Archive for February, 2010:
filed in Allocation on Feb.23, 2010
At a recent Lunch & Learn I presented the topic of cost allocations for nonprofit organizations. Allocating costs in a nonprofit involves the functional allocation of expenses between 3 different classifications: program activities, management/general activities, and fundraising activities. Allocating costs may not be considered to be much of a priority at a nonprofit organization. Why [...]
Tags: Accounting Standards, allocating costs, audited financial statements, cost allocation, depreciation, Expenses, Functional Allocation, fundraising activities, generally accepted accounting principles, grant, grantor, insurance, management/general activities, material weakness, nonprofit organizations, Not-For-Profit Accounting in Casa Grande, Not-For-Profit Accounting in Scottsdale, Not-For-Profit Accounting in Tempe, occupancy, program activities, salaries, Statement of Functional Expenses
filed in Volunteering on Feb.16, 2010
I recently attended an Inspire Luncheon hosted by the Scottsdale Chamber at which Linda Milhaven spoke. For those who are involved in Scottsdale you likely know (or know of) Ms. Milhaven, as she is very involved in the community. While I was excited to hear what she had to say, I was struck by something others [...]
Tags: board, committee, community, Nonprofit Accounting, Not-For-Profit Accounting in Casa Grande, Not-For-Profit Accounting in Scottsdale, Not-For-Profit Accounting in Tempe, tutoring, volunteer positions, Volunteering
filed in Taxes on Feb.09, 2010
I loved the IRS’s provided “drop in media”, which displays your tax return being crumpled and thrown in the garbage. Their portrayal isn’t far from what happens if you don’t file your 990 – you are in effect throwing away your 1023. With IR-2010-10 the IRS has implemented an automatic revocation of tax-exempt status for [...]
Tags: 1023, 990, 990-EZ Qualifications, 990-N, annual receipts, assets, calendar year-end, Compensation, disclosure, insurance premiums, IR-2010-10, IRS, Nonprofit Accounting, Not-For-Profit Accounting in Casa Grande, Not-For-Profit Accounting in Scottsdale, Not-For-Profit Accounting in Tempe, tax deductible, tax return, tax year, tax-exempt status, W-2
filed in Fraud on Feb.02, 2010
At our first Lunch & Learn seminar of 2010 (Fraud Issues in Nonprofits), we went over some “red flag behavior” that organizations should take note of in their employees. These indicators are so important because they often reflect some bigger problems happening within the accounting department – including errors and fraud. I thought I’d share [...]
Tags: accounting department, Bank Reconciliations, cash transactions, checks and balances, duplicate payments, employee behavior, expense accounts, fraud issues in nonprofits, fraudelent intent, general ledger, illness, investigation, invoices, ledger, Not-For-Profit (non-profit) Accounting: Fraud, Not-For-Profit Accounting in Casa Grande, Not-For-Profit Accounting in Scottsdale, Not-For-Profit Accounting in Tempe, red flags, system of checks and balances
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