Conditional vs. Unconditional Promises to Give – What is the Difference?
As a former employee of a not-for-profit organization, we always got excited when we learned of a pledge (also known as a promise to give) from a generous donor. What can be difficult to understand is...
View ArticleAudits Related to Federal Awards
Does your organization receive federal awards either directly or indirectly? If so, your grantor may require you to have an audit. There are three primary types of audits that may be required....
View ArticleCommon Deficiencies Noted in Single Audits
If your organization has ever been involved with a single audit, you know that they are a “different animal”. Very different than a financial statement audit. Why? Single Audits involve testing for...
View ArticleWhat is An Audit? – Part One
When I tell folks that I am an auditor, I immediately get that defensive look as they assume that I am a dreaded IRS auditor (which I am not). When I further explain that I audit financial statements,...
View ArticleWhat is An Audit? – Part Two
In my previous post we discussed external financial statement audits. Now we will discuss the audit process. To begin the audit, the accountant (or equivalent) will present the auditor with a listing...
View ArticleDo We Really Need An Audit?
To some, this question is equivalent to “Why would I stick a red-hot poker in my eye?” Going through an audit doesn’t have to be the worst experience in your life, but that isn’t the topic of today’s...
View ArticleInternal Controls Surrounding Federal Grant Awards
Does your organization receive federal grants? If so, did you know that you are required to establish and maintain internal controls to ensure that you are following the provisions of the grant?...
View ArticleMileage Reimbursements
Effective July 1, 2011, the IRS has changed the optional standard mileage rate to 55.5 cents per mile. According to the IRS, this optional rate can be used to compute the deductible transportation...
View ArticleMark Your Calenders
Rylander, Clay and Opitz, LLP, a leader in not-for-profit tax, assurance, and advisory services is hosting an informative “Lunch ‘n Learn” seminar for non-profit accounting personnel. The topic of the...
View ArticleFraud “Red Flags”
Unfortunately, non-profit organizations are not immune from fraud. Often times after a fraud has been committed, the organization can look back on the situation and recognize some red flags that should...
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