Nonprofit Accounting Services

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...

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

• Predicting the Impact of Changing Tax Treatment of Charitable Contributions
• Payroll Audit Updates                
• The Age of Nonprofit Mergers is Upon Us
• The Case of Exempt Organizations in the Tax Reform Debate
• New District of Columbia Nonprofit Corporation Act
• Executive Compensation: Did We Do All The Right Things?
• The IRS Issues Guidance on Tax Treatment of Cell Phones and Provides Recordkeeping Belief 
• More Changes and Debate Over the FASB's Proposed...

• IRS Changes Postion on Who Must Approve Governance Policies
• IRS Releases New Form 8940, Request for Miscellaneous Determinations
• AICP Comments on Revised For 99-0
• Navigating Through the Acounting for Joint Activities
• Executive Compensation: Is it reasonable?
• Updates From the IRS
• Private Foundation Foreign Giving

This quarterly Not-For-Profit Standard includes the following articles:

• Buyer Beware Alternative Investment Compliance and Tax Issues
• State Tax Liability for all Alternative Investments
• Nonprofit Board Members Paid or Volunteer
• Incentives and Disincentives for Contributions
• Issues in Charitable Giving
• FASB ASU 2011-04 and its Effects on Nonprofit Organizations
• 2011 OMB Circular A-133 Compliance Supplement Issued
• IRS Targeting Fringe Benefits for Intermediate Sanctions
• Gifts of Property and Forms...

August 30, 2011 – CLEVELAND – The Marketing Services Group at Skoda Minotti is pleased to announce that online marketing manager, Robert C. Goricki has successfully fulfilled the requirements needed to become a Certified Search Engine Marketer (SEM), as presented by the Search Engine Marketing Professional Organization (SEMPO).

Achieving Certified SEM status validates that Goricki understands and adheres to the search marketing industry’s resources, best practices and standards. The certification...

CLEVELAND, Ohio – Skoda Minotti, a CPA, business and financial advisory firm, has been named a recipient of The Plain Dealer’s second annual Top Workplaces 2011 award, for the second year in a row. This honor was given to 132 companies, nonprofits and agencies in northeast Ohio companies this year, based strictly on survey results of their employees.

Survey results were gathered using an independent workplace consultant. Employees were asked to indicate, on a seven-point scale, how much they...

As nonprofits plan for growth in a struggling economy, they must take a careful approach to change. Failing to do so could result in a loss of donors, a missed opportunity in structuring their boards, or the potential misuse of social media.

As nonprofits look to grow, it is critical that they not lose sight of the key resources and assets that they already have in place. It would be a real shame to lose something of value in your efforts to grow the organization.

Smart Business spoke with...

We are currently in search of a Bookkeeper for a Non-Profit client. This is a part-time position (21 hours/week)

Job summary:  Responsible for preparing client financial statements, monthly sales tax and payroll reports, quarterly payroll reports, and other associated bookkeeping services using QuickBooks.

Essential Functions:

• Prepare bank reconciliation.
• Prepare/input appropriate journal entries.
• Reconcile financial discrepancies by collecting and analyzing account information.
• Prepare appropriate...

CLEVELAND – Skoda Minotti is pleased to announce an educational not-for-profit seminar, featuring nationally recognized not-for-profit expert Dick Larkin, as well as other industry experts, on June 21, from 7:45-11:30 a.m. at 700 Beta Banquet and Conference Center in Mayfield Village. The seminar is free-of-charge.

Larkin is the Technical Director for Not-for-Profit accounting and auditing for the Institute for Nonprofit Excellence in the Washington, D.C. office of BDO USA, LLP. Previously he was...

• New Requirements for Tax-Exempt Hospitals; Just The Beginning?
• Items to Watch
• Executive Departures: How Good is the Goodbye?
• Extenders of Interest to Nonprofits: Better Late Than Never
• Accounting for Leases - Including a Proposed New Accounting Standard
• 2010 Form 990: Calm After The Storm, With Some Challenges To Come
• Federal Tax Deposit Alert - Paper Coupon Payments Discontinued in 2011
• Nonprofit Financial Statement Analysis -...

Uncertain Tax Positions: Lessons Learned and a Look Forward

By R. Michael Sorrells, CPA

ASC 740-10, Accounting for Uncertainty in Tax Positions (formerly FIN 48) was required to be implemented by "public" non-profits, such as those with certain tax-exempt bonds for years beginning after December 15, 2006. However, the vast majority of nonprofit organizations were allowed to defer this requirement until years beginning after December 15, 2008 (generally calendar year 2009 and fiscal years...

Some restaurants are re-sizing their portions' sizes due to the economy.  When the IRS updated the Form 990 in 2008, they designed it to re-size itself through 2010 – effectively having it apply to more nonprofit organizations each year.

The Form 990 EZ is a smaller version of the 990 (think of a kid’s meal vs. a double burger deluxe).  Initially, organizations with under a $1 million in revenue and under $2.5 million in assets could file the EZ.  In 2009, the threshold dropped to $500,000 in...

This issue of the Nonprofit Organization Update includes the following articles:

• Moving Toward Clarity - IRS Releases 2009 Form 990 Changes
• Foreign Accounting Reporting - More IRS Guidance is Here!
• SFAS 157 Fair Value Measurements - Additional NFP Perspectives
• Effective Policies - Building the Foundation of Your Organization
• Employee Benefits Security Administration's (EBSA) 2010 Priorities
• FIN 48 Update for Nonprofit Organizations

Moving Toward Clarity - IRS Releases 2009 Form 990 Changes
By Joyce...

SFAS 157 – A Not-for-Profit Perspective
By Dick Larkin

Nonprofit organizations use fair value accounting when they are:
(1) required by certain accounting standards to use fair value for certain transactions and balances, and
(2) permitted by certain other accounting standards to use fair value for certain other transactions and balances.

Click here for more of this story.

Endowment Funds and FSP 117-1
By Dick Larkin

A question has come up as to just what constitutes an endowment fund for purposes of...

Form 990 Schedule L is required for all nonprofit organizations that answered questions 25, 26, 27, or 28 in Part IV of the Form 990 relating to transactions between various parties.

Transactions that are required to be reported on Schedule L include:

• Excess benefit transactions
• Loans to and/or from interested persons
• Grants or assistance benefitting interested persons
• Business transactions involving interested persons

The definition of interested persons is different for each one of these...

Unfortunately, the downturn in the economy has effected many not-for-profit organizations that provide invaluable services to numerous communities and individuals.  For some of these organizations, management has thrown its hands in the air, determined that they just cannot provide these services anymore, and closed their doors.

A recent survey of about 100 not-for-profit organizations indicated that about 90% of those organizations have been directly affected by the downturn in the economy, some...

Unfortunately, the downturn in the economy has effected many not-for-profit organizations that provide invaluable services to numerous communities and individuals.  For some of these organizations, management has thrown its hands in the air, determined that they just cannot provide these services anymore, and closed their doors.

A recent survey of about 100 not-for-profit organizations indicated that about 90% of those organizations have been directly affected by the downturn in the economy, some...