By Lee Klumpp, CPA, CGMA and Laura Kalick, JD, LLM in Taxation The Financial Accounting Standards Board (FASB) recently posted a Q&A stating the FASB staff would not object to nonprofits applying guidance from the Securities and Exchange Commission (SEC) on the application of Topic 740,...
By Ken Eye and Andrea Wilson The internal audit (IA) function is vital to the health of any nonprofit, regardless of mission or scope. The audit committee and its individual members are crucial partners in safeguarding the integrity, purpose and, ultimately, the success of organizations. But, they...
By Lewis Sharpstone, CPA The quality and completeness of the audit committee charters that I have seen typically range from very good to great. This is why there is no mention in this article, other than here, of core audit committee responsibilities such as auditor appointment,...
By Laura Kalick, JD, LLM in Taxation Does your tax-exempt organization provide transportation and parking benefits to employees? If so, you may have another commuter headache: a new tax. Under the Tax Cut and Jobs Act of 2017 (the Act), a provision was added to the...
By Karen Schuler, CFE, IGP, IGP and Taryn Crane, PMP Notwithstanding the EU General Data Protection Regulation (GDPR)—the most sweeping change to data privacy in 20-plus years, with extraterritorial scope that went into effect on May 25, 2018—there are numerous privacy laws that are often overlooked. Earlier...
By Michael Conover Valid information on competitive pay levels and practices for “… similarly qualified persons in comparable positions at similarly situated organizations” has long been the basis for responsible management, and Internal Revenue Service (IRS) enforcement, of appropriate pay practices among all tax-exempt organizations. When the...
By Joe Sremack, CFE Robotic process automation is helping both for-profit and nonprofit organizations do more with less. Robotic Process Automation (RPA) is transforming the way organizations across different industries do business. It allows organizations to automate certain types of work processes to reduce the time...
