Tax Items To-Do Before Year End: in Two Weeks
riskms@o2active.cz As the year end comes speeding towards us, there are a few last minute tax season items we can perform to help with...
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Sherri Rose
- Dec 6, 2022
- 2 min
Tax Deductions for the Self-Employed
If you are a sole proprietor or receive a 1099 for contract work then you will want to consider tax deductions attributable to the income
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Sherri Rose
- Jul 21, 2022
- 2 min
Should I be paying estimated taxes
Estimated tax is the way you pay the IRS and the State income tax on the income you earn throughout the tax year. It is the amount of...
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Sherri Rose
- Jul 16, 2022
- 2 min
330 Grant Management
HRSA is the largest funding source for most federally qualified heath centers and rural health centers. Since COVID funding has substantial
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Sherri Rose
- Jan 14, 2022
- 2 min
Nonprofit Operating Reserves
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
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Sherri Rose
- Jun 8, 2021
- 2 min
How much does a nonprofit audit cost?
Audits are expensive. They are the highest level of assurance; therefore, require the most work. The fee quoted will depend on several...
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Sherri Rose
- Dec 8, 2020
- 2 min
Nonprofit Statement of Functional Expenses Allocation Methods
If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
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Sherri Rose
- Jun 9, 2020
- 3 min
Accounting for Non-Cash Contributions
Contributions can be made to a nonprofit in either cash or property. Non-cash contributions can be tangible or intangible. Tangible...
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Sherri Rose
- Dec 10, 2019
- 1 min
Volunteers and Financial Reporting Requirements
Volunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating...
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Sherri Rose
- Jun 11, 2019
- 2 min
Audit Preparation: Preparing the Schedule of Expenditures of Federal Awards (SEFA)
All nonprofit organizations that expend $750,000 and more are required to have a single audit under the Uniform Guidance One of the...
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Sherri Rose
- Jun 12, 2018
- 1 min
Subrecipient Responsibilities for Grant Revenue pass-through
A subrecipient is an organization that receives federal awards from a pass-through entity rather than directly from the federal grantor...
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Sherri Rose
- Dec 12, 2017
- 1 min
How to prepare the Grant Revenue Schedule
Accounting for grant revenue is vital for the nonprofit organization. Careful attention to detail must be provided throughout the life...
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Sherri Rose
- Jun 13, 2017
- 1 min
Year-end Financial Close for Nonprofit Organizations
All nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process. The first...
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Sherri Rose
- Jun 7, 2016
- 3 min
Best Controls for Small Nonprofits by Sherri Rose, CPA Nonprofit Auditor
Smaller nonprofit organizations often do not have the volume of transactions to require multiple level controls. Too many controls can...
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Sherri Rose
- Mar 8, 2016
- 1 min
Form 990 Review
Part of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form...
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Sherri Rose
- Dec 8, 2015
- 2 min
NONPROFIT OPERATING RESERVES
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
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Sherri Rose
- Sep 8, 2015
- 2 min
Nonprofit and NC Sales and Use Tax Clarifications
Recently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. ...
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Sherri Rose
- Jun 9, 2015
- 2 min
Grant Accounting in Nonprofit Organization
Accounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly...
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Sherri Rose
- Mar 10, 2015
- 2 min
Non-Profit accounting: Vendor Files
As a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be...
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Sherri Rose
- Dec 9, 2014
- 2 min
Nonprofit Statement of Functional Expenses Allocation Methods, by Sherri Rose, Nonprofit Auditor
If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
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