Insights on how nonprofit fraud is often committed and strategies to prevent it
In any business, or with any institution or organization, fraud often occurs when the person(s) charged with overseeing funds steals those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.
This article shares insights on how nonprofit fraud is often committed and presents strategies to prevent it.
The deadline for implementation of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), is right around the corner!
With an effective date of Jan. 1, 2018, for calendar year publicly held companies and Jan. 1, 2019, for calendar year privately held companies, the time to begin planning for implementation is now.
In this article, we will provide a refresher on the standard’s main provisions. Additionally, we will review implementation methods and key issues that may arise for government contractors during implementation, including those addressed by the AICPA’s Industry Revenue Recognition Task Force for Aerospace & Defense. Finally, we will discuss the presentation and disclosure requirements under the new standard.
When starting a 501(c)(3) organization, the IRS will generally classify it one of two ways—either as a public charity or a private foundation. Public charities are known to perform charitable work, while private foundations are typically grant-making organizations. The main difference between public charities and private foundations is the source of their financial support.
You work hard to make sure your QuickBooks data is accurate. Make sure it's safe, too.
Your QuickBooks company file contains some of the most sensitive information on your computer. You may have customers’ credit card numbers and employees’ Social Security numbers. An intruder who captured all that data could create tremendous problems for you and a lot of other people.
That’s probably the worst-case scenario. But other situations could also spell disaster for your business, which involve losing your company data through fraud, hacking, or simple technical failures.
We can’t overstate the vital importance of protecting your QuickBooks company file, especially your customer and payroll information. Whether someone steals it or it’s inaccessible for another reason, it’s gone. Keeping your business going after such a loss would be very difficult – maybe even impossible.
This article suggests ways to prevent that.
Tracking even the little expenses is important.
How does most of the money you owe individuals and companies get disbursed? Do you print checks, or write them by hand? Use credit cards? Pay online through your bank’s website?
Keeping track of your outgoing funds can be challenging, since there are so many ways to complete those transactions. But it’s important that all expenses are recorded correctly and consistently, to keep your company file accurate. In addition, so many of your expenses are tax- deductible. You don’t want to miss any of them.
But when do you enter and pay bills using QuickBooks Online bill-paying screens? In what situations would you use a purchase order? Why would you record a purchase on the dedicated expense screen? These are all questions we can answer for you. If you’re new to QuickBooks Online or simply puzzled by your options here, we’d be happy to schedule some time to go over these purchase issues.
During the latest Financial Managers Association (FMA) annual conference at the Otesaga Resort Hotel, Joanne Howard presented on behalf of the Office for Persons with Developmental Disabilities (OPWDD). Joanne disclosed that OPWDD currently has a request for proposal for Consolidated Fiscal Review (CFR) compliance audits.
How to avoid underpayment penalties - 2016 taxes are done, but it is already time to pay attention to your tax liability for 2017. You may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly installments is June 15, 2017. The first one was April 18, 2017.
While it may seem difficult to comprehend the notion of stealing cash from a nonprofit organization, people with ill intentions do it all the time, and smaller nonprofits are especially prone to this devious practice. This is partly because cash is more difficult to trace than stealing through other disbursement schemes. Additionally, smaller nonprofits often suffer from a lack of financial oversight, which makes this practice a realistic concern.
Say you currently have a direct ownership interest in a privately held company. Or, perhaps your company granted you stock options, stock appreciation rights, or some other type of stock-based compensation. Whatever the circumstances may be, you may consider yourself fortunate; but do you really know what your business interest is worth?
The FASB recently issued ASU 2017-06 to clarify the presentation and disclosure requirements for an employee benefit plan’s interest in a master trust. The ASU is available here, and becomes effective for plan years beginning after December 15, 2018.