Over the years, the subsequent accounting for goodwill has been an area that has seen a lot of changes and our blog has tried to keep you up to date with all of these. Where do we stand now? First off, goodwill mainly arises from a business combination where the purchase price exceeds the fair …
The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …
Receiving an employer match for your 401(k) is a great perk and encourages employees to participate in the 401(k) programs available. There are several different types and they can differ in timing, amount, restrictions and how they are calculated. Safe Harbor match Safe Harbor is a type of match in which employees are immediately 100% …
In the accounting profession, work can get busy. So much so, that many of us have probably caught ourselves saying, “I was so busy at work today, but feel like I got nothing done.” In general, one minute of focused time equals four and a half minutes of unfocused time, and while people can switch …
Many questions have arisen regarding the Uniform Guidance on the reporting of personnel expenses and the need to record hours worked across multiple grants and responsibilities. The Standards for Documentation of Personnel Expenses can be found under section §200.430(i). In reading the uniform guidance, we noted three things: Paragraph (i)(1)(i) states first and foremost that …
The investing landscape has changed dramatically over the years. Rather than calling a stockbroker to place an order, most investors now login to their e-broker to place an order. Instead of investing in expensively managed funds, many investors now choose to invest in passively managed exchange-trade funds (ETFs). A broader range of securities is available …
When addressing your SOFE (Statement of Functional Expenses) for the upcoming audit, it is important to remember that the SOFE must be broken out into its three functional categories. Those are program services, management and general (M&G) and fundraising. Now, your nonprofit may have a standing template for which you fill out the SOFE and …
A written conflict of interest policy should be put into place to ensure that voting board members are not influenced to act in any way other than in the best interests of the organization. Nonprofits can be closely monitored by the public to see if any transactions the organization enters into directly benefit a member …
Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …
The Economist magazine said that blockchain technology is the most important advancement in recordkeeping since the invention of double-entry bookkeeping in Florence, Italy in 1494. The modern accounting system is a series of mutual control mechanisms, checks and balances. This affects accountants’ day-to-day operations because most of the systematic duplication of efforts, extensive documentations and …