Benchmark to Improve your 2013 Performance
During tough economic times, your nonprofit organization should always be looking for ways to improve and differentiate itself from other groups. One helpful tool is benchmarking. Benchmarking is defined by the International Benchmarking Clearinghouse as the systematic, continuous process of measuring and comparing an organization’s business processes against leaders in any industry to gain insights…
Divorce: The Importance of Pension Plan Valuations
Valuing pension plans in divorce cases involves complex areas of law and accounting where haste, ignorance or a failure to adequately prepare can have catastrophic results. Attorneys often are pushed into negotiating divorce agreements under pressure and without adequate information about the parties’ pension plans. Having some basic information available about the types of plans…
Know the Facts Before Jumping into a Reverse Mortgage
Most people understand the basic premise behind a reverse mortgage: It allows you to convert part of the equity in your home into cash without having to sell your home or pay monthly mortgage payments. You can see how a reverse mortgage might be beneficial to cash-strapped retirees who are trying to remain in their…
Considering a Nonprofit Approach to your Business?
Does being exempt from business income tax, helping others and tapping into grants sound attractive? But what about relinquishing control to a board of directors and giving up ownership and profits? All of the above are true if you decide to form a nonprofit. That said, perhaps you feel your present business model would function…
How to Create a Strong Case Statement
A strong case statement is critical for any major fundraising campaign, whether you plan to approach foundations, individuals or corporate donors. The main focus should be on the problem you are solving, your funding goal and the expected results. A good case statement is fluid and versatile, lending itself to various uses and – in…
Update Addresses Impairment of Intangible Assets
The Financial Accounting Standards Board issued guidance in July 2012 that applies to all reporting entities – public, private and not-for-profit – for testing impairment of indefinite-lived intangible assets. Some examples of intangible assets that will be subject to the new “optional” qualitative impairment testing guidance include indefinite-lived trademarks, licenses and distribution rights. The guidance,…
Include Money Management in Child’s Education
Parents have two major responsibilities regarding their children – to care for them and to teach them. When it comes to issues about money, deciding when each responsibility applies can be tough. Parents are often torn between providing for the child’s needs (or wants) and teaching the child to handle money responsibly. While there are…
Be Sure to Follow Tax Rules When Lending Money
Lending money to family members not only helps them out financially, but can be a tax-effective way to transfer wealth to the next generation. Lending rather than giving allows you to provide wealth to the younger generation without totally parting with the money. You can hold on to your retirement nest egg, while encouraging financial…
Online Auctions Can Be Strong Revenue Source
Rachael Ray has it so easy. When raising money for her foundation Yum-O, the celebrity chef was able to turn to friends like former “All My Children” doyenne Susan Lucci for online auction items. Recent bidders for Ms. Lucci’s vintage red leather Chanel bag ran the price up to nearly $4,000. But, have no fear…
How a CPA can Help in Litigating Shareholder Disputes
Corporate equity and shareholder issues are staples in the study of accounting, starting in Accounting 101 and continuing in-depth in most core classes throughout the accountant’s five-year course of study. The issue is studied again for the uniform CPA exam, and it is frequently encountered during the CPA’s annual 40-hour mandatory continuing education studies. In…