Not-for-Profit Newsletter June 2014

share this article




SKR+Co Not-for-Profit Newsletter

June 2014


Footnotes tell a story — What constituents can glean from your financial statements


When reviewing financial statements, nonprofit board members and managers sometimes make the mistake of focusing solely on bottom-line figures, but these statements also may include a wealth of information in their disclosures. Savvy constituents and potential supporters know this, so nonprofit executives need to be familiar with the common types of disclosures and the information they make available for scrutiny. This article notes the information that statements provide regarding accounting policies, related party transactions, contingencies and other matters. A sidebar describes a particular Form 990 disclosure that has gotten renewed attention.

Read the Full Article Here.


Tips for preventing fraud in your organization

Fraud doesn’t just hurt a nonprofit’s bottom line — it also could do devastating damage to its reputation. However, this article discusses how, by implementing some simple controls, an organization can help protect itself from these risks. These controls involve segregation of accounting duties, fraud awareness training for all employees, establishment of a fraud hotline, and risk assessment.

Read the Full Article Here.


Not all funds are created equal


Types of funding vary greatly in how they can — or cannot — be used. This article discusses the differences between permanently restricted funds, temporarily restricted funds and unrestricted funds, and how to beef up donations of the latter.

Read the Full Article Here.


Newsbits — A-133 audit threshold change, online fundraising failures, and new open data tool


In this issue, “Newsbits” takes a look at Office of Management and Budget rules that reduce the burden on smaller nonprofits by increasing the threshold that triggers compliance audits. It also discusses a study showing that most organizations have room for improvement with online fundraising, and notes an online tool that provides free and open access to data on nearly 82,000 independent, corporate, community and grantmaking operating foundations.

Read the Full Article Here.




Steve Hochstetter, CPA, ABB, CFF,CVA
Audit Partner



Jamie Meidinger, CPA
Audit Manager



Jeff Talus, CPA
Tax Partner

Doreen Merz, CPA
Tax Manager



For more information on our Not-for-Profit services, please see our website HERE.






Have questions? Contact us: (719) 630-1186 or Click Here
Copyright *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved.

Our mailing address is:
unsubscribe from this list    update subscription preferences 





Forward to Friend


SKR+CO Expert
Steve Hochstetter, CPA/ABV®, CFF™, CVA, Audit Partner
Steve has been in public accounting since 1983, with significant experience serving nonprofit organizations, healthcare organizations, governmental entities, and small to mid-size businesses.