Zinner & Co. Blog and Newsroom

Ask the Expert: Am I Being an Effective Board Member?

Posted by Chris Valponi, CPA on Apr 6, 2017 12:34:43 PM

Chris Valponi, CPA
Audit and Assurance Manager

Q:  I volunteer as a Board member for a mid-sized not-for-profit. At times, I feel that I am just going through the motions of reviewing and approving the balance sheet or the Treasurer’s report during our monthly board meeting. Are there duties that I could take on to be a more effective board member?   
Pat M. – Volunteer board member, Cleveland

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Topics: non-profits, Chris Valponi, not-for-profit, Ask the Expert

Charitable Giving: Are You Doing Harm by Doing Good?

Posted by Chris Valponi, CPA on Mar 8, 2017 4:59:23 PM

Leaving a philanthropic gift to a charitable organization can be a rewarding experience, both for the donor and the designated organization.

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Topics: non-profits, Chris Valponi, not-for-profit

Nonprofit Filing Deadline Only Days Away

Posted by Barbara Theofilos, CPA, MBA on Oct 24, 2016 10:18:56 PM

The November 15th deadline for non-profit organizations is quickly approaching. This is the final due date for calendar year non-profit organizations that have taken advantage of the two extensions already available to them. This includes organizations that are required to file Form 990, Form 990EZ and the online filing of Form 990N. (Keep in mind that the 990N is only required to be filed electronically once every three years to maintain tax-exempt status).

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Topics: Barbara Theofilos, not-for-profit

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


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