Are you satisfied with your board’s performance?
Do you rave about your board of directors’ performance, telling everyone you know about, for example, its fundraising accomplishments, useful feedback on your performance and success at solving big-picture problems? If you can answer “yes” to this question, acknowledge your good fortune and leadership ability. But if you can’t give such a glowing review of […]
Restricted gifts call for careful handling
A recent New Jersey appellate court case, Bernard and Jeanne Adler v. SAVE, a Friend to Homeless Animals, serves to remind nonprofits that restricted gifts need to be treated gingerly. The case involves a New Jersey couple who donated $50,000 to a charity with the understanding that it would be applied to the costs of […]
AAF Receives Service Award from Wellesley Chamber
Alexander Aronson Finning CPAs was honored on Thursday April 3 with the 2014 Professional (Services Firm) of the Year award. Presented by the Wellesley Chamber of Commerce at the 12th Annual Celebration of Wellesley Businesses, this award was given to a professional services firm who excels in client service, gives back to the community and […]
IT Security Alert: Do you have computers running Windows XP?
You may be aware that Microsoft is discontinuing support of XP as of April 8, 2014. What does this mean, and what steps should be taken to minimize risk? Tom Murphy, Microsoft’s spokesman handling the end of XP support says: “Our guidance is that you need to get off XP. It’s really that black and […]
Watch out for IRS phishing scams
We have been alerted that a number of taxpayers are receiving emails from scammers representing themselves as IRS agents. The IRS does not initiate contact with taxpayers by email to request personal or financial information – this includes any type of electronic communication, such as text messages or social media. Taxpayers are receiving emails claiming to be […]
Accounting Alternatives for Private Companies – 2014
On March 20, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council). This update allows private company lessee (the reporting entity) to elect an alternative not to apply Variable Interest Entity (VIE) guidance […]
Requirement to Notify IRS of Changes to Responsible Party
Beginning January 1, 2014, any entity with an EIN (Employer Identification Number) must file Form 8822-B to report the latest change to its responsible party. The “responsible party” is the person who has a level of control over the funds or assets in the entity that, as a practical matter, enables the individual, directly or […]
New financial reporting framework draws mixed reaction
Last year, the American Institute of Certified Public Accountants (AICPA) released a new type of special purpose financial reporting framework: “Financial Reporting Framework for Small- and Medium-Sized Entities” (FRF for SMEs). The organization’s intent was to ease reporting for smaller, privately held, owner-managed companies that aren’t required to follow Generally Accepted Accounting Principles (GAAP). The […]
How to Maintain Not-For-Profit Status – Event 2/11
Do you have financial and legal questions on maintaining nonprofit status? The Lawyers Clearinghouse, in cooperation with the Arts and Business Council/Volunteer Lawyers for the Arts, will be holding an informative educational workshop at Goodwin Procter LLP on Tuesday, February 11th. This is a great opportunity to learn some of the key things your nonprofit […]