Blog

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Enforcing Internal Controls to Prevent and Detect Fraud in Your Business

For business owners, occupational fraud can be one of the most dangerous threats to a company’s success. According to the Association of Certified Fraud Examiners, the median loss in a business fraud case is about $130,000, and this number is even higher for small businesses. However, don’t let the statistics scare you. Using the following preventive and detective internal controls, any business owner can take action to keep fraud at bay.

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What You Need to Know About This Summer’s IRS Phone Scams

Summer is a time to relax, spend time by the pool and forget reality for a bit. Forget your stress, forget making school lunches for the kids, forget the cold. However, there is one thing you should not forget. Criminals and scammers don’t take summers off, so don’t let your guard down in the midst of summer; keep an eye out for IRS phone scams.

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Updated Reporting Standards for NFPs: Intermediate Measures of Operations

With the Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) in 2016 came a host of new financial reporting requirements and changes that impact nonprofit organizations. ASU 2016-14, as the update is officially titled, makes a wide variety of changes to financial statements and requires additional disclosures regarding functional expense reporting; net assets and endowments; and liquidity and availability of assets.

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Updated Reporting Standards for Nonprofits: Net Assets and Endowments

Nonprofit leaders must prepare for change as they approach their annual accounting and fulfill their disclosure responsibilities. In August of 2016 the Financial Standards Accounting Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit (NFP) Entities.

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New Liquidity and Availability Reporting Standards for Nonprofits

In August of 2016, the Financial Accounting Standards Board (FASB) released a broad update of accounting standards that will change the way nonprofit organizations report and present their financial data. Formally titled Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), the update addresses multiple aspects of financial reporting. Not-for-profits (NFPs) will make the most significant reporting changes in the areas of functional expenses; treatment of net assets and endowments; liquidity and availability of resources; and intermediate measures of operations.

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Three people reviewing a nonprofit's statement of functional expenses

A First Look at the New Statement of Functional Expenses

When considering a charitable gift, prospective donors want to know how a nonprofit spends its money. While the information is accessible through publicly available financial statements, these documents can be difficult to wade through and interpret for a non-accountant. That’s why the Financial Standards Accounting Board (FASB) has established a new requirement for nonprofits to prepare expense statements in a form that helps donors easily grasp the relevant information: the schedule of functional expenses.

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