Many nonprofits are surprised to learn they may be eligible for tax incentives under the Inflation Reduction Act of 2022 (IRA), a landmark legislation that aims to boost the transition to a low-carbon economy. One of the key features of the IRA is the direct pay option, which allows tax-exempt organizations to receive cash payments from…
By Steven Lyons, CPA, Assurance Senior Manager and Kari Hipsak, CPA, Senior Manager of Quality Management While financial statement audits are mandatory for many organizations, a review or compilation may meet the needs of some. Understanding the differences between an audit, review, and compilation can help your organization select the best engagement to meet your…
Sage Intacct, a best-in-class cloud financial management platform, is the first and only cloud financial management solution endorsed by the AICPA. One of its many outstanding qualities is the frequency of new feature releases. Sage Intacct seamlessly releases four quarterly releases per year, and each is rich with enhancements and new features bringing you the…
For many nonprofit organizations, their endowment is critical to their bottom line. Endowments provide long-term financial stability by allowing organizations to plan for the future, knowing that they have a reliable source of funding to support their mission, programs, and activities. Despite their many advantages though, endowments also come with some rules and challenges. In…
This ERM handbook for association board members has been crafted to offer you a thorough understanding of ERM principles and practices, highlighting the essential role board members play in risk oversight for their association. Our objective is to provide you with the insights and tools needed to effectively navigate the complexities of risk oversight.
Generated by AI and edited by Heather Broberg, Senior Manager, Accounting Technology Solutions Budgeting and forecasting are critical components of financial planning for any organization, yet they often pose significant difficulties. These processes are essential for setting financial goals, allocating resources efficiently, and making informed strategic decisions. However, the complexities involved can make budgeting and…
In response to growing IT and cybersecurity risks, auditors are placing greater scrutiny on IT risk and risk controls in their audit process. The Auditing Standards Board issued a new Statement on Auditing Standards (SAS 145) that provides a more detailed risk evaluation framework and takes effect for all audits ending on or after December…