Zinner & Co. Blog and Newsroom

8 Keys to Ensure a Smooth Audit

Posted by Zinner & Co. Audit and Assurance Team on Mar 28, 2019 7:42:00 AM

Audits are important. Investors, lenders, government agencies, potential buyers and - in the case of not-for-profit organizations, your donors - rely on audit reports to assess your organization. Audits can be long, arduous, headache-inducing ordeals…but they don’t have to be. Proper preparation can go a long way towards simplifying the audit process.

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Topics: Audit and Assurance Department, audits, non-profit reporting, not-for-profit, internal control

4 Things You Should and Should NOT Do If You’ve Received an Audit Notice from the IRS

Posted by Zinner & Co. Tax Team on Mar 5, 2019 7:38:00 AM

You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.

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Topics: audits, income tax, IRS

Business Operations -Board Members' Series (Part 3)

Posted by Chris Valponi, CPA on Feb 12, 2019 7:09:00 AM

Part 3 of a 5 Part Series

An Organization’s management is charged with managing the day-to-day operations of the non-for-profit; however, this does not relieve Board Members from taking on certain oversight responsibilities.

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Topics: Audit and Assurance Department, audits, non-profits, Business - Management, Issues & Concerns

The Clarion Call for Nonprofit Transparency

Posted by Zinner & Co. Non-Profit Team on Jan 22, 2019 8:05:00 AM

The nature of charitable giving has changed, and there are four primary reasons for this:

  • Technology has made it not only easier to give to charities, but to know about charities and how efficiently they perform.
  • Changes in the U.S. tax code have created a disincentive for giving, especially for those who gave strictly for purposes of a tax deduction.
  • The rise of Donor Advised Funds (DAF) has made it easier for donors to contribute meaningfully to a cause.
  • Concerns for transparency and organizational efficiency have driven the need for increased disclosure and external oversight.
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Topics: Audit and Assurance Department, audits, non-profits, non-profit reporting

Not-for-Profit? What you need to know about the new FASB rules

Posted by Sue Krantz, CPA, Partner on Sep 22, 2016 12:00:00 AM

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016.

The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements. To view the standard in its entirety, visit the FASB's website here.

Adoption of FASB ASU 2016-14 will result in significant changes to financial reporting and disclosures for NFPs. FASB believes the update will improve NFP financial statements and provide more useful information to donors, grantors, creditors, and other financial statement users. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.

If you have a question about your not-for-profit financial reporting, contact us. We're ready to meet with you and start the conversation. Email skrantz@zinnerco.com or 216.831.0733. 

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Topics: audits, Sue Krantz, not-for-profit

The Importance of Hiring a Quality Employee Benefit Plan Auditor

Posted by Chris Valponi, CPA on Apr 26, 2016 8:30:27 AM

By Chris Valponi, APR

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Topics: Audit and Assurance Department, audits, Chris Valponi, employee benefit plan auditor

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