Bookkeeping & Accounting | Outsourced Services | Small Business | Nonprofit | Foster Results, LLC

Outsource Your Business Payroll

You probably didn’t start your business because you were passionate about performing administrative tasks. Most business owners decide to start their own company because they have a real love for a product, service, or industry. So why would a business owner devote their limited time to processing payroll? Maybe they think it will save them [...]

FASB 117 for Nonprofits

The Financial Accounting Standards Board (FASB), the rule-making organization for generally accepted accounting principles, issued standard 117 in 1993, affecting the nonprofit sector. Standard 117 outlines the financial statements for nonprofit organizations FASB117 is the primary guidance relating to the financial statements of nonprofit organizations and created new standards relating to the nature and format [...]

How long should I keep records for accounting and tax purposes?

The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. The period of limitations [...]

Small Business Budgeting Tips for 2012

In these troubled economic times, it can be difficult for a small business to budget for the new year. With credit crunches and slower sales, it’s hard to predict how to budget for the year. Experts are saying that the key to budgeting for 2012 is to be prepared for the worst, while still hoping [...]

2012 IRS Mileage Rate Options

WASHINGTON, DC — The Internal Revenue Service (IRS) has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will [...]

Maintaining Your Tax Exempt Status

Loss of tax-exemption could have disastrous consequences for a nonprofit organization. Every nonprofit leader should be familiar with the annual filing requirements and activities that should be avoided in order to protect and maintain tax-exempt status. Be familiar with and keep a copy on hand of IRS Publication 1828, which is a list of compliance [...]

Types of Fraud in Nonprofit Organizations

There are two broad categories of nonprofit fraud: Those committed against the nonprofit Those committed by the nonprofit Typical examples of fraud perpetrated against nonprofit organizations include: Skimming: Cash is stolen before the funds are recorded in the accounting records Credit card abuse: Perpetrators either use organization-issued credit cards for personal use or use donor [...]