Nonprofit Accounting Services

February 15, 2013 – Cleveland – Skoda Minotti Technology Partners is pleased to announce three new hires. 

Paul Tuttle – Tuttle joins the Technology Partners as business development director, bringing over 25 years of sales, marketing, consulting and development experience in both commercial and not-for-profit settings.  Tuttle has specialty training in the technology business development field, representing a wide spectrum of IT solutions from enterprise-wide VoIP, to mobile computing...

In this inaugural issue of A&A Insights, we'll take a closer look at recent accounting rule changes, review proposed accounting rule changes and dive deeper into how new AICPA rules may provide GAAP relief for private companies.

We hope you find these updates helpful. Feel free to contact our Accounting and Auditing group at 440-449-6800 with any questions that you may have.

Accounting Rule Changes

Effective for 2012

• Fair Value Disclosures
• Health Care Entities
• Testing Indefinite-Lived Intangibles
• Multi...

Not all of us have the ambition to work until we drop.  The majority of the population seems to look forward to those golden years when we get to travel, volunteer for the non-profits we love, and spend time with our families.  But how are we expected to get there in the current environment? 

For some of us, there’s little-to-no expectation that social security is going to exist by our retirement age.  Investments in the stock market are precarious.  Even investments in “conservative” employer...

This month's Special Delivery includes the following:

• Tax Planning Considerations for Individuals and Businesses
• GAAP Relief for Private Companies: AICPA Proposes New Rules
• Increased Medicare Tax Due on Wages Earned in 2013
• Accounting Rule Changes
• 2012 Northeast Ohio Real Estate and Construction Survey
• Skoda Minotti Financial Services Launches New Website
• Free Offer: Life Insurance Quote
• Online Retirement Planning Calculator

Tax Planning Considerations for Individuals

While there is a still a great...

This month's Financial Services E-Advisor includes the following articles:

• The Economics of Borrowing From Your 401(k)
• How to Give Wisely and Well
• Life Insurance Tax Traps for the Unwary
• Should I Be Worried About Recent Municipal Bankruptcies?
• Are Municipal Bonds Still a Good Investment?

The Economics of Borrowing From Your 401(k)

When times are tough, that pool of dollars sitting in your 401(k) plan account may start to look attractive. But before you decide to take a plan loan, be sure you understand...

December 13, 2012 – CLEVELAND – This fall, Skoda Minotti employees donated time and efforts to two Cleveland-area nonprofit organizations that were winners of Skoda Minotti’s Community Connection initiative.  This program assists numerous nonprofit organizations throughout Northeast Ohio with their financial operations and, for two chosen organizations, provides volunteer work as part of its ongoing mission to deliver on the promise to the community. 

The first of two projects took place at the Be...

Lease Accounting

As we have previously discussed in other venues and publications, an FASB Exposure Draft was issued in 2010 that would significantly change lease accounting.  Briefly, virtually all leases would be considered a form of financing and even today’s operating leases would become capital leases.  An intangible asset consisting of the “right of use” of the asset equal to the lease liability is recorded at inception.  Because debt would go up and what is presently rent expense would...

This month's Special Delivery e-newsletter includes:

• Lessons Learned from Sandy:  Is your Business Prepared to Weather the Storm?
• Business Valuation Basics E-Book:  What to Consider When Considering a Business Valuation
• Coping with the New 3.8% Medicare Surtax
• Glad Tidings for Year-end Gifts
• Social Security Wage Base Increases to $113,700 in 2013
• Can the Corporate Veil Be Pierced?
• Skoda Minotti Acquires Lomax, Soful & Foster of Akron
• Technology Partners Launch Skoda Minotti Private Cloud
• Skoda...

October 22, 2012 – CLEVELAND – Skoda Minotti Technology Partners is pleased to announce it has formed a strategic partnership with BlueBridge Networks LLC, a Cleveland-based provider of data center services and facilities.

The partnership combines Skoda Minotti’s professional information technology consulting and support services with Blue Bridge’s state-of-the-art data center infrastructure. The result – Skoda Minotti Private Cloud – a suite of cloud services designed for small- and mid-sized...

This month's Not-for-Profit Update includes:

• New Governmental Accounting Standards Board (GASB) Pronouncements
• Political Activities by Tax-Exempt Organizations
• Pay Bias in the Boardroom
• Audit/Finance Committee Review for Form 990 - Key Considerations
• IRS.Gov Website Redesign
• Nonprofit Risk Management
• IRS Provides Guidance on Deductibility of Charitable Contributions to Domestic Disregarded Entities
• Congressional Focus on Tax-Exempt Organizations
• Avoiding a Troublesome Audit
• More FAQs on...

October 3, 2012 – CLEVELAND – Skoda Minotti Technology Partners is pleased to announce an educational panel discussion and lunch event, entitled, ”All Cloud Storage is Not Created Equal – How your Business Can Benefit From a Private Cloud.”  The event will occur on Thursday, Nov. 1, from 11:15 a.m. to 1:30 p.m. at Moxie the Restaurant in Beachwood.

Topics to be discussed:

• What is a private cloud?
• What are the benefits of a private cloud vs. a public cloud?
• How can a private cloud address typical...

CLEVELAND – Skoda Minotti Technology Partners is pleased to announce the launch of its new website: www.skodaminottitechnology.com. 

The site highlights the managed services, backup and disaster recovery, network solutions, cloud solutions, hardware and software sales, ERP and CRM, security and compliance, and telecommunication services that the firm’s niche group has been providing to its clients for years.

“Skoda Minotti is often first thought of as a CPA firm”, says Jim Sacher,...

July 27, 2012 – CLEVELAND – Skoda Minotti, a CPA business and financial advisory firm, is proud to announce that partner, Ken Haffey, CPA, CVA was recently elected as a member of the Ohio Society of CPAs (OSCPA) Executive Board.

Haffey’s responsibilities will include recruiting and retaining top talent for the profession, training firms’ leaders and developing workable succession plans for retiring sole practioners.

Haffey has spent over 20 years advising and providing services to a wide range of...

This month's Not-for-Profit Update includes:

• IRS Governance Checklist: Preliminary Results
• Dealing with Difficult Compensation Questions
• Be Careful What You Ask For
• IRS Updates Program-Related Investment Guidance
• Disaster Relief Organizations
• Tapping Into Technology to Win and Manage Grants
• Why Are Those Financial Reports so Confusing?

IRS Governance Checklist: Preliminary Results

By R. Michael Sorrells, CPA

In an effort to add further transparency into nonprofit organization reporting, the IRS...

June 26, 2012 – CLEVELAND – Skoda Minotti, a CPA business and financial advisory firm, is proud to announce that Brian Rosenfelt, CPA was recently accepted into the Cleveland Bridge Builders Class of 2013 program. This program, within the Cleveland Leadership Center, develops rising leaders for our community’s future by providing leadership training and encouraging communication between emerging leaders and established leaders in the Cleveland area.

Participants of the program work on a...

May 31, 2012 – CLEVELAND – Skoda Minotti, a CPA business and financial advisory firm, is proud to announce that Rich Hudak, MCP and Mark Magovich, MCSE, CCA, of the Technology Partners group, have recently obtained the Microsoft Certified Technology Specialist (MCTS): Windows 7 and Office 2010, Deployment certification.

With this status, Hudak and Magovich have validated that they are capable of implementing, building, troubleshooting and debugging Windows 7 and Office 2010 technology.

For more...

May 30, 2012 – CLEVELAND – Skoda Minotti is pleased to announce the acquisition of information technology firm, Quantam Network Services, to the Skoda Minotti Technology Partners services group.  As part of the acquisition, Tom Horton, MCP joins the firm as client network engineer, Level III.

Horton’s experience with Quantam Network includes a strong background in Citrix, as well as providing services that include network design and implementation, network security architecture and...

This month's Not-for-Profit Update includes:

• Cost Allocations For Non-Profits
• IRS (Finally) Issues 2012 Exempt Organizations Work Plan
• Update on 2011 Form 990: Some Changes and Clarifications
• Bonuses and Incentives for Tax-Exempt Organizations?
• Corporate Sponsorship
• 2011 Final Revision of Government Auditing Standards Issued
• Words!...Words!...(With apologies to Eliza in My Fair Lady)
• Best Practices for Travel and Expense Reimbursement Policies
• Other Items to Note...
  
   

Cost Allocations for...

May 18, 2012 – CLEVELAND – Skoda Minotti is pleased to announce the acquisition of information technology firm, PBnJ Solutions to its Technology Partners services group. As part of the acquisition, Paul Winkeler, CISSP joins the firm as principal.

Winkeler’s experience with PBnJ Solutions includes management services, telecommunications and data protection.  His skill set complements and expands the Technology Partners’ existing services offerings, as he brings on an assortment of...

Thanks to Brad Nellis of the Northeast Ohio Software Association (NEOSA) for a great interview and article on his blog, highlighting Skoda Minotti and its extensive technology and telecommunications practice - Skoda Minotti Technology Partners.

Read an exerpt of the article below:

NEOSA members are a diverse lot: software companies, web companies, IT services and so forth. But our membership also includes an IT services provider embedded in a CPA firm, Skoda Minotti Technology Partners. It does...