In This Issue:
When a nonprofit becomes a victim of fraud it does not just hurt the organization’s bottom line, but it can also cause devastating damage to the organization’s reputation. By implementing some simple controls, nonprofits can help protect themselves from these risks. By John Henne, CPA, CFE, MPA, CISA
Footnotes Tell a Story: What Constituents Can Glean from Financial Statements
When reviewing financial statements, nonprofit board members and managers sometimes make the mistake of focusing solely on bottom-line figures; but financial statements also may include a wealth of information in their disclosures. By Anne DeLaney, CPA, MBA
Nonprofit organizations typically depend on a variety of funding to keep them alive and well. They need funds to pay their bills, pay their employees and pay for the costs of running their programs. But savvy nonprofits know that not all that’s green has equal value and flexibility. Types of funding vary greatly in how they can — or cannot — be used. By Jessica Boicort, CPA, MBA
The Office of Management and Budget (OMB) has streamlined its guidance on grants management, including administrative requirements, cost principles and audit requirements for federal awards. The new rules reduce the burden on smaller nonprofits by increasing the threshold that triggers compliance audits currently performed under OMB Circular No. A-133, Audits of States, Local Governments, and Non-Profit Organizations (also known as single audits).
Katz, Sapper & Miller’s Profitable Solutions for Nonprofits is a quarterly newsletter that focuses on tax and accounting issues for the not-for-profit industry, brought to you by KSM's Not-for-Profit Services Group.