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Challenges Continue in the Nonprofit Sector

Though complications caused by the coronavirus pandemic have eased relative to the last two years, a pessimistic outlook persists among nonprofit leaders, shows a recent 2022 State of the Nonprofit Sector report. A recent article from CPA Practice Advisor offers an overview of key findings from the study. Unfortunately, the report revealed significant budget shortfalls .....

Getting Ready for the Nonprofit Year-End Financial Close Process

As June 30th approaches, your nonprofit organization should be taking steps to prepare for its annual audit. In a helpful article for The NonProfit Times, Christine Hall, CPA offers five tips to help you get ready for the year-end financial close process. Click here to read about documenting changes and assessing risks, assessing collectability and .....

FASB Announces GAAP Update Impacting Nonprofits

Recent Generally Accepted Accounting Principles (GAAP) updates announced by the Not-for-Profit Advisory Committee of the Financial Accounting Standards Board (FASB) will have an impact on nonprofit organizations that accept gifts-in-kind and other non-cash contributions from donors. The Accounting Standards Update seeks to increase transparency by requiring nonprofits to disclose additional information regarding any contributed nonfinancial .....

Employee Spotlight – Annie Scionti Brett

It’s your time to shine What is your favorite movie and/or TV show? My favorite TV shows are Friends and New Girl. What did you want to be when you were growing up? Veterinarian, but once I realized you would have to put animals down I couldn’t pursue it. What hobbies do you have? Photography .....

The 50/30/20 Budgeting Rule Explained

You may or may not have heard of the 50/30/20 budgeting rule, but it’s a good one — one that will help make organizing your finances a lot simpler. The basic idea is to divide up your after-tax income and allocate it for spending in this way: 50 percent on your needs, 30 percent on .....

The Rise in Ransomware Attacks and How to Keep Safe

Cybersecurity experts estimate that there is a ransomware attack every 11 seconds. This is a big challenge for individuals, businesses, and governments alike. In ransomware attacks, cybercriminals encrypt a victim’s network or data, making it inaccessible until a ransom is paid. Despite organizations’ efforts to reduce the attacks, cybercriminals are advancing their attack methods. For .....

Give a College Savings 529 Plan For Graduation

If you want to make an impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to .....

Considerations When Selling a Business

According to the U.S. Small Business Administration and Project Equality, 60 percent of business owners plan to cash out of the business in the next 10 years. For the baby boomer generation, it’s especially important as they contemplate retirement, with this generation reportedly owning 2.3 million businesses. When it comes to getting a business ready .....

Lean Manufacturing and a Crisis—What Can We Learn?

The impact of the COVID-19 pandemic on manufacturers has been resounding and wide-ranging, explains Lori Walsh in a new article for CPA Practice Advisor. One subset of manufacturers that has felt a significant impact are those who employ lean manufacturing practices. Walsh examines what the pandemic can teach about how this manufacturing style functions during .....

Facing Down Supply Chain Challenges

There seems to be no end in sight for the supply chain challenges that have been plaguing the manufacturing industry. As such, small manufacturers need to focus on conserving and prioritizing their energy and resources in order to remain afloat, recommends a recent article from Industry Week. While there is no one-size-fits-all approach, the article .....