I’m either asked these questions or I come across them in my work. Here are three somewhat common ones. Our nonprofit is getting ready for our first audit. What are we supposed to do, and what does the auditor do? You should receive a letter of engagement from the auditors that helps spell out the [...]
Posts Tagged ‘Board of Directors’
CPAs, Boards and the IRS
Below are three items that might be of interest to nonprofit accounting professionals. How can our nonprofit find a CPA? This article from Step By Step Fundraising has some great information on getting you started on your search. As a bonus for you home school folks out there the author of that article has a [...]
FAS 117-1
Does your nonprofit have a donor-restricted endowment fund or a board-designated endowment fund? Are you hoping to get or create one? Effective for fiscal years ending after December 15, 2008, nonprofit organizations with donor-restricted and board-designated endowment funds are facing changes in financial statement reporting and disclosure requirements. In August 2008 the Financial Accounting Standards [...]
