SKR+Co Nonprofit Newsletter

November 2013

Building a better audit committee

Start with a clear picture of its roles and responsibilities 

Many nonprofits have started their own audit committees over the past decade, but have learned the hard way that good intentions aren’t enough to ensure an effective committee — both the nonprofit and committee members must fully understand the committee’s role and responsibilities. This article describes the purpose of an audit committee  canada goose kensington parka and its responsibilities in overseeing financial reporting and risk management and in interacting with outside auditors. A sidebar notes the importance of committee members having strong financial expertise. 

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Managing staff

How to treat the real gems of your organization

In the recent tough economic times, many nonprofits froze wages, awarded minimum pay increases and/or cut benefits, all the while asking employees to take on new canada-goose-outlet-toronto responsibilities. Though such moves may have been necessary, it’s important to not lose sight of the importance of staff, from hiring and training them to rewarding them for their performance. This article explains how to motivate staff in ways that aren’t too hard on the budget.

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Newsbits

EITF issues rule on affiliate personnel services

This issue’s “Newsbits” looks at a new rule from the Financial Accounting Standards Board’s Emerging Issues Task Force (EITF) addressing the proper accounting for services received from personnel of an affiliate for which the affiliate doesn't seek compensation. Newsbits also discusses a study indicating that donations of $1 million or more come mostly from local donors. Also discussed is a new website from an organization that’s dedicated to preserving the tax deduction for those who give to charities.   

Read the Full Article Here.