2011 Year End Tax Planning Seminar
Gelman, Rosenberg & Freedman’s annual tax planning seminar on December 7, 2011, at the Bethesda Country Club, highlighted current tax considerations and planning recommendations for 2012, estate and gift tax, Roth IRA contributions, social security and the Congressional super committee, followed by a question and answer session. All are welcome to the annual tax planning seminars,…
What an Auditor Does and Doesn’t Do
In the past, companies and tax-exempt organizations often relied on accountants from their audit firms to assist in reconciling accounts, preparing the adjusting journal entries, and writing financial statements. Smaller organizations often lacked the level of accounting sophistication necessary to carry out these tasks. Relying on the audit firm often made sense from the perspective…
Audit, Review and Compilation: How CPA Reports Differ
Audit, Review & Compilation: How CPA reports differ Many companies provide their financial statements, along with a CPA’s report, to lenders, investors, suppliers and customers. Informed readers of the report will gain varied levels of comfort based on the type of financial statement provided. Not all reports are the same. A CPA can provide different…
Risk Assessment Standards and Changes to the Form 990
Audit Department Director Terri McKnight and Nonprofit Tax Principal Richard J. Locastro presented to the financial management of Planned Parenthood on eight new risk assessment statements of accounting standards (#104 – #111) that went into effect on January 1, 2007, as well as anticipated changes to the new IRS Form 990. Discussion items included: Requirements…
The Impact of New Auditing Standards on Nonprofit Organizations and Tips on Preparing your Annual Audit
Statements of Accounting Standards #104 – #111 went into effect for all financial statement audits following a December 31, 2007 year end. Senior Audit Manager Trevor Williams provided a overview of each one and described the impact on the auditor’s work. The new standards are intended to: Provide guidance to the auditor to obtain a…
Preparing for Your Audit
Partner Ian Shuman and Senior Audit Manager Trevor Williams provided an overview of the different elements of a nonprofit audit including: Audit documentation (audit report, management letter, etc.) An auditor’s approach Changes in audit approaches over the year (including the introduction of new financial standards) Mr. Shuman and Mr. Williams also provided 15 tips to…
Implications of FIN48 for Colleges, Universities and Foundations
Nonprofit Tax Principal Richard J. Locastro reviewed the basic structure of FASB Interpretation FIN48, Accounting for Uncertainty in Income Taxes, which was released in July 2006 as an interpretation of FAS 109. Mr. Locastro discussed its application to tax-exempt organizations including: Various tax positions of tax-exempt organizations An evaluation of its organizational and operational structure…
Sub-Recipient Monitoring: External Audit Perspective
Gelman, Rosenberg & Freedman presented on the responsibilities of pass-through entities for federal awards to international non-governmental organizations including: Award identification and monitoring Sub-recipient audits Assurance of accountability of for-profit recipients Evaluation of sub-recipient activities as they impact the pass-through’s ability to comply with federal award requirements The presentation also covered factors that impact award…
Nonprofit Finance Fundamentals
Partners Jackie Cardello and Ian Shuman presented an intensive, full-day workshop on nonprofit finance fundamentals for the Nonprofit Roundtable of Greater Washington’s Future Executive Directors Fellowship Program. Discussion items included: Financial statements overview Audits, reviews and compilations Cash vs. accrual accounting Common red flags faced by nonprofit organizations Overhead Reserves Restricted net assets Budgets Internal financial reporting…
Audit and Tax Guidance for Board Members and Nonprofit Management
Gelman, Rosenberg & Freedman Nonprofit Tax Principal Richard J. Locastro and Senior Audit Manager Trevor Williams presented on effective audit and tax planning strategies, and reviewed auditor and organizational management responsibilities. Items of auditor consideration included areas of emphasis, systemic indicators and examples of management letter comments. Tax planning highlights included an overview of Form…