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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…
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…
How to Protect Your Organization from Fraud
Audit parters Terri McKnight and Amy Boland provided on overview of the Association of Certified Fraud Examiners’ 2010 report on fraud including an analysis of the impact of fraud on organizations and the most likely perpetrators of fraud. Their discussion also highlighted key motives for fraud at nonprofits including economic hard times and internal threats, types…
Financial Leadership: Best Practices
Tax-exempt organizations have many choices to make and relationships to build to ensure the operational success of their organizations. Audit partners Jackie Cardello and Amy Boland help financial managers navigate these issues through a discussion of management and board roles and responsibilities and provide an oversight of financial statements, operating reserves and internal financial statements….
Surviving Your Employee Benefit Plan Audit
Gelman, Rosenberg & Freedman Employee Beneft Plan Audit Specialist Jackie Cardello presented on the various elements of nonprofit employee benefit plan audits including: Audit requirements Auditor responsibilities and employer responsibilities Common audit findings Filing Form 5500 and audit conclusion Ms. Cardello distinguished between small and large plans, as well as the number of participants in…