FIT! TIP July 16, 2018

New Nonprofit GAAP – ready for liquidity reporting? Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) You can’t put it off any longer.  The year has come when you’ll have to implement the new nonprofit financial reporting GAAP.  While it’s true that you may not be putting together the financial statements for your audit until this [...]

FIT! TIP July 9, 2018

New Nonprofit GAAP – ready for functional expense reporting? Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) You can’t put it off any longer.  The year has come when you’ll have to implement the new nonprofit financial reporting GAAP.  While it’s true that you may not be putting together the financial statements for your audit until [...]

FIT! TIP June 25, 2018

Understanding the Business Owners on Your Board—Governance Has this ever happened with one of your new Board members?  Bob, a local business owner, was excited to begin his term on your Board.  He came to every meeting and participated enthusiastically in Board discussions.  He had a lot of new ideas.  After a while, though, Bob’s [...]

FIT! TIP June 19, 2018

Understanding the Business Owners on Your Board--Stewardship Have you ever heard this Board discussion? Executive Director: The auditors’ management letter is in your package. You’ll note that they’re reporting a material weakness in our controls over our outgoing payments.  Apparently, with our new online bill pay, our bookkeeper can pay bills online in any amount [...]

FIT! TIP June 11, 2018

Need to Reset Your Reserve? Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) Does your nonprofit have a reserve? * You know, an amount your Board has set aside for special needs. Like many nonprofit leaders, you may be revisiting your reserves right now, and you may be finding that the institutional memory has grown a [...]

FIT! TIPS June 4, 2018

Your Year-End Close— is your cake done?  Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) It’s unofficially summer!  School’s almost out.  There’s a frenzy of year-end picnics for every sports team and after-school activity.   And, amid all this, what’s coming up?  Your nonprofit’s year-end.  If your fiscal year ends on June 30, your year is [...]

FIT! TIPS May 29, 2018

Cash Crunch—or Red Flag? Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) Most nonprofit leaders have been through a cash crunch.  Cash shortages often present a challenge when nonprofits conduct grant-funded programs, especially when the nonprofit provides the program services and then waits to be reimbursed. So it wasn’t that unusual when cash got tight at [...]

FIT! TIPS April 25

Charities and political activity— the unwelcome spotlight  Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) Political candidates can be good for your nonprofit.  They raise the profile of your events, increase public interest in your activities, and prove to be good friends once in office.  Why would a nonprofit avoid benefits like these? Well, charities who [...]

FIT! TIPS April 18, 2018

Ready for your close-up? --your nonprofit’s year-end snapshot Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) Remember the last time you updated your professional photo?  Most of us have a picture that we use on our website and our bio.  I bet you put some thought into looking your best on picture day. Well, for your [...]

FIT! TIPS April 11, 2018

Staying on Track— your financial GPS Joan M. Renner, CPA, CGMA, Director 501(c)(fit!) My husband is really good at road trips.  He can drive a right-hand drive car on the left side of a narrow road, faced with an oncoming hay wagon and an upcoming roundabout.  The only thing difficulty I can remember, had to [...]