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Resources on How the New Federal Tax Law Impacts Charitable Nonprofits

Posted By Adriene Tynes, Thursday, January 25, 2018

This collection of resources on how the new federal tax law - the Tax Cuts and Jobs Act - affects charitable nonprofits will be updated as additional information and guidance becomes available.

Overviews on the tax law’s impact on nonprofits

Fundraising/new tax law

Impact from changes to business deductions and personal exemptions

Excise tax on High Compensation - New Section 4960

Unrelated Business Income Tax Changes

Why advocacy will be needed as a result of the new tax law

Original post can be found here.

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Rising Leaders Spotlight: Lisa Howard - Easterseals Florida

Posted By Shari Hanglan, Thursday, January 25, 2018

 

"A lot of our staff from Easterseals Florida have gone through Rising Leaders. It’s helped them grow immensely in their leadership skills, team building skills, and conflict resolution skills. That’s exactly what I’m looking for. I want to help strengthen my team and organization as a whole and I think Rising Leaders will help me accomplish that."

-Lisa Howard, Easterseals Florida

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Financial Statement Changes: 5 Steps for Nonprofit Boards

Posted By Delferine Spooner, Friday, January 19, 2018
Updated: Thursday, January 25, 2018

Nonprofit accounting and finance professionals have been talking about the upcoming changes to financial statements for some time, but many others haven’t heard about the changes, including board members. Board members are responsible for oversight of the financial reporting process, and as such, they’ll want to take an active role during implementation of the new guidance This article from AICPA highlights five proactive steps you can take to help make sure your board understands the implications of the new financial reporting standard.

The Financial Accounting Standards Board's (FASB) Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities: Presentation of Financial Statements of Not-for-Profit Entities, was issued in August 2016. The standard applies to all not-for-profits and is effective for years beginning after December 15, 2017. Early adoption is permitted.

Here are five proactive steps to help make sure your board understands the implications of the new financial reporting standard:

1. Identify areas that will be affected: The key financial statement areas that will be impacted by the new standard are:

  • net asset classifications
  • required liquidity disclosures
  • investment return reporting
  • statement of cash flows presentation
  • functional expense reporting

It’s important for the board to understand how the changes will affect the financial statements prior to seeing the audited version. Consider having the organization’s finance staff, independent auditor or financial consultant provide the board with a high-level overview of the changes and discuss the specific impacts.

2Discuss the implementation plan: Board members are ultimately responsible for fiduciary stewardship of the organization. However, the board will often delegate certain duties, such as oversight of financial reporting, to the audit and/or finance committee. Management will want to ensure that the board or responsible committee understands the plan to implement the new not-for-profit financial reporting standard, including the timeline and resources needed.

3. Consider the cost: There could be cost implications of implementing the new standard, including additional staff time, accounting system needs and increased audit costs. The not-for-profit’s finance staff and independent auditors can provide input on the budget implications in the first year of adoption, allowing management and the board to plan accordingly.

4. Update and approve policies: Understand that organizational policies might change because of the standard. A good practice is to have at least one board meeting annually to review, discuss and approve policies. Take this time to consider adding “Policy Review and Discussion” to the agenda of one of the established board meetings for the coming year.

5. Review board designations: The financial statements will require disclosure of all board designations and similar self-imposed limits on net assets without donor restrictions. As such, this is a good time for the board to review any existing board-designated net assets. Many organizations have not reviewed or discussed these in years. New board members may not even know they exist. When reviewing interim financial statements at an upcoming board meeting, consider discussing whether the designations are still relevant. The organization may also wantto have the board reaffirm the designations at the meeting. While there is no requirement to have board-designations on net assets, if there are none, be sure to document that fact in the board minutes.

The current not-for-profit financial statement format and terminology are more than 20 years old. The new standard aims to improve financial reporting by providing more useful information to stakeholders and addressing inconsistencies in the areas of expenses and liquidity. While the changes may initially feel overwhelming, they give organizations a great opportunity to better understand their own financial health, tell their stories externally and compare themselves to other organizations.

Original post can be found here.

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Daszkal Bolton Promotes Henry Martin to Director and Announces Additional Promotions

Posted By Jessica Cecere, Tuesday, January 16, 2018
Updated: Thursday, January 25, 2018

Congratulations to Henry Martin for being promoted to Director of the Audit and Assurance Practice at Daszkal Bolton. Henry has been with Daszkal Bolton for more than twelve years and provides assurance services to privately owned businesses and nonprofit organizations including Government Auditing Standards, Uniform Guidance (formerly OMB Circular A-133) and the Florida Single Audit Act.

Henry proudly serves as a member of the Board of Directors for Nonprofits First. 

About Daszkal Bolton LLP

Daszkal Bolton LLP provides accounting, tax and business finance advisory services to small and middle market companies ranging in revenue from $10M to $300M. The firm provides financial statement assurance, tax advisory and compliance, M&A and transaction advisory, private client services for high net worth individuals, state and local tax, International tax, forensic accounting, business valuation, estate planning and asset protection services. The firm also advises on wealth management, life and disability insurance and fee based financial planning through affiliate Benchmark Financial Group. With over 140 professionals Daszkal Bolton covers the South Florida markets, with offices in Fort Lauderdale, Boca Raton and Jupiter.

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Healthy Mothers, Healthy Babies of Palm Beach County Earns Accreditation for Mentoring Program

Posted By Josh Hirsch, Thursday, January 11, 2018
Updated: Thursday, January 25, 2018
Michelle Gonzalez, chief executive officer of Healthy Mothers, Health Babies Coalition of Palm Beach County, recently announced that the organization’s Caps and Cribs Teen Mom Mentor program has been awarded the National Quality Mentoring System (NQMS) badge by MENTOR, the national mentoring partnership. The badge is an evidence-based acknowledgment of the safety and efficacy of the Caps and Cribs program and assures mentees, funders, and policymakers that the program meets national quality standards and procedures for the operation of a mentoring program. Caps and Cribs is one of only six nonprofit programs in Florida to earn the accreditation.

Parenting Affects Graduation Rates

Reflecting on the award, Gonzalez observed, “Because we know that being a parent is one of the leading causes of school dropout for teen girls, Caps and Cribs helps pregnant or parenting young women graduate. In an effort to support local teen mothers, our mentors work one-on-one with young women at their high school; they offer advice, share their life experiences, and help teens navigate the challenges of school and parenting. We are extremely grateful to MENTOR for acknowledging the program’s professionalism and success.”

Mentors and Mentees Achieve Success

When asked about the success of the program, Program Coordinator Jennifer Silliman replied, “During the 2016-17 academic year, nine seniors graduated from the program. The accomplishments of these amazing women—mentors as well as mentees—are a direct result of the hard work and dedication that is so evident among our clients and volunteers.”

Caps and Cribs is funded by the Town of Palm Beach United Way, United Way of Palm Beach County, and Children’s Services Council of Palm Beach County. It is just one of several programs offered by Healthy Mothers, Healthy Babies.

About Healthy Mothers, Healthy Babies Coalition of Palm Beach County

Healthy Mothers, Healthy Babies is committed to improving birth outcomes and promoting healthy families by providing access to care, education, and support to those facing the physical, emotional, economic, and social challenges of pregnancy and infant care. The group supports nearly 67 percent of women delivering babies in Palm Beach County. In addition to Caps and Cribs, HMHB services include: prenatal care coordination; prenatal screening; CenteringPregnancy®; maternal wellness programs for pregnant and new parents; Basics4Babies Emergency Pantry for Infants; educational workshops and childbirth classes; as well as community outreach events.

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