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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

Lisa Johnson

Blog Feature

Nonprofit

How to Make Your Private School’s Next Audit Stress-free

We recently polled private school heads and financial staff to find out whether their last audit was “stress-free.” Not surprisingly, nearly half of respondents answered “no.” While it’s easy to look at your school’s annual audit as a necessary evil, not to mention time consuming and stress inducing, there are several often overlooked benefits to the annual audit.

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Blog Feature

Nonprofit

5 Mistakes Nonprofits Make on Their Form 990 That Send Donors Running

When it comes to fundraising, you may be surprised that some donors, and especially those with deep pockets, could be taking a long look at your nonprofit’s IRS Form 990 before signing their first (or hundredth) donation check.

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Blog Feature

Nonprofit

What Nonprofits Should Know about OMB’s Uniform Guidance

In December 2013, the U.S. Office of Management and Budget (OMB) issued its long-awaited final grant reform rules. The “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,” more commonly known as the “Uniform Guidance,” consolidated and updated eight previous OMB circulars into a single set of regulations. These changes improved clarity, consistency and accessibility and consisted of changes to audit and administrative requirements, and cost principles. These regulations – designed to reduce administrative burden and the risk of waste, fraud and abuse – are effective for all Single Audits for years beginning on or after December 26, 2014.

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Blog Feature

Nonprofit

How Private Schools Should Record Planned Giving Arrangements

One of the many ways donors provide financial support to charitable organizations, including private schools, is by establishing trusts or other arrangements under which the nonprofit receives benefits that are shared with other beneficiaries. These planned giving arrangements are commonly known as split interest agreements and they require special accounting treatment.

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Blog Feature

Nonprofit

3 Budgeting Best Practices for Private Schools

The budgeting process is arguably one of the most important tools for creating a road map to your private school’s success. Planning and monitoring your budget can help you identify wasteful expenditures, adapt to financial changes, and achieve your school’s financial goals.

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Blog Feature

Nonprofit

8 Must-Know Accounting & Financial Reporting Issues for Private Schools

More so than other nonprofits, private schools are often operated like a for-profit entity given the competition, increased costs and scrutiny that schools face.  

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