FASB proposes last-minute changes to lease accounting rules

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities adopted the rules in 2019. While the Financial Accounting Standards Board (FASB) conducts its post-implementation review […]

Is it time to review and refresh your nonprofit’s board?

Perhaps your not-for-profit has lost a few board members in the turmoil of the past few years. Or maybe your current lineup simply isn’t meeting your organization’s leadership challenges. There are many reasons to review and rebuild a board of directors. But there’s no excuse to ignore problems and hope they’ll work themselves out. Here’s […]

Don’t let disaster fraud victimize your nonprofit

It’s been a busy year for natural disasters, with Hurricane Ian only the latest calamity to befall the United States and its territories. If your not-for-profit operates in or serves clients in a disaster zone, you know how difficult the recovery process can be. Unfortunately, fraud perpetrators attempting to profit off the misery of others […]

How your nonprofit can break bad budget habits

Autumn is here and many not-for-profits are starting to think about their 2023 budgets. If your budget process is on autopilot, you might want to pause and think about changing things up this year—particularly if you’ve experienced recent shortfalls or found your budget to be less resilient than is ideal. Here’s how to rethink budgeting. A holistic […]

Employee Spotlight with Karin Frantz

When did you join Waters|Ortiz? July 2021 Why did you choose Waters|Ortiz? Roxanne and Amanda are intelligent, warm, friendly, and strong women! They know how to put together a great team and create a positive work environment, and I cherish the thought of helping nonprofits. What do you love most about your job/profession? Helping people […]

How to share your nonprofit’s values and limit fraud losses

Every two years, the Association of Certified Fraud Examiners releases its Report to the Nations, an occupational fraud study of for-profit, not-for-profit, and government organizations. As in previous editions, the 2022 study reports that most organizations require employees to read and sign a code of ethics or conduct. This relatively simple control can result in […]

Promoting your nonprofit with your annual report

Do you think about your not-for-profit’s annual report as a yearly obligation or even an unpleasant chore? If so, your annual report likely isn’t much fun to read — and you’re missing a chance to attract and engage critical audiences. Instead, embrace this opportunity to communicate the good your organization does and promote your mission […]

Election season is here! Watch your nonprofit’s activities

Many states have already held primary elections, and the airwaves are clogged with candidate ads. Yes, the November “mid-terms” election season has begun! So now is a good time to review political activity restrictions that affect Section 501(c)(3) organizations. What activities are forbidden? In general, tax-exempt organizations aren’t allowed to act directly or indirectly in […]

Take your audit to the next level – utilize advice from your management letter

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways […]