GASB 96 - What is a SBITA and how will our governmental entity implement this standard?
By: Kevin Stouffer, CPA Member of the Firm
Outsourced CFO Services - What are they and how can they benefit your organization?
By: Krista Gardner, CPA Member of the Firm
Is QuickBooks right for your nonprofit?
Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors.
Advantages and disadvantages of claiming big first-year real estate depreciation deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property
Valuing professional practices
There are many types of professional practices. Examples include medical, architecture, engineering, accounting, advertising, design and law. From a business valuation perspective, it’s important to recognize the common denominators these businesses share.
If your family owns a vacation home, address it carefully in your estate plan
For many people, the disposition of a family home is an emotionally charged estate planning issue. And emotions may run even higher with vacation homes, which often evoke even fonder memories. So, it’s important to address your vacation home carefully in your estate plan.
Commit to continually improve your nonprofit’s accounting processes
Do your not-for-profit’s accounting processes work perfectly — with no errors, delays or other inefficiencies? If yours is like most organizations, probably not. But if your nonprofit is committed to improvement, you have an edge over those that accept the status quo.
What should you consider when choosing a guardian?
What’s arguably the most common reason people put off estate planning? It’s naming a guardian for their minor children. No doubt this is a difficult decision for parents to make. However, if you and your spouse don’t name a guardian for your minor children and you both die unexpectedly, a court will name one. Contact the estate planning advisors at SEK for help with your will preparation.
Benefits of a living trust for your estate
if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. You can avoid this with a living trust.
Are your nonprofit’s interim and year-end financial statements at odds?
Using the cash basis of accounting may make sense for your not-for-profit organization — at least at this stage. Many smaller nonprofits use the cash basis to prepare their financial statements because it’s generally quick, easy and intuitive and can alert them to current cash flow challenges.