Violations of Loan Covenants – What Does this Mean for my Audit?

It these tough economic times, it is much more common for not-for-profit organizations to have a violation of their loan covenant.  When a loan covenant is not met (for example, a requirement to maintain a maximum debt to tangible net worth ratio), the consequences can be very negative to the entity’s financial statements.  Remember that …

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Pack Rat? Hoarder? Neat Freak? Record Retention Guidelines

If you are either quick to toss things, or are one who keeps things around until you run out of space, you might want to take a step back and reevaluate your system. While the “round file” may be the best place to immediately “file” junk mail and the like, when it comes to important …

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Is My 403(b) Plan Required to have an Audit?

Maybe not. A new rule that affects 403(b) plans this year is the annual audit requirement. There is a lot of confusion out there amongst non-profit organizations as to whether or not their 403(b) plans are required to have an audit. There is a 2-step process in determining if an audit is required. First, is …

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Choosing A Forensic CPA

The American Institute of Certified Public Accountants defines forensic accounting as “(T)he ability to identify, collect, analyze, and interpret financial and accounting data and information; apply the relevant data and information to a legal dispute or issue; and render an opinion.” (1) CPAs are often hired by clients and attorneys to conduct forensic accounting procedures …

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