Due Diligence Vital Before Joining New Nonprofit
There are more than 1.5 million nonprofit organizations in the United States, many of which have overlapping causes. Each year, more organizations compete for a finite pool of funding, resources and talent. This competitive pressure has been worsened by the economic downturn. There are fewer funding sources, and the funders may not want to give…
Take Care in Correcting Prior Financial Statements
Not-for-profit entities sometimes need to make corrections to prior-year financial statements so that net assets are appropriately classified in financial statements. There has been some inconsistency in practice in addressing the circumstance where changes in classifications within net assets in the prior period need to be made. Prior-period statements are often presented for comparative purposes…
Cash Flow Analysis: A Matrimonial Case Study
By Laura P. Ewart, CPA, valuations supervisor at CPAmerica member Cowan, Gunteski & Co., P.A., in Toms River, N.J. In virtually all matrimonial litigation cases in which one spouse is a business owner, the expert retained in the case must analyze and report on two issues. The first issue is the value of the business…
Proceed With Caution When Buying Commodities
Many investors purchase commodities based on speculation about how prices will change. Prices can go through great swings, and investors can very quickly gain or lose large sums of money in volatile markets. Commodities are raw materials, such as wheat, oil, precious metals and oranges, that can be bought and sold in bulk. Buying on…
Internal Reviews Help Ensure a Healthy Business
Because of the economic woes seen during the past few years, many businesses have seen decreased profits. Some companies that were barely getting by and didn’t adjust during these tough times have gone out of business. Remarks often heard from such businesses are “How could this happen?” and “We didn’t see it coming.” While it’s…
Attorneys: Set Aside Time to Do Your Billing
Time-keeping and billing can be the bane of an attorney’s existence. But even worse is having to work an additional 10 or 20 hours because a client failed to pay his bill. Faster billing means faster and larger collection of professional fees. Unfortunately, it’s almost a universal truth that professional billings are often neglected by…
Does It Help to Haggle?
Anyone who’s traveled outside the country knows that bargaining for a better price is often a part of the retail experience. Perhaps it’s a sign of the times, but the same is becoming true to some extent in the United States. Consumer Reports 2012 Buying Guide found that 35 percent of major appliance shoppers tried…
Help Your Board Understand Your Group’s Finances
Boards of directors come in all shapes and sizes. Some members are more knowledgeable about finances than others, but even the most financially savvy may not understand how the finances of a nonprofit work. The finance director can help board members function more effectively by working with them to enhance their understanding of the financial…
Do Panicky Clients Cause Weekend Worries?
Attorneys often suffer from “panicky client syndrome.” The client panics, the lawyer works double-time, and the client complains about the bill. Many clients, especially difficult ones, use Friday afternoons to pawn their legal worries off onto their lawyers. And they use Monday mornings to vent about the weekend’s frustrations. Well, don’t touch that phone! That…
Inflation Brings Changes to Retirement Plans
Cost-of-living adjustments have triggered changes to the dollar limitations for pension plans and other retirement-related items in 2012. The increase in the cost-of-living index met the IRS thresholds requiring many of the limitations to be adjusted, but other limitations will not change. Workplace retirement plans The contribution limit for employees who participate in 401(k), 403(b),…