Financial statement footnotes provide donors, governmental supporters, and other stakeholders with critical information about your not-for-profit. It’s important to work with your CPA to make sure your footnotes are accurate and thorough.
Olsen Thielen Advisor Blog
- November 18, 2020
The federal gift and estate tax exemption was enacted in 1916, and right now, it is at the highest it has ever been. This means that you can pass more to your heirs today, without paying any federal gift or estate tax, than ever in the past century.
- November 18, 2020
When employees are absent from work due to illness or injury for more than a few days but are expected to return to work, they may receive short-term or long-term disability payments from their employer’s sick pay plan.
- October 21, 2020
Nonprofit organizations have encountered many challenges in 2020, and the concerns expressed by their leaders are justified. Their concerns include strained budgets, the ability to deliver on the organization’s promises during a pandemic, and more.
- October 13, 2020
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?
- October 13, 2020
In this pandemic year, many not-for-profits are scrambling to find new revenue sources to replace donor contributions and other lost income.
- October 8, 2020
We are pleased to announce that Adam P. Thielen, CPA, was elected Principal, effective September 1, 2020.
- October 8, 2020
It is recommended that you review your estate plan at year’s end. The end of the year is a logical time to note important life events that have taken place over the past 12 months or may affect your plan.
- October 8, 2020
The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements.
- October 6, 2020
Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too. Take the Roth IRA, for example.
- October 6, 2020
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should do well.
- September 28, 2020
Collective impact initiatives are growing among not-for-profits. Such initiatives are about more than collaboration. They represent the commitment of a group of organizations to a common agenda for solving a specific social problem.
- September 15, 2020
Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.
- September 15, 2020
Employee or independent contractor? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes.
- September 1, 2020
Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation.