Contact Us Follow Us :       | Find Us |
CBIZ & MHM New England

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us



Recent Posts by Tracey McDonald

4 Things Your Not-For-Profit Board Should Know About COVID-19 Recovery
Posted by Tracey McDonald on Wed, Oct 28, 2020 @ 09:24 AM

Not-for-profit boards play a key role in developing an organization’s potential by bringing expertise in a variety of fields, including accounting and risk management. The pandemic was extremely disruptive to not-for-profits, which underscores the importance of providing guidance and understanding the COVID-19 impact. All of these factors are also vital to conceptualizing future operational and endowment investment strategies. Management and board members should continue to work together to overcome any lingering repercussions from the pandemic and position the organization for the next chapter. The following are four elements of COVID-19 recovery initiatives that your board should understand.

Read More

Topics: not-for-profit, Financial Statement, Endowments, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, SBA, COVID, Stimulus

Finding the Middle Ground Between Efficiency and Innovation
Posted by Tracey McDonald on Wed, Nov 20, 2019 @ 03:30 PM

Chief financial officers (CFOs), boards, and donors all want to see their not-for-profit organizations manage their financial resources well. They want as many dollars as possible put toward the programs and activities that further the organization’s mission. In other words, they want overhead and operating costs to be lower than program-related expenses. The question not-for-profits must ask is: are they setting the bar for overhead expenses too low?

Read More

Topics: Non-profits, Not-for-Profits, NFP, operating environment, tracy mcdonald, operating costs, overhead costs, Overhead Caps

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.

Read More

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

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.

Read More

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

Not-For-Profits Brace for Enhanced Disclosures and Reporting Requirements
Posted by Tracey McDonald on Fri, May 15, 2015 @ 09:33 AM

Changes are on the way for how not-for-profit organizations classify net assets and report their statement of activities, cash flows and liquidity. The updates come as part of the Financial Accounting Standards Board (FASB)’s exposure draft of the proposed accounting standards update, Presentation of Financial Statements of Not-for-Profit Entities. Provisions outlined in the update reflect recommendations from the FASB’s Not-for-Profit Advisory Committee (NAC) as well as feedback from stakeholders. Stakeholders identified the following areas for change because of either diversity of practice under current U.S. generally accepted accounting principles (GAAP) or because of the complexity involved in the current reporting requirements.

Read More

Topics: reporting requirements, FASB

Popular Posts

Browse by Tag

see all