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Recent Posts by David Brown

Operating Reserves and the Not-For-Profit Organization’s Budget
Posted by David Brown on Thu, Feb 1, 2018 @ 04:55 PM

Organizations evolve. Operating environments change, and not-for-profit organizations can expect to feel a financial impact from the new tax legislation. Looking at your budget and operating reserves now can help your organization be prepared for what comes next. There are plenty of factors that weigh in on your bottom line, but the need for adequate operating reserves is a significant factor in maintaining financial stability.

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Topics: not-for-profit, nonprofit, cash reserves, operating environment, tax legislation

6 Signs of an Effective Board
Posted by David Brown on Thu, Aug 3, 2017 @ 02:56 PM

Whether your organization has an effective board can have a major impact on the fortunes of your not-for-profit. A good board with a wide variety of skills may lead your not-for-profit to new heights.

Although responsibilities of the board may vary among not-for-profits, a board is generally entrusted with determining and fulfilling its mission and complying with laws and regulations while mitigating potential risks. Board roles include securing, supporting and evaluating the executive directive and monitoring the organization’s financial performance. Given the responsibility, your board should be evaluating itself from time-to-time to see if improvements could be made.  Ask yourself the below questions to see how your board rates.

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Topics: not-for-profit, board members, nonprofit, Nonprofit Board, board of directors

Not-For-Profits Should Prepare for Enhanced Scrutiny of Liquidity
Posted by David Brown on Wed, Apr 27, 2016 @ 10:47 AM

After a recent meeting, the Financial Accounting Standards Board (FASB) voted to draft the final accounting standard related to the first part of its not-for-profit financial statement presentation project. Among the changes are provisions that will make a not-for-profit’s liquidity more transparent.

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Topics: ASU, not-for-profit, FASB, nonprofit, liqudity

How to Modernize Your Audit Committee
Posted by David Brown on Wed, Oct 28, 2015 @ 01:36 PM

One needs only to look at the changes in the AICPA’s not-for-profit audit committee toolkit to understand the evolving responsibilities of the audit committee. The AICPA had previously recommended that not-for-profit audit committees monitor the financial reporting process and external auditors, perform internal audit functions and meet legal and/or regulatory requirements. The AICPA toolkit for 2015, the third edition, recommends roles and responsibilities beyond just hiring and communicating with the outside auditor. It suggests not-for-profit audit committees assess their internal audit function’s qualifications (if there is one), independence and performance and assist with their organization’s risk management and governance functions. The toolkit comes with Microsoft Word files of all the tools so you can modify and customize to fit your committee’s needs.

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Topics: Audit Committee, Non-profits, Not-for-Profits, NFP

Seven Resources to Identify New Board Members
Posted by David Brown on Wed, Apr 29, 2015 @ 09:04 AM

Who sits on your board of directors makes a big difference to your not-for-profit. Composition is important; diversity can challenge your not-for-profit to embrace the complexity of the community it serves. Board complexity can also lead to untapped avenues of support for your organization’s tax-exempt purpose. Well-connected board members can assist with fundraising efforts and spreading the word about your not-for-profit’s mission and services.

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Topics: board members

Three Common Mistakes Not-for-Profits Make with Gift-in-Kind Valuation
Posted by David Brown on Wed, Oct 1, 2014 @ 09:13 AM

Gifts come with many benefits for not-for-profit organizations. They can help a not-for-profit extend the reach of its programs or enhance its mission with resources the organization could not have otherwise been able to afford. Gifts-in-kind (GIK) include contributions of tangible and intangible property. The downside to gift-in-kind contributions is they can also be difficult to value.

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Topics: not-for-profit, gift-in-kind

Four Ways to Improve Your Financial Statements
Posted by David Brown on Fri, Apr 18, 2014 @ 11:26 AM

Routine maintenance helps you get the most mileage out of your vehicle, and as the vehicle that represents your not-for-profit’s financial position, your financial statements may need periodic tune-ups. Reviewing your financial statements for ways to improve them helps ensure they accurately reflect your organization to the public, your board and current and potential donors.

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Topics: improve financial statements, financial reporting

Net Asset Classes to Shrink from Three to Two if FASB Implements New Rules
Posted by David Brown on Thu, Jan 16, 2014 @ 02:00 PM

The Financial Accounting Standards Board’s (FASB) Not-for-Profit Advisory Committee (NAC) in September 2013 recommended changes in accounting rules designed to allow not-for-profit organizations to better report their finances.

FASB tentatively decided to merge the three existing net asset classes currently required for not-for-profit financial reporting into just two: those with donor restrictions and those without.

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Topics: non-for-profit, Non-profits, FASB

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