We get it, not all months are smooth sailing. But when your organization relies on accurate, timely financial statements to guide decisions and discussions, the deadlines are non-negotiable. Take your monthly schedule into your own hands to make sure you’re never late closing the books.
Though it can be a nerve-wracking discovery, missing a HAP check doesn’t doom your property. Notify HUD and take action to make sure your property stays financially stable during this temporary lull in revenue.
Lower Income Tax Rates for Most Individuals The 2017 Tax Cuts and Job Act (TCJA) is the biggest change that the US has seen in regard to tax law in decades. Prior to the TCJA being signed into law last year, the biggest change the tax law underwent was when the Tax Reform Act of…
The preliminary phase of an audit teaches us about our client’s major changes throughout the year, what kinds of internal controls they use, and what strategies we may need to implement during the audit itself. This knowledge isn’t just helpful, it’s necessary to make the audit process smooth, simple, and stress-free.
Monthly financial statements are key supports of an organization’s financial stability. They help those in charge of governance make decisions based on their financial position, which means they need to be both accurate and timely. The key to generating financial statements is being able to close the books each month easily and accurately.
If you’ve ever entered a transaction incorrectly, you’ve likely forced an accounting software to correct the mistake using a journal entry. Though this manual override is versatile and powerful, it can also create vulnerabilities in your organization’s financial records.
New Tax Imposed on Nonprofits Prior to the Tax Cuts and Jobs Act, certain for-profit employers were allowed a tax deduction for the costs related to qualified transportation and parking benefits provided to their employees. However, this deduction was eliminated by the Tax Cuts and Jobs Act. As a result, nonprofits that provide transportation and…
Whether you’re getting ready to send your hundredth audit RFP or are creating your first one, it’s important to make sure it’s doing the work for you. A well-written, clean-cut RFP will tell you right away which auditing firm pays attention to details and is worth every penny of their fee.
When David and Latesha met some of our new clients, their first impressions were distant and nervous. But after only a few days together, cold, professional handshakes melted into warm embraces. Latesha shares her experience of making friends with near-strangers in this Tale from the Trail.
Starting with FY 2018, Rural Development properties report their financial statements a little differently than before. Fortunately, these changes bring simplification and alignment with other government agencies, like HUD. Some low-risk properties don’t even need to perform a yearly audit anymore.