When your not-for-profit desperately needs a new facility, costly equipment or an endowment, a capital campaign can be the best way to raise funds. But to be successful, a campaign requires strong leadership, extensive planning and dedicated participants. Leading the troops Capital campaigns generally are long-term projects — often lasting three or more years. To […]
If your not-for-profit is struggling financially, you’ve probably already taken steps to cut costs, such as wage freezes and layoffs. But to keep your organization afloat, you may need to come up with more creative ways to generate operating cash flow. Here are five: 1. Revisit your mission and programs. Perhaps there’s a particular program […]
To make sound decisions, your not-for-profit’s leadership should periodically survey donors and other constituents. But how do you design a survey to ensure a high response rate and constructive feedback? Clarify goals The first step is to define the survey’s purpose. Determine what you want to learn and how you’ll use the data you collect. […]
However much planning has gone into your special event, it may all be for naught if you can’t find reliable sponsors to foot a large percentage of the expenses involved. To line up businesses and individuals to sponsor your big fundraiser, annual meeting or other event, and retain them once you have their allegiance, be […]
Not-for-profit board members need to keep an eye on how well their organizations are meeting major goals and furthering their missions. One of the easiest, quickest ways for boards to do this is with a “dashboard” of key performance indicators. Just as an automobile dashboard gives drivers a quick glimpse of their car’s status, a […]
Not-for-profit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes. Recording gifts in kind Gifts in kind generally […]
The Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update on “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.” The proposed update has two core objectives: 1. To assist organizations in evaluating whether a transaction is a contribution (nonreciprocal) or an exchange (reciprocal) transaction and 2. To assist […]
As we are approaching the last quarter of 2017 and many of our clients are preparing for their annual events, it is always good to keep in mind the IRS substantiation requirements for contributions. The IRS requires donors to have contemporaneous written acknowledgement from the non-profit organization for each charitable contribution that exceeds $250 in […]
Income from endowment funds may be able to help your not-for-profit meet operating expenses, ease cash-flow problems and supplement next year’s annual budget. But you need to pay attention to several factors, including investment performance, inflation, operational changes and — the only factor you can truly control — your nonprofit’s spending policy. Know your restrictions […]
The liquidity and availability disclose requirements in ASU 2016-14 will likely be the most challenging for nonprofit organizations to adopt because it asks for information that the nonprofit organization has not typically had to disclose. The required disclosures include: 1. Qualitative Information (description) – how the organization manages its liquid resources available to meet cash […]
Our offices will be closed Friday, May 24 through Monday, May 27 to allow our staff a long weekend to celebrate the Memorial Day holiday.
Squire, Lemkin + Company, LLP is a Rockville, MD accounting firm providing audit, tax, accounting and not-for-profit consulting services to companies across the East Coast. Our firm has expertise in not-for-profit Organizations, Entrepreneurial Businesses, Professional Service Firms, High Net Worth Individuals, Estates and Trusts, Employee Benefit Plans and Individual Tax Returns.
We serve clients from our office Rockville, MD. We serve the Maryland, Virginia and Washington, D.C. metropolitan area.