Zinner & Co. Blog and Newsroom

 

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?

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

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:

Topics: Audit and Assurance Department, internal control

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.

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

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.

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

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.

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

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.

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

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.

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

Part 2 of 5

 

In the current social and economic environment not-for-profit organizations face more 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.

Topics: Audit and Assurance Department, non-profits

Topics: Audit and Assurance Department, non-profits

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.

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