By Helena Bouron, CPA, Assurance & Advisory Director
In September 2020, the Financial Accounting Standards Board (FASB) issued accounting guidance focused on the presentation and disclosure requirements for contributed nonfinancial assets made to a nonprofit organization (NFP). This new guidance is effective for annual reporting periods beginning after June 15, 2021. This guidance does not change the accounting and recognition of nonfinancial assets, but rather enhances the presentation to increase transparency and comparability. Below, I have provided a summary of the new reporting and disclosure requirements your auditors will need for upcoming audits, and should help you understand the anticipated changes required in your financial statements. (more…)
Over the next few months, many nonprofit organizations will begin seeking summer interns. Well-managed internships provide great benefits for both the intern and the organization. Interns get a taste of the nonprofit world, and nonprofits not only get an additional worker, but can also spread their message about the organization’s mission.
Many organizations have unpaid internships, which by definition makes the interns volunteers. Some organizations pay their interns a “stipend.” Either arrangement is at the discretion of the nonprofit, and nonprofits tend to have more flexibility in this arena than for-profit companies. (more…)
Which Came First: Nonprofit Workplace Issues or the Pandemic?
According to the most recent Nonprofit Benchmark Priorities Report conducted by Wipfli, the top challenge that nonprofit leaders reported—employee burnout—is not a new concern. Workforce-related issues have been rising dramatically over the past few years, but the pandemic brought them into new focus. Indeed, workforce issues were identified as a top challenge by only 8.5 percent of respondents in 2018, compared to 62 percent of respondents in 2021. (more…)
It’s been a challenging few years. Yet, thanks to hard work, resilience, courage—and in some cases, good luck—vibrant nonprofit organizations have survived and thrived. As the pandemic (hopefully) runs its course, it’s a good time to assess and plan. The good news is there’s a team of financial and organizational advisors ready to assist. (more…)
The pandemic has brought out the best in many people—and the worst in others. According to the Identity Theft Resource Center, data breaches were up 38 percent in the second quarter of 2021.
To maintain network security, remind your team to use utmost care when responding to emails and clicking links. Here are a few of the most popular hacks targeting your busy staffers: (more…)
By Steve Carter, CPA, Principal
Recently, I have begun thinking more about the evolution of the COVID-19 pandemic upon our nonprofit clients. As government assistance is beginning to subside, and life somewhat slowly returning to measured normalcy, what does this mean to those nonprofits who have experienced the generosity of large and small benefactors helping meet society’s demands to feed, house, and provide other critical human and social services to the many impacted by the pandemic? (more…)
How does your board stack up? Is it a diverse, high-functioning, strategically-minded fundraising machine? Or is it more of a work in progress with opportunities for sharper performance?
It’s likely that your board is a little of both—high-performing in some areas and ripe for improvement in others. According to BoardSource’s most recent board study, more than 70 percent of chief executives and 80 percent of board chairs believe their board’s performance has improved in the past three years. Yet, there’s always room for improvement. (more…)
A lot has changed over the past 10 years, but certain values have not. According to the 2021 Deloitte Millennial Survey, millennials and Gen Zs have maintained their idealism, desire for a better world, and their belief that business “can and should do more to help society.”
These steadfast principles bode well for nonprofit organizations as millennials and Gen Zs enter and experience success in their careers and commit to causes they believe in. (more…)
Ensuring board diversity has taken on new urgency recently as leaders have more fully recognized the value of including more women and people of color in the boardroom. When boards don’t reflect the communities or populations they serve, they risk becoming stagnant and missing opportunities for growth and funding.
But just recognizing a need for diversity doesn’t make it happen. Building a diverse board requires a mindful, dedicated approach. Here are four ideas to help you cultivate diversity on your board: (more…)