Why You Should Keep Your CPA in the Loop

Planning for your year-end audit, review or compilation engagement should be kept on your mind all year round. There are several events that can occur in your business throughout the year that can impact the financial statements and the year-end engagement. We value a continuing and positive rapport with our clients throughout the year. While …

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Information Security

Earlier this month the United States Computer Emergency Readiness Team (US-CERT) and the Department of Homeland Security issued an alert that Symantec and Norton antivirus software contain multiple vulnerabilities. Symantec has, in response, released patches that will fix the vulnerabilities and the US-Cert encourages all users to patch their software immediately. The alert is good …

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What Your Schedule A Says About You

Does your organization check all the right boxes? For Schedule A, that is. Schedule A is a crucial piece of the 990 for nonprofits as it calculates whether they truly qualify as a publicly supported organization or not. Generally, to be considered a publicly supported organization, the nonprofit must have support of at least 33 …

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Do You Reconcile Your Governmental Capital Assets?

It can be hard to remember, but it is a requirement of most all federal grants in which capital assets are purchased, that a governmental entity performs a physical inventory of all capital assets at least once every other year. In the case of Arizona school districts, they must inventory their capital assets, or property …

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Heads Up on Form 1099-MISC

Please note the new filing date for Form 1099-MISC, per the IRS: Public Law 114-113, Division Q, Section 201, requires Form 1099-MISC to be filed on or before January 31, 2017 (compared to February 28th in the prior year), when you are reporting nonemployee compensation payments in Box 7. Otherwise, file by February 28, 2017, …

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2016 Annual Giving USA Report Released

The Giving USA Foundation (a public service initiative of The Giving Institute) has released their 2016 annual Giving USA Report on Philanthropy in collaboration with The Indiana University Lilly Family School of Philanthropy. Using data from calendar year 2015, the Giving USA report compiles and analyzes data on charitable giving in the U.S in order …

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Charity Navigator Launches CN 2.1

On June 1, Charity Navigator announced the launch of CN 2.1, an enhancement of their previous charity rating system CN 2.0. This includes several changes to the seven “Financial Health” rating metrics used to evaluate charities, and to help donors make wise decisions in choosing where to make their donations. Here are the primary changes …

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GASB Issues 2016 Implementation Guide

Government accountants are aware that the hierarchy of accounting for state and local government’s generally accepted accounting principles (GAAP) fall in one of two categories. Category A is the official Governmental Accounting Standards Board (GASB) Statements. Category B includes GASB Technical Bulletins, GASB Implementation Guides and literature of the American Institute of Certified Public Accountants …

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What Percent Should Charities Spend on Their Mission?

Ever heard the cliché “comparing an apple to an orange”? I’m not a scientist and I don’t know the cellular differences of both, but I do know that oranges are acidic with a thick peel usually removed prior to consumption. Apple, on the other hand, is a brand of electronics most commonly seen in the …

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Performing a Monthly Bank Reconciliation

A bank reconciliation compares the transactions that occurred in the organization’s bank account to the transactions that occurred in the organization’s general ledger or accounting software. It is important to note that the ending cash balance for the bank account is referred to as the “bank balance” and the ending cash balance for the organization’s …

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