Resources

Are your not-for-profit’s board members independent? Your immediate response is probably, “of course!” But contrary to what many nonprofit leaders and staffers might think, director independence goes beyond avoiding conflicts of interest. In fact, the IRS has a four-part definition of independence. If a majority of your organization’s board members don’t meet all four criteria, […]

When did you join Waters|Ortiz? In June 2023   Why did you choose Waters|Ortiz? WO offers a hybrid of public and private accounting work that I find enjoyable.   What do you love most about your job/profession? I enjoy accounting because it involves a lot of logical thinking. I also enjoy problem-solving and optimizing business […]

When reviewing their income statements, business owners tend to focus on profits (or losses). But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, you should analyze this financial report from top to bottom for deeper insights. Think like an auditor  Review your company’s income statement with an auditor’s mindset. […]

External auditors have primary responsibility for audit quality. However, the audit committee plays an important oversight role in the financial reporting process. Here are some best practices to consider when evaluating the composition of your company’s audit committee. Understanding the audit committee’s purpose  Audit committees act as gatekeepers over financial reporting. This means overseeing the […]

The difference between financial pledges and donations is relatively simple: Pledges are promises to donate sometime in the future, and donations provide immediate support for your not-for-profit organization. What’s not so simple is accounting for pledges. After all, a promise to donate isn’t a guarantee that you’ll receive the money when the contributor says you […]