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• The End of the Audit Industry As We Know It?

  There is a disturbing trend in America to create new regulations whenever problems are encountered. New regulations are easier than enforcing current regulations or otherwise addressing the problem.

• Compensation Issues at Massachusetts Charities

  The Massachusetts Attorney General has come out against compensation to trustees of all nonprofits, including foundations that are registered in the Commonwealth. Although lawmakers in the state voted in May 2011 to ban payments, the proposal did not pass as part of the budget bill.

• To Audit Committee or Not to Audit Committee, That is the Question

  Congratulations, you've agreed to serve on a charity's board. You arrive at your first meeting ready to learn how to promote the organization's mission, pitch in with fundraising, and help recruit volunteers, only to find that what the board really needs to do is set up an audit committee.

• New Audit Requirements Make Audits Longer and More Expensive

  Audits are requiring more time and are costing more money.  I don’t like this any more than you do.  In this blog, I will take one of the newer audit requirements and explain how this is adding time and money to your audit.

• Should a CPA be on your board?

  CPA’s are members of the most trusted profession in the country and perform their duties admirably for the boards on which they proudly serve.

• Proper Receipts for Your Charitable Deductions

  In a recent Tax Court decision the IRS prevailed when a taxpayer had not obtained proper acknowledgement of his deduction from the charity. As a general rule, a charitable contribution of $250 or more must be substantiated with a contemporaneous written acknowledgment from the recipient charitable organization.

• Charity Accountability

  How can you make sure that your organization avoids negative publicity?

• Lessons from Penn State – Not-for-profit Board Responsibilities

  What are the lessons non-profit boards can learn from Penn State?

• Common Business Valuation Mistakes

  On June 8th I was part of a panel discussion regarding various topics in Business Valuation. Unfortunately we were unable to cover one section of particular interest which discussed the common mistakes in business valuation. Here’s a list of some issues we’ve seen that can raise a red flag about a practitioner’s qualifications:

• Selling Museum Collections

  The New York legislature failed to pass legislation that would have prohibited the sale of portions of a museum’s collection and use the sales proceeds to fund operating expenses last August. This was reported in the New York Times this time last year and now a year later provides me the opportunity to discuss the dilemma of generally accepted accounting principles and the law.