Do the math: Deciding whether you need a CFO

Do the math: Deciding whether you need a CFO

Nonprofits typically work hard to make the world a better place in one way or another. But their ability to pursue their missions depends greatly on their financial health and integrity. That’s why many nonprofits need to employ a chief financial officer (CFO)....

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All eyes on performance

All eyes on performance

How to make data analytics work for you Your nonprofit is accountable to many constituents, including donors, volunteers and the people you serve. A surefire way to demonstrate your effectiveness is through the use of data analytics. With facts at your fingertips,...

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Are your board members independent?

Are your board members independent?

Nonprofits must state on their IRS Forms 990 the number of independent voting members on their board of directors. Donors, state attorneys general and the media increasingly have been scrutinizing this reporting, believing that independent directors are a key...

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Surveilling new EU privacy rules

Surveilling new EU privacy rules

Data protection regulations include U.S. nonprofits Most U.S. nonprofits have paid little attention to the European Union’s (EU’s) General Data Protection Regulation (GDPR), which took effect May 25, 2018. The GDPR revises the standards for privacy rights, information...

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FASB issues new accounting rules for contributions and grants

FASB issues new accounting rules for contributions and grants

Accounting for contributions and grants has often proven complicated for nonprofits, especially when they come with donor-imposed conditions. New revenue recognition standards released by the Financial Accounting Standards Board (FASB) in 2014 only muddied the issues...

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Take another look at telecommuting

Take another look at telecommuting

These days, everyone seems to be working remotely from their home offices. If your organization hasn’t yet turned to telecommuting, or offers it only on a limited basis — for example, one day a week — you might want to take another look at the option. Why offer the...

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Upcoming Changes to Revenue Recognition for Nonprofits

Revenue recognition for Nonprofits could change drastically. Several changes have been put into place for nonprofits following generally accepted accounting principles (GAAP). Due to the complexity of upcoming changes, we’ve created a handy summary of these changes,...

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Partnership Representative Designation

The Bipartisan Budget Act of 2015 (BBA) established a centralized partnership audit regime. https://www.mcdonaldjacobs.com/wp-content/uploads/2019/02/Partnership-Representative-Designation.pdf

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S Corporation Year End Letter 2018

As an S Corporation, the below year-end housekeeping items should be considered and are recommended. Link: https://www.mcdonaldjacobs.com/wp-content/uploads/2018/12/S-Corporation-Year-End-Letter-2018.pdf

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