The firm is pleased to welcome Tracy M. Morey, CPA, as Principal and Nonprofit Practice Leader, Billy T. Lawrence, CPA, as Manager, and David B. Nazari, CPA, as Supervisor. “Having Tracy, Billy and David join our team is an incredibly exciting moment for our firm,” said Chip Helme, Managing Principal. “Their unique nonprofit audit and…Read More
As we move toward a post-COVID-19 economy, it’s a great time to do some strategic planning. And the way nonprofits go about strategic planning may be ready for an update as well. By adopting a more fluid and ongoing approach known as “real-time strategic planning” (RTSP), nonprofits can quickly and efficiently identify, understand and act…Read More
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical…Read More
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters.…Read More
With many nonprofit employees continuing to work at home, engagement and morale can suffer. But more than a year into the pandemic, some best practices have emerged for combating feelings of isolation and disconnection that undermine productivity for remote workers. Here are five. 1. Stay in regular contact Perhaps the most important step you can…Read More
The pandemic and ensuing economic downturn have put many nonprofits on shaky ground. In crises such as these, solid board leadership is more essential than ever — critical decisions affecting an organization’s long-term survival must be made. As your board members attempt to stabilize the organization and build for a successful future, they should bear…Read More
The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the temporary “universal charitable deduction” for taxpayers who don’t itemize their deductions through 2021. The deduction was limited to $300 for cash contributions to qualified charities…Read More
Some nonprofits have been forced to restructure their organizations due to the economic challenges of the COVID-19 pandemic. Fortunately, IRS rule changes from a couple of years ago make the restructuring process far easier than it once was. If you’re considering such a change, here’s what you need to know. How have the rules changed?…Read More
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