Creating and managing your nonprofit’s budget probably isn’t a favorite annual task. Though budgeting may feel tedious or even overwhelming, having a clearly established budget plays a key role in your nonprofit’s ability to successfully execute its mission. A budget provides your organization with a financial roadmap to ensure resources are being allocated effectively, cash flow management, credibility with key stakeholders and much more.
It has been quite some time since Maryland’s general assembly passed MarylandSaves in 2016. After much delay, Maryland finally put its retirement vehicle into motion on September 15, 2022, in the form of a Roth IRA account. Now that the program has been in full effect for over a year, applicable Maryland businesses must file for the annual exemption by December 31, 2023. Here are the details business owners need to know.
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There’s a fine line regarding trust in a workplace environment. Too little trust in employees can diminish effective communication, increase conflict and decrease loyalty. But on the flip side, too much trust could create an opportunity for a key employee to defraud your organization, no matter what internal controls you have in place. Let’s look at how trust impacts the effectiveness of internal controls and different ways you can protect your organization, including a real-life case study.
As first reported by The Athletic, a former employee in the finance department of the Jacksonville Jaguars is facing federal charges for allegedly stealing more than $22 million from the team over a four-year period. The employee, Amit Patel, was a mid-level employee who worked for the team for at least five full seasons, beginning in 2018. How did it happen?
There’s good news for families who diligently save for their child’s education with a 529 plan. Thanks to legislation passed in 2022, this popular savings vehicle just got more flexible. Starting in 2024, unused funds from a 529 plan can be rolled over into a Roth IRA. Let’s dig into the details.
Hot dog, it's time to issue an RFP for audit services, said no nonprofit ever. If you’re like most nonprofit audit committee members and executive directors, you cringe just a little when it comes time to solicit proposals for a new audit firm. As an audit firm that responds to dozens of nonprofit requests for proposals (RFPs) every year, we’re here to offer advice (and a template!) on how to prepare your next audit RFP, what to include in it and suggestions for what you can leave out.