Anticipating Going Concern Issues Can Save Nonprofits Valuable Time and Effort
By: Omid Mohebbi, CPA | Audit Supervisor Introduction Auditors occasionally come across going concern issues in the course of performing their audit procedures. These issues essentially refer to the ability or inability, as the case may be, of the audited entity to continue operations beyond a certain timeframe, which the standards refer to as “a reasonable…
Unrestricted Net Assets and Key Financial Ratios Help Nonprofits Focus on their Financial Health
By: Michael Shaffer | Nonprofit Audit Manager In my 18 years as an auditor of nonprofit organizations, I have sat in a large number of offices for meetings with my clients. I always enjoy seeing how folks have their offices decorated, but one office stands out to me more than others over the years. This…
Revenue Recognition: New Guidance for Recording Contributions, Grants and Contracts (Topic 605/Topic 606)
In June, FASB issued an update to Topic 958, “Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made” to clarify how nonprofits determine whether a resource provider is participating in an exchange transaction vs. providing a contribution. Understanding how the new guidance affects revenue recognition is critical for all nonprofit organizations….
Your Accounting Function Can Become an Organizational Asset with an Accounting Systems Assessment
By: John Pace, CPA, CVA | Partner and Director of Outsourced Accounting and Advisory Services Despite adding accounting staff and implementing new software products, many organizations struggle with significant challenges related to their accounting function. Even with adequate resources and effective leadership, they may still experience issues with providing accurate reports, timely closing of the…
Manage Risk to Your Organization with Effective Data Security
Managing risk is becoming an increasingly important business concern because data security is not an issue that can be permanently resolved. Adding new complexity to internal security challenges, the new data privacy protection laws place an additional burden on organizations to prioritize security measures around consumer data. In this escalating risk environment, a risk management…
Manage International NGO Risk Effectively with an External Field Office Audit
By: Max Manley, CPA | Nonprofit Audit Manager International NGOs (INGOs) working overseas in the development and humanitarian response sectors face a unique set of challenges and risks from both an accounting and operational standpoint. Whether your role resides at headquarters (HQ) or in a field office, as an INGO leader your responsibilities include managing…
Changes to Recognizing Revenue with Implementation of AUS 2014-09: Is Your Nonprofit Prepared?
Join Gelman, Rosenberg & Freedman CPAs and Financial Executives Alliance for an overview of the new accounting standard as it relates to nonprofit organizations. Our experienced CPAs will review the revenue streams affected and explain the potential impact to revenue recognition, measurement and reporting to help your organization assess the impact and develop an implementation…