Not-for-Profit

Dixon Earns AICPA Advanced Single Audit Certification

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Brian Dixon, CPA, has achieved the Advanced Single Audit Certification from the American Institute of CPAs (AICPA). The certification is reserved for auditors with a minimum of seven years of experience planning, performing, reviewing, and reporting single aud... Learn More

Nonprofit Quick Tip: Conflict of Interest Policy

Bradley DeVries

A conflict of interest policy is essential to have in place for both governance (board of directors) and management to mitigate personal interests from competing with those of the nonprofit. Such a policy is so significant that it is one of only a handful of policies the IRS requires organizations to report on their Form 990, whether or ... Learn More

Compilation, Review or Audit – Which One is Best for Your Nonprofit?

Bradley DeVries

When it comes to financial statements, you can engage your CPA to perform varying levels of service, from a compilation, to a review, to an audit. Learn the situations when each may be appropriate for your nonprofit. To first understand what level of service is most appropriate for your situation, you need to understand the differences a... Learn More

Best Practices for Effective Board Packets

Michael Evrard

A good board packet usually translates into productive discussions, relevant exchanges of information, and efficient use of everyone’s time. Packets should contain reference materials and tools needed to keep the board meeting running smoothly. Materials should be provided to members well in advance of the meeting. The board should set t... Learn More

Nonprofit Quick Tip: Document Retention Policy

Michael Evrard

A document retention and destruction policy is an important tool to help keep your nonprofit organization in compliance with regulatory, legal, and audit requirements. Each organization should customize a policy specific to their needs and consider situations where you may need to retain items longer than other organizations or industrie... Learn More

IRS Encourages 'Paycheck Checkup' for Taxpayers to Check Their Withholding

Yeo & Yeo CPAs & Business Consultants

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers and businesses. New Tax Reform Web Page. The IRS created the Tax ... Learn More

Make Sure Repairs to Tangible Property Were Actually Repairs Before You Deduct the Cost

Yeo & Yeo CPAs & Business Consultants

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax retu... Learn More

Nonprofit Quick Tip: Policies

Jessica Rolfe

The Nonprofit Advisor will feature quick tips focusing on policies that all nonprofit organizations should consider establishing, and the key components those policies should include. In this issue we focus on the reasons for establishing the policies themselves. Formal policies are vital to any nonprofit organization. Policies not only provide... Learn More

Building a Better Nonprofit Budget

Jessica Rolfe

Budgets are a key component in the planning and financial stability of a nonprofit organization. A budget provides answers to how resources will be used to accomplish the organization’s vision, mission, goals and objectives. It provides a plan for where funds will originate and how they will be used. A well-developed budget can help lead to ... Learn More