Nonprofit

What nonprofit leaders need to know about assurance services: Is an audit, review or compilation best for your organization?

If you’re leading a nonprofit, you already know how critical financial transparency is to sustaining trust. Donors, grant makers, board members, and even the public want reassurance that funds are being managed responsibly. One of the best ways to demonstrate transparency is through assurance services, which help to: Provide credibility to financial statements Satisfy grant … Read more

Nonprofit tax reporting requirements for non-cash charitable donations

by H2R CPA Team Your nonprofit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. But your obligations may go further than that. For non-cash donations, you might have responsibilities related to certain tax forms. Form 8283 for donorsWhen filing their tax returns, donors … Read more

Highlights of the PICPA Insurance Conference

by Leo A. Hannah, CPA, MBA, Partner I recently attended the Pennsylvania Institute of Certified Public Accountants (PICPA) Insurance Conference and wanted to share what I thought were the most relevant topics for my Fraternal Benefit Society clients: One of the main themes was cybersecurity. The Pennsylvania Department of Insurance will eventually be bringing in specialists … Read more

What are my responsibilities as a member of a nonprofit board of directors?

by Edward G. Scherer, CPA Serving as a member of a nonprofit board is an honorable way to contribute to a cause that is important to you and give back to your community. However, many people do not realize that a board position comes with fiduciary responsibilities, including the following: Making careful decisions that protect … Read more