Finance
The Challenge In a world with almost instant online banking and the ability to transfer funds to a friend’s bank account at the click of a button – waiting 2-3 weeks for a check reimbursement for your association is practically an eternity and this delay was a big concern for the Association of Biomolecular Resource…
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The ChallengeShortly after AMR began working with a new healthcare client, AMR staff had questions about the accounting principles that had been applied to one of its programs that was separate from the association and co-owned with another organization. After presenting concerns to the Board of Directors, an audit of this program was conducted and…
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We are living in a world today where financial information is open to the public. Even small fraudulent transactions could be tweeted or shared in the public space, which can damage the reputation of nonprofit organizations. In order to assure that the financials of nonprofit organizations are reliable and healthy, forming an audit committee is…
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We’ve heard much about fraud and embezzlement in the news headlines of recent years, in a time of much economic instability and uncertainty. How is your organization managing? How about your employees and trusted volunteers? Many schemes of fraud and embezzlement are carried out by a person you would least expect, someone above suspicion. The reality is…
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Thinking of starting a new, nonprofit, tax-exempt organization? Trying to decide whether to organize as a c3 or c6? Know the difference? Whereas the c3 and c6 are alike in terms of exemption from income taxes, their qualifying characteristics, the application process (IRS Form 1023 vs. 1024), and the various rules governing their ongoing activities…
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