- Does your not-for-profit organization maintain operating reserves? If it does, has a formal reserves policy been established and has your organization gone through the process of determining what level of reserves is appropriate? These are important questions that should not be overlooked.
- Private foundations should consider three specific areas of self-dealing: payment of personal pledges, compensation to employees and board members, and paying or reimbursing expenses of disqualified persons or family members.
- When building a volunteer organization, optimizing volunteer resources and capitalizing on employee time are frequently the primary challenges. The common solution is to institute overarching committees of finance, nominating, programming and fundraising. However, due to this committee consolidation, audit and financial reporting responsibilities are added into the finance committee and often, despite the growth of an organization, never leave that committee – even though they should.
- In the accounting profession, the war for top talent is in full force. Follow these eight tips to get the most out of your recruitment dollars.
- Because fraud inherently involves efforts of concealment, many cases will never be detected. Therefore, organizations are encouraged to implement certain anti-fraud internal controls, in order to lessen the opportunities to commit fraud.
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