Zinner & Co. Blog and Newsroom

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?

Read More

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:

Read More

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.

Read More

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.

Read More

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

Board Member's Fiduciary and Governance Responsibilities - Board Members' Series (Part 5)

Posted by Chris Valponi, CPA on Feb 19, 2019 6:38:00 AM

Part 5 of a 5 Part Series 

Can board members be held personally liable for actions of the organization? Yes!

Agreeing to sit on a board for a nonprofit is a great way to donate your time and expertise. However, it comes with a great deal of responsibility.

Read More

Topics: Audit and Assurance Department, non-profits, internal control, fundraising

Board Member's Responsibilities with Financial Operations - Board Members' Series - (Part 4)

Posted by Simon Smucker, CPA on Feb 14, 2019 5:41:00 AM

Part 4 of a 5 Part Series

Not-for-profit boards have an important role in reviewing and approving the financial reports of the organization. In order to effectively evaluate the organization’s activities, plan for the future, and make decisions, financial reports are almost always on the agenda at board meetings.

Read More

Topics: Audit and Assurance Department, non-profits, non-profit reporting, management advisory, Business - Management, Issues & Concerns

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.

Read More

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

Risk Assessment and Internal Controls - Board Members' Series (Part 2)

Posted by Simon Smucker, CPA on Feb 6, 2019 3:34:00 PM
Part 2 of 5
 
In the current social and economic environment not-for-profit organizations face morerisk assessment internal controls for board members risks than ever before. One of the major responsibilities of the Board, as well as management, is to continuously assess the risks facing the Organization, both externally and internally.
Read More

Topics: Audit and Assurance Department, non-profits

Board Member Involvement and Oversight - Board Members' Series (Part 1)

Posted by Chris Valponi, CPA on Feb 4, 2019 4:18:00 PM

Part 1 of a 5 Part Series

Do you ever wonder what challenges Board members are facing and how they are board member involvement and oversightdealing with those challenges? Zinner and Co. plays a key role in helping organizations and their management team to overcome a wide range of obstacles. Our unique position of working with multiple entities allows us to take our experience and apply it to you and your organization.

Read More

Topics: Audit and Assurance Department, non-profits

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.
Read More

Topics: Audit and Assurance Department, audits, non-profits, non-profit reporting

CATEGORIES

Latest Posts

Learn why Zinner & Co. loves Cleveland

Subscribe to Our Blog