Knowledge and Insights: Newsletters

Travel Insurance: What Is It And Do I Need It?

There are many types of insurances with which we all are familiar, including medical, automobile, life, etc.  Another type of insurance known to some is  travel insurance. Maybe you noticed that little check box on airline, cruise and vacation websites when you book your reservations.  Do you know what it is, and, more importantly, do…

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Have You Heard the Word Merger Lately?

I have. Almost everywhere I go, nonprofit community leaders are discussing working together or collaborating with other organizations. Just over a year ago, I wrote an article entitled, “Would Your Nonprofit Benefit from an Alliance or Merger?” That same article is even more important and valuable to readers today. We have been fielding calls from…

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#AllCashDiet

A new year presents the opportunity to chase goals or restart the pursuit of old goals that weren’t met. The University of Scranton reported that 34% of Americans made a New Year’s resolution in 2015 that dealt with improving their financial well-being. I am not fond of resolutions; they tend to come and go.  Instead,…

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April is Financial Literacy Month

Everyone knows that sex, religion and politics are out of bounds for discussion in polite company, right?  Now is a good time to recognize another taboo topic that should be talked about – money. In 2003, the National Endowment for Financial Education introduced Youth Financial Literacy Day, and, in 2004, the U.S. Senate passed Resolution…

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Highlights of the FFIEC BSA/AML Manual Update

The Federal Financial Institutions Examination Council (FFIEC) recently made significant changes throughout more than a dozen sections of the Bank Secrecy Act and Anti-Money Laundering (BSA/AML) Manual, the first update in four years. All banks and third parties with relationships with issuing banks should take note of the update, which emphasizes the importance for such…

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Why and How a Nonprofit Should Establish an Operating Reserve

Congratulations!  The nonprofit organization you manage, or represent as a member of the Board of Governance, has made the strategic decision to establish an operating reserve.  Making this decision is the easy part, now the hard work begins.  Decisions need to be made about the appropriate amount of reserve to be established and the best…

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The Affordable Care Act and Employers

The Affordable Care Act (ACA) contains several tax provisions that affect employers. Under the ACA, an employer’s workforce size is significant because this information determines which provisions apply.An employer’s size is determined by the number of its employees. An employer with 50 or more full-time employees or full-time equivalents is considered an “applicable large employer,”…

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Performance Auditing – A Step Towards Improving Your Business

Although most everyone is familiar with the term audit, a lesser-recognized type of service provided through examination of records is known as a performance audit. These can be described as audits that provide findings or results based on an evaluation or sufficient evidence against stated criteria. While performance auditing is historically thought of in relation…

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Learn How Impending New Regulatory Reforms Will Affect Your Entity

On December 26, 2013, the Office of Management and Budget (OMB) issued its final grant reform rules to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, effective for fiscal years beginning after December 26, 2014.  The reform streamlines the language from eight existing OMB Circulars into one consolidated set of guidance…

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Budget Less, Forecast In Real Time A Winning Strategy For Some

Budgeting seems to be going out of vogue in some company circles as financial markets, and the economy at large, is becoming increasingly volatile and more difficult to predict. In the place of budgets, companies have started to introduce rolling forecasts, flexible budgets and event-driven planning. These forecasting tools afford companies the opportunity to continue…

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