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Nonprofit Newsletter Fall 2016

In this edition:

Changes to Nonprofit Financial Reporting

By Jack Murray, HoganTaylor Lead Nonprofit Partner

As most of you know, the rumored changes to nonprofit financial reporting have arrived.  Phase I of the project has been completed and FASB issued a new Accounting Standards Update. Read more

2017 IRS Work Plan for Exempt Organizations

By Ashley Cooper, HoganTaylor Tax Manager

The IRS recently released its fiscal year 2017 Work Plan for Tax Exempt and Government Entities on September 28, 2016.  In 2016, the IRS identified five areas of focus that it will continue to concentrate on during fiscal year 2017.  Read more

Attract and nurture first-class Board members

By Ross McKinney, HoganTaylor Tax Manager

Bringing in and developing effective Board members is not at all easy.  Just as huge public companies can falter without adequate disaster and succession planning, non-profit Boards and the organizations they lead may suffer great setbacks without documenting and following an action plan to routinely bring in new blood with fresh ideas. The best Boards will not stay that way without frequent and deliberate restoration.

The warning has been given. Now here is what to do about it. Read more

Is Your Organization Losing 5% of Annual Revenue?

By Andy Gorham, HoganTaylor Assurance Senior Manager

A typical organization loses 5% of revenues in a given year as a result of fraud, according to the 2016 Global Fraud Study by the Association of Certified Fraud Examiners, Inc.  What can you do to mitigate this loss? Read more

Synergies Among Nonprofits

By Dmitry Volfson, HoganTaylor Assurance Senior Manager

 As boards revisit their strategic plans for the upcoming year, an important point of discussion that needs to be brought to light is the potential opportunity to merge or acquire an agency that has a similar mission or already operates in the space the agency would like to expand. Read more