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Zinner & Co. Audit and Assurance Team

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10 Things to Look for in a Not-for-Profit Audit Firm

Posted by Zinner & Co. Audit and Assurance Team on Sep 26, 2019 5:00:00 AM

 

Selecting a firm to conduct your not-for-profit’s audit services can feel like a daunting task. There are hundreds of firms online and most (if not all) claim to perform not-for-profit audit services.. How can you know which audit firm is the right for your Organization?

Selecting the right audit firm is like creating a long-term relationship with a partner that is dedicated to helping your organization fulfill its mission. Selecting the wrong firm can feel like trying to swim with a 500 lb. weight strapped to your back.So how can you be sure you are selecting the best fit for your needs?

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Topics: Audit and Assurance Department, audits, non-profits, not-for-profit

5 MUST HAVE Internal Control Concepts that Your Organization Should Implement Immediately

Posted by Zinner & Co. Audit and Assurance Team on Jul 23, 2019 6:15:00 AM

Estimates show that over 5% of all revenue is lost to fraud and theft each year. The numbers are staggering - odds are if you have not experienced it, you will.


One of the best ways to prevent fraud and theft is to implement a system of internal controls (though no system of internal control can prevent all fraud and theft). We have developed a comprehensive checklist of internal controls you should be using, but here are our top 5:

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Topics: Audit and Assurance Department, internal control

Ask the Expert: As a sitting board member of an organization, can I be personally liable for the actions of the entity?

Posted by Zinner & Co. Audit and Assurance Team on Jul 16, 2019 5:37:00 AM

Q: As a sitting board member of an organization, can I be personally liable for the actions of the entity? 

In a word, yes.

As a member of the board of directors, you assume certain fiduciary responsibilities.

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

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

Fundraise Now, Report Later?

Posted by Zinner & Co. Audit and Assurance Team on Mar 22, 2016 4:11:00 PM

If you are a professional fundraiser or volunteer for an organization, this article is a must-read to help you better understand the difference between deferred and temporarily restricted revenue.

Many of our not-for-profit clients frequently ask me to explain when funding is considered deferred revenue and when is it considered temporarily restricted revenue.  This area can be confusing, as the reporting and accounting implications can vary greatly.

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Topics: non-profits

Married. Engaged. Living Together: Tax Status Changes and When They Matter

Posted by Zinner & Co. Audit and Assurance Team on Sep 22, 2015 10:08:41 AM

For engaged couples, there seems to be a never-ending list of things to plan ahead of the “big day,” including invitations, bridal party, the venue, wedding colors, first-dance song, and most romantically, the IRS. 

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Topics: Taxes - Planning, Rules and Returns

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