PBMares Accounting Blog

The Importance of a Nonprofit Audit Committee

Posted by Robin Lam, CPA on Apr 2, 2018 10:05:25 AM

Transparency and accuracy of a nonprofit’s financial statements has become even more vital over the years.  Having an audit committee should be essential part of the governance structure for nonprofits. It not only enhances the Board’s oversight over the annual audit, but it will also will add another layer of oversight in your nonprofit.

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Topics: Not-for-Profits

Donor-Advised Fund: a Vehicle for Individual Giving

Posted by Kurt Johnson, CFP® on Mar 26, 2018 3:20:58 PM

According to the 2017 Donor-Advised Fund Report created by the National Philanthropic Trust, individual giving accounted for $281.86 billion, or 72%, of all charitable giving in the US during 2016.  The NPT also reports that contributions to Donor-Advised Funds totaled $23.27 billion in 2016 which was a 7.6% increase over the previous year’s level of giving. 

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Topics: Not-for-Profits, NFP donations

Does My Pension Plan Need to be Audited?

Posted by Jackie H. White, CPA, CGMA on Mar 22, 2018 8:52:25 AM

The first step in determining if your pension plan might need to be audited is in understanding the concepts of large plans and small plans.  A large plan is a plan with 100 or more participants on the first day of the plan year and a small plan has fewer than 100 participants. 

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Topics: Employee Benefit Plans

In the Employee Benefit Plans World, a Year Does Not Always Equal 12 Months

Posted by Christine Flaker, CPA on Mar 19, 2018 10:01:45 AM

We all learned in kindergarten that one year equals 12 months. Pretty simple, right? Wrong. In the Employee Benefit Plans world, a year does not always equal 12 months. In fact, a Year of Service can even be defined differently within the same plan document.

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Topics: Employee Benefit Plans

Inexpensive Retirement Plan Options

Posted by Anna Griffith, CPA, CPC, QPA on Mar 12, 2018 2:18:10 PM


Question: The employees have expressed an interest in a retirement plan.  What are my inexpensive options to set up this type of benefit?

Answer:  If the employees want to contribute to a company retirement plan and your company has less than 100 employees, the SIMPLE IRA is a good starter plan. 

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Topics: Retirement Planning

To Itemize, or Not to Itemize: That Is The Question

Posted by Kasey Pittman on Mar 8, 2018 11:17:54 AM

What you need to know about the changes to itemized deductions

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Topics: Tax Planning

Why You Should Care About Virginia’s Conformity Date Change

Posted by Lori Roberts, CPA on Mar 6, 2018 2:30:19 PM

Changes to tax law typically impact future returns, but the most recent one issued by the Virginia Department of Taxation will have some Virginians amending their 2017 state tax returns, too.

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Topics: Tax Planning

Tax Reform May Negatively Impact Charitable Contributions

Posted by Edward T. Yoder, CPA, MSA on Feb 9, 2018 10:52:41 AM

The 2017 Tax Cuts and Jobs Act (the Act) passed by Congress on December 22, 2017 marks the most significant tax law changes in over 30 years.  Most taxpayers will see their tax liability decrease.  The Congressional Budget Office estimates the Act will reduce tax revenues by $1.455 trillion over the next 10 years.  But all is not good for non-profit organizations as there are changes in the Act that may negatively impact charitable contributions.  The Tax Policy Center predicts that charitable giving will decrease in 2018 by 4 percent to 6.5 percent, or between $12.3billion and $19.7billion.  An Indiana University Lilly Family School of Philanthropy study estimates that charitable giving will decrease 4.6 percent or $13.1billion because of the Act.

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Topics: Not-for-Profits

Increase Donor Funding and Loyalty by Building Relationships

Posted by Rachael M. Kosmyna on Feb 5, 2018 4:06:57 PM

One problem that every not-for-profit organization encounters is the need to raise money to fulfill the organization’s purpose. Some not-for-profits have an established circle of major donors who regularly make large charitable contributions, while other organizations seem to plead with anyone for a contribution in any monetary amount.

A great way to motivate donors and reduce fundraising pressures on your staff is through building and strengthening relationships with individual donors.  This is especially true with major donors, or those donors who make a major investment in your organization.

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Topics: Not-for-Profits

Maximize Your Organization’s Public Support: How to Use the Updated Form 990 Schedule A to Your Advantage

Posted by Jonny Rosch, CPA on Jan 30, 2018 3:06:17 PM

Will the public change the way it makes donations as a result of the Job Cuts and Jobs Act? And will your non-profit be impacted by those behavioral changes?

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Topics: Not-for-Profits