FIN 48, Accounting for Uncertain Tax Positions (now codified as ASC 740-10) was made a requirement for any entity with financial statements prepared in accordance with generally accepted acc
A nonprofit organization can engage a Certified Public Accountant (CPA) to prepare its financial statements. There are three levels of financial statement services offered by CPAs: Audits, Re
A "best practice" is the most effective way to achieve the desired outcome applicable to most organizations. Our goal is to develop a compliance program for federal grants applicable to nonpr
The auditor will ask you to write confirmation letters to your banks, funders, lenders, and attorneys to confirm the amounts reflected in your records. Confirmation letters are printed on you
Statement of Financial Account Standards 116 (FASB116) is the primary guidance relating to the recording of contribution revenue by not-for-profit organizations (NFPs).
Statement of Financial Accounting Standard 117 “Financial Statements of Not-for-Profit Organizations” (FASB117) is the primary guidance relating to the financial statement
As part of its ongoing commitment to educated organizations that receive federal awards, the Governmental Audit Quality Center (GAQC), part of the American Institute of Certified Public Accountants
After the audit is completed, the auditor will issue the organization an audit report. The audit report is addressed to the board of directors. The report includes:
A common item on the financial statements of not-for-profit organizations (NPOs) is investments. These investments can often be the largest single line item on the financial statements.
With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt
The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2016-14. This ASU is intended to update, not overhaul, the current financial statement model to imp
OMB Circular A-110 ("A-110") is officially named "Uniform Administrative Requirements for Grants and Agreements With Institutions of Higher Education, Hospitals,