Author: Mary Campagnolo

Credit Card Data Security Is Important and Easier Than You Think

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By: Susan E. Colladay, CPA, Partner
Your members or donors regularly provide their credit card information in order to pay their membership dues, contributions, registration fees, etc. The credit card information is entrusted to your organization by your members or donors.  Furthermore, the credit card companies expect you to protect the credit card data from theft […]

A Board-approved Policy Manual – The Stitch in Time that Saves Nine

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Change management is not a particularly exciting topic; it lacks the “Gee Whiz” attributes of a major new IT project or an ingenious new program offering. Indeed, many nonprofit executives view the process with as much excitement as planning their own funeral.
However, from an administrative perspective, the lack of transition planning can prove to be […]

Proposed Changes for A-133 Audits

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By: Jay Sciuto, CPA, Partner
The Office of Management and Budget (OMB) has published an advance notice proposing potential reforms aimed at increasing the efficiency and effectiveness of federal programs, as well as eliminating unnecessary and duplicative requirements. The key ideas for single audits that are covered in the Advance Notice are:
Single Audit Threshold for Audit […]

SSARS 19: The New Compilation and Review Standard

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By: Jay Sciuto, CPA, Partner
Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, is the most significant change to the compilation and review standards since their inception in 1978.  The below is a summary of the changes implemented:
Review engagement process:  The standard discusses tailoring review procedures based upon the […]

Is Your Organization Required to Comply with the Red Flags Rule?

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By: Susan Colladay, CPA, Partner
On December 18, 2010, President Obama signed into law the Red Flag Program Clarification Act of 2010 which amends the Fair and Accurate Credit Reporting Act by exempting many small businesses from complying with the Red Flags Rule. In particular, the Clarification Act provides a narrower definition of the term “creditor” […]

Major Changes Looming for Lease Accounting

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By: Jay Sciuto, CPA, Partner
There is a proposed change to lease accounting which could have a significant effect on the financial reporting of a large number of both nonprofit and for profit organizations.
The current guidance for lease accounting is Financial Accounting Standards Board (FASB) Statement of Accounting Standards No. 13. A key aspect of this […]

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