-For-Profit News
Posted by Chrissy Hammond on Wed, Jun 28, 2017 @ 03:06 PM

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.

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Topics: Not-for-Profits, OMB, Accounting Updates, FASB, Economy, NFP, Revenue Recognition Standard, charitable giving

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, ERM, audit risk, Not-For-Profit Risk Management, Non-profits, Not-for-Profits, NFP

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