Hopefully you have a trusted Finance team overseeing your contributions and finances. However, even the most honest workers need checks and balances. Do regular audits and reviews to help keep your team accountable and guard against fraud.
ASU 2016-14 and Churches: Four Key Questions Church Financial Leaders Should Ask to Understand the New Liquidity Disclosures
Recent nonprofit financial reporting standards updates will result in several changes to external financial statements that church financial leaders should understand. Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14 is intended to [...]
Qualitative Liquidity and Availability Disclosure Considerations for Churches in ASU 2016-14, Part 2 of 2
Among the many nonprofit financial reporting standards changes in Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14, one of particular importance to churches is the new liquidity and availability disclosure. The ASU [...]
All churches that issue external financial statements (complete with footnote disclosures) for fiscal years beginning after December 15, 2017 (calendar year 2018 and fiscal years ending in 2019) are subject to the new nonprofit [...]
The Center For Audit Quality, a non-profit group based out of Washington D.C., has published a great guide on Internal Controls. While the term "Internal Control" can seem imposing to a church, the concepts in [...]
Fraud takes many different forms in today’s culture, from health care fraud to identity theft to the focus of this article: occupational fraud. There are many ways fraud can be committed at a not-for-profit organization, [...]