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August 17, 2017

Is Your Audit Committee Assuming All Required Responsibilities?

By Helena Bouron, CPA, Senior Audit Manager
ASL Nonprofit Group

Generally, summer months are busy for most nonprofit organizations, with the year-end financial close and preparation for the annual audit process. Through this process, the Organization’s finance and accounting teams are working to demonstrate to external parties their compliance with internal processes and controls and laws and regulations. To better ensure the Organization’s compliance, the Audit Committee provides assistance to the Board of Directors in the oversight of these activities.

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Categories: Nonprofits
Tags: Audit, Audit Committee, finance committee, Helena Bouron, Nonprofit,
May 31, 2017

Donors Beware

By Patrick Ngai, CPA, Audit Manager
ASL Nonprofit Group

The internet has been around since the 1980s. Personal computers and smartphone technology had experienced exponential advancements on an annual basis since the 1990s. There was a time when it would take a full 10 minutes of load time just to get to the homepage of Yahoo.com. Now, we basically have the collective knowledge of the entire human civilization in the palm of our hand. (more…)

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Categories: Nonprofits
Tags: Data Security, Nonprofit, Patrick Ngai, paypal, yahoo,
February 9, 2017

We Are Exempt From Paying Tax, But What Do We File With the IRS?

By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group

For nonprofit organizations, no income tax may be due, but an annual return must be provided by certain exempt organizations in order to maintain tax-exempt status.  Tax-exempt organizations typically file a Form 990, but depending on the amount of gross receipts or the total value of assets, the organization may have options for filing a more simplified form.  Below we have outlined the requirements for each form: (more…)

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Categories: Nonprofits
Tags: Income Tax, IRS, Nonprofit, Samantha Ramirez, Tax Exempt Organizations,
August 18, 2016

FASB’s Changes to Nonprofit Reporting

By Josh Cross, CPA, Principal 
ASL Nonprofit Group

Recently the men and women at the Financial Accounting Standards Board (FASB) have been busy providing accountants with no shortage of nighttime reading. In the middle of putting the accounting world on its head with the release of the new Revenue Recognition (Topic 606) and Lease (Topic 842) Accounting Standards, the Not-For-Profit Advisory Committee has been hard at work re-tooling the way nonprofits will have to present their financial statements.  (more…)

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Categories: Nonprofits
Tags: ASU No. 2016-14, Changes, FASB, josh cross, Lease Accounting Standards, Nonprofit, reporting, Revenue Recognition, Topic 606, Topic 842,
June 6, 2016

Your Next Major Donor May Be Just a Click Away

By Helena Bouron, CPA, Senior Audit Manager
ASL Nonprofit Group 

There are a lot of wonderful events happening during the spring in Silicon Valley. One event that has raised a lot of interest in the nonprofit communities over the past three years is “Silicon Valley Gives.” Hosted by Silicon Valley Community Foundation, this one day, 24-hour online fundraising event matches local nonprofit organizations with individual donors in a single donation platform. In addition to attracting funds contributed by individual donors to their nonprofit organization of choice participating at the event, nonprofit organizations are also eligible to receive matching grants and prize grants sponsored by Silicon Valley Community Foundation and various other sponsors on this special day. With over $3 million in available grants and prizes, is your organization poised to take a piece of the pie?   (more…)

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Categories: Nonprofits
Tags: Donation, Donor, Helena Bouron, Nonprofit, Raising Funds, Silicon Valley, Social Media,

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