Selecting an Audit Team for Your Nonprofit
An audit provides the highest level of assurance that a nonprofit organization’s financial statements are fairly presented and free of misstatements. Unfortunately, not every nonprofit can afford a full-scale audit. For small nonprofits that cannot, forming an internal audit team to review the books is a helpful practice. However, if your organization can afford an [...]
High Income Tax Bill? Don’t Gripe, Count Your Profits!
We often hear grumblings this time of year about how high their income tax bill is. Sometimes, it seems to us that people would rather make less money than to have to pay taxes. We believe this is the wrong attitude. To our way of thinking, a big tax bill means only one thing, they [...]
Small Businesses Need to Keep Their Financial Systems Up-to-Date
Customers are flocking to your small business and you’ve been able to pay all your bills. Things are going great, right? From an outward appearance, it may look like you are on Easy Street, but is that what your financials show? Your business is only as strong as the accuracy of its information systems. Perhaps [...]
Seeking Nonprofit Accountant Looking For Better Balance!
We are currently hiring for a nonprofit accountant who is seeking a better work-life balance. Do you work longer hours than you’d like? Do you want more time with to honor personal commitments, such as family and friends? Do you seek a more family focused work environment? At Foster Results, we understand the pressure of [...]
Nonprofits: To Avoid Common Accounting Mistakes, Perform a First-Quarter Financial Check-up
The first quarter of the year will be over soon, so it’s a good time to evaluate your processes to make sure your organization isn’t making any common accounting mistakes that seem to befall nonprofits. It’s still early enough in the year for you to correct any problems and sail on through the rest of [...]
How Small Business Should Handle Tax Notices – First, Don’t Panic!
The last thing you want to see in your mailbox is a thick envelope from the IRS. Refunds come in thin envelopes, not much larger than the size of a check. Tax notices arrive in thick envelopes. One of our small business clients called us in a panic the other day because they had received [...]
Membership Organizations Face Special Accounting Challenges
Membership organizations like fraternities and sororities face special challenges when it comes to accounting. Many times these organizations use elected treasurers that only serve terms for the school year, which could only be five months or so. With the treasurer’s term being so short, it’s hard to imagine that anything gets accomplished. This situation does [...]
Handling Nonprofit Endowments
Soliciting and accepting endowment gifts are a common practice by nonprofit organizations. Stability is the main reason to have an endowment. Small and new nonprofits often only think about the current fiscal year or the next payroll. It is important to get out of that financial trap as soon as possible. An endowment helps diversify [...]
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