The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

FASB Extends Implementation Deadline for New Accounting Rules

By THOMAS H. MARTIN

Businesses continue to figure out new ways to drive revenue, manage expenses, and implement new measures to protect employees from COVID-19. The sudden shift to a business situation which months ago seemed impossible means there has been little time for much else.

2020 Nonprofit Fraud Trends

By MICHELLE S. MARTIN

According to the Association of Certified Fraud Examiners (ACFE) 2020 Global Study on Occupational Fraud and Abuse, employee corruption was identified as the leading source of fraud amongst nonprofit organizations. It was found that in 74% of the cases, either the Executive Director or Manager was the primary perpetrator of illegal activity.

CARES Act: Opportunities for Independent Schools

By CHRISTOPHER S. MAYNARD

The federal government responded with two important pieces of legislation, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief and Economic Security (CARES) Act.  They both provide significant compliance changes, but more importantly, outline various tax changes, loan options, and additional assistance for independent schools.

Best Practices for Creating a Statement of Functional Expenses

By THOMAS H. MARTIN

Under ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, all nonprofit organizations are required to present an analysis of expenses by their function and natural expense classifications in one location.

What Every Nonprofit Should Know About Donor Acknowledgment Letters

By ROBERT J. GAFFNEY

Each year, approximately $300B is donated to nonprofit organizations in the United States. Since these contributions can be taken as deductions on individual tax returns, it is no wonder that the IRS has enacted some reporting standards for the acknowledgment of these contributions.

Financial Uncertainty Top Issue Facing New Jersey Nonprofits

By MICHELLE S. MARTIN

The passion for serving others is what drives most New Jersey nonprofit boards, leaders, and team members. Whether delivering social services to at-risk youth, career transition education for the unemployed, or providing food and shelter to the homeless, almost every community has a need to be filled.

Fraud: Is Your Independent School Safe?

By CHRISTOPHER S. MAYNARD

Fraud can happen anywhere, and administrators in independent schools are often unaware that it is happening because they are not looking for it. Some common types of fraud committed in schools include, but are not limited to, conspiring with outside vendors to provide kickbacks, misuse of school-issued credit cards, and theft of equipment and other property.

The Language of Endowment Funds for Independent Schools

By CHRISTOPHER S. MAYNARD

Independent schools (K-12) face many of the same challenges as private colleges and universities in the U.S. including declining or flat enrollments, increasing tuition costs, and escalating operating costs. As a result, fundraising and endowment management are increasingly more important for independent schools to attract and retain students.

15 Signs That You Need a New Accountant

By JOHN BLAKE

Discover 15 signs that you might need to look for a new accountant – or at the very least review the quality of the service and advice they provide to your business.

Event Recap: Does Your Nonprofit Organization Have UBTI?

By AL MUELLER, CPA

On Thursday, October 24, 2019, Klatzkin Manager Michelle Martin, CPA, presented “Does Your Nonprofit Organization Have UBTI (Unrelated Business Taxable Income)?” at an in-house breakfast briefing to discuss the complex income rules.

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