For many businesses and nonprofits, fall is more than pumpkin spice season; it’s also time to start thinking about next year’s budget. Even for organizations with a fiscal year different than the calendar year, knowing how to approach this important task will make the job easier and help ensure a positive outcome.Read More »
Nonprofits that undergo regular single audits subject to the Office of Management and Budget’s Uniform Guidance become quite familiar with the audit process. These organizations dutifully fulfill their audit obligations, always hopeful that auditors will have only positive findings and full compliance to report. But despite best efforts, some audits will inevitably include findings for which a corrective action plan is required.Read More »
For most nonprofits, volunteers are the lifeblood of the organization’s work. The time and talent volunteers contribute can be a pivotal factor in how well and how cost-effectively NFPs achieve their mission, affecting the organization’s long-term success as well as the ultimate impact of its programs.Read More »
Single audits under the Office of Management and Budget’s Uniform Guidance are a routine responsibility for nonprofit organizations. When the single audit produces findings that must be addressed, they typically fall into one of four categories: allowable costs; procurement, suspension and debarment; reporting; and sub-recipient monitoring.Read More »
OK, it’s not actually fun. Much to the chagrin of nonprofit leaders, tax-exempt does not mean filing-exempt. Most nonprofit organizations must file Form 990, which is due to the IRS by the 15th day of the 5th month after the close of each fiscal year. A few church-affiliated organizations can escape this annual requirement by applying for an exemption. For everyone else, the best approach is to understand the reporting rules and adopt an organized approach.Read More »
Halt, Buzas & Powell is proud to celebrate its 50th birthday in 2019! We’ve been honored to partner with dozens of wonderful nonprofits over our five decades in business, learning from them even as we help them grow and thrive. As part of our Focus on 50 anniversary celebration, we’re sharing a few of the insights we’ve gathered over the years, beginning with strategies to help nonprofits optimize relations with their boards of directors.Read More »
It’s human nature to grow overwhelmed and stressed during a busy period at work. While diving blindly into a project with little preparation may seem like the most feasible way to check items off your to-do list, this often fails to pay off in the long run. Instead, try thinking strategically about your goals and how you will achieve them practically. This approach may take more time in the immediate sense, but tackling your goals this way can save you hours down the road.Read More »
After the overindulgence of Thanksgiving and the Black Friday frenzy of consumerism that follows, turning our focus to how we can help others feels especially rewarding. November 27, 2018, marks the celebration of Giving Tuesday, a relatively new but widely enjoyed annual event. As a committed partner of the non-profit community, HBP invites all of our friends and clients to join us in making a difference this year.
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.
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.