Continuity of Operations Considerations for Nonprofits during a Pandemic
Business Continuity Plans (BCP) are important part of risk management and can include scenarios such as pandemics like the coronavirus, government shutdowns, natural disasters and cyberattacks. Risk management planning for a pandemic involves identifying risks and assessing the impact and developing mitigation strategies to manage risks. If your nonprofit does not have a plan in…
Elements of Successful Nonprofit Cybersecurity
Nonprofits are more reliant on technology than ever before to deliver on their mission. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than ever…
The Bow Tie Method Addresses Risk Holistically
By Jay Mui, PMP, MBA | Supervisor, Risk & Advisory Services Well if you are being literal, 17th century Croatian mercenaries would use a scarf to hold together the openings at the neck of their shirts. King Louis XIII, a great employer of these mercenaries, so enjoyed and promoted this look that it soon became…
Why Associations Are Implementing Enterprise Risk Management (ERM)
By Melissa Musser, CPA, CITP, CISA | Principal, Risk & Advisory Services For years, associations have taken a siloed approach to risk management, focusing on areas like cybersecurity. More are now widening their nets, using ERM to ensure unexpected dangers don’t derail their association. When it comes to risk management, some may think of areas…
What Every Board Member Should Know about the Financial Statement Audit
By Omid Mohebbi, CPA | Audit Supervisor As members of a nonprofit board of directors, you and your board colleagues are charged with considering a variety of matters as part of your fiduciary duty to safeguard the organization. Even if you are not part of a designated audit or finance committee, as a member of…
An Audit Committee Offers Substantial Value Beyond the Audit
By Laura Malcom, CPA | Audit Manager Most nonprofit organizations today are led by a volunteer board of directors responsible for helping the group achieve its mission while providing sound governance and financial management1. In keeping with their fiduciary duty to provide effective financial oversight, many boards appoint an audit committee if not already required…
Developing Our Women Leaders Requires Hands-On Involvement
By Jackie Cardello, CPA | Managing Partner What does it mean to inspire young women leaders? It is much more than lip service to hiring and promoting women and internal policies meant to encourage leadership. While progressive policies, leadership development, and mentoring programs are all important, leading by example is the most powerful message. As…
Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits
By Melissa Musser, CPA, CITP, CISA | Risk & Advisory Services Principal Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM). ERM is a proactive, multidimensional process of identifying, assessing, cataloguing, and preparing for potential negative organizational outcomes in order…
Your Secret Nonprofit Fundraising Weapon: IRS Form 990
By Richard J. Locastro, CPA, JD | Partner and Director of Nonprofit Tax In today’s rough-and-tumble political climate, economic pressures are mounting, fewer people are giving to charity1, and nonprofits are feeling the squeeze. Federal budget cuts have reduced government grants and other resources available to nonprofit organizations2. Perhaps more significantly, the Tax Cuts and…
Filing Changes for Nonprofits with Group Exemptions
By Janna Goudarzi, MST | Nonprofit Tax Manager When similar nonprofit organizations can demonstrate a defined relationship, they may qualify for a group exemption by the IRS. Under this scenario, a “central organization” is the parent organization that has one or more subordinates under its general control and is also sometimes referred to as an…