The changes to the statement of cash flows in ASU 2016-14 are probably the easiest to implement. Organizations will continue to have the option to use the direct or indirect method of reporting cash flows from operating activities. However, the previous requirement to present an indirect reconciliation if the direct method is used has been […]
The third major change that is a part of ASU 2014-16 relates to expense reporting. The new standard will require all organizations to report expenses by both functional and natural classification in the same place on the financial statements. The standard provides a few options for the presentation: 1. Present a statement of functional expenses […]
The second major change in ASU 2016-14 relates to investment return. The new standard will standardize the reporting of investment return across all nonprofit entities. 1. All external and direct internal investment expenses will now be required to be netted against investment return on the statement of activities. 2. There will no longer be a […]
There is a major change on the horizon for nonprofit financial statements, are you ready? Last August, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. This is the first major change to the nonprofit financial statement model in over 20 years. It […]
Charity Navigator is the nation’s largest and most utilized evaluator of charities. They have developed a numbers-based rating system that assesses over 8,000 of the nation’s charities. Is your non-profit organization rated by Charity Navigator? Have you ever looked at your score? The score is based on two broad areas of your non-profit organization’s performance: […]
Employers that may be considered “applicable large employers” – Those with 50 or more full-time workers, including full-time equivalent employees (see following definitions) – Should be taking steps to determine whether they fall within requirements of the Employer Shared Responsibility (RSR) provisions under the Patient Protection and Affordable Care Act (ACA, or “Obamacare”). The provisions, […]
by The NonProfit Times – January 29, 2014 Although the very word “committee” can send people running for the exits, they are necessary in many areas of nonprofit operations. One such area is audits. During the AICPA Not-for-Profit Industry Conference, Frank Kurre, New York office managing partner for Grant Thornton LLP, and Donna O’Brien, president of […]
When the founder or longtime executive of a nonprofit leaves an organization, the board often grapples with how to say goodbye and thank you. This question is loaded with complexities— feelings and relationships come into play, as do financial, legal, and reputational risks and rewards. There is a range of motivations for considering an exit […]
WRITTEN BY JOHN BROTHERS CREATED ON WEDNESDAY, 02 OCTOBER 2013 According to various experts and recent federal government guidance, nonprofit organizations receiving federal government funding should pay attention to several important areas. Alicia Schoshinski, a senior HR consultant writing for an online service called Nonprofit HR, states, “There is still a lot of uncertainty surrounding this issue (federal […]
WRITTEN BY PAUL T. HOGAN CREATED ON WEDNESDAY, 02 OCTOBER 2013 “Begin with the end in mind.” The second of Stephen Covey’s famous “7 Habits of Highly Effective People” carries cartloads of implications for anyone planning pretty much anything. Knowing what is ultimately to be achieved guides every decision at every point along the way, and, most […]
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.
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