- In a recent Baker Tilly and ACUA webinar, titled “Adventures in Small Shop Auditing,” Baker Tilly advisors discussed auditing tools, techniques, and case studies tailored to small audit shops that covered topics including enterprise risk management (ERM), information technology (IT), and sponsored research.
- Does your not-for-profit organization maintain operating reserves? If it does, has a formal reserves policy been established and has your organization gone through the process of determining what level of reserves is appropriate? These are important questions that should not be overlooked.
- Private foundations should consider three specific areas of self-dealing: payment of personal pledges, compensation to employees and board members, and paying or reimbursing expenses of disqualified persons or family members.
- When building a volunteer organization, optimizing volunteer resources and capitalizing on employee time are frequently the primary challenges. The common solution is to institute overarching committees of finance, nominating, programming and fundraising. However, due to this committee consolidation, audit and financial reporting responsibilities are added into the finance committee and often, despite the growth of an organization, never leave that committee – even though they should.