Olsen Thielen Advisor Blog
- July 30, 2019
Background checks don’t inoculate companies against occupational fraud and other criminal acts by employees. After all, many thieves have never been caught and, therefore, have no criminal background.
- July 26, 2019
Corporate espionage involves the theft of information that hasn’t been made public and each year businesses lose billions of dollars in intellectual property (IP) from thieves stealing trade secrets.
- July 25, 2019
Whether you are selling or buying a business or in the process of a merger or acquisition, it is important that all parties be consistent when reporting the transaction to the IRS. Reporting discrepancies could increase your chance of being audited.
- July 23, 2019
In general, the amount lost to not for profit fraud isn't nearly as much as it is at for-profit businesses. Few nonprofit budgets can afford a $75,000 shortfall or the bad publicity associated with fraud. Here’s how nonprofits open the door to fraud — and how your organization can shut it.
- July 12, 2019
Even if your nonprofit typically doesn't have budge shortfalls, you may be looking for new funding sources and may want to consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.
- July 12, 2019
Many government agencies are experiencing staff shortages, but don't assume they have given up on IRS audits of NonProfits! Staff shortage or not, the IRS continues to scrutinize organizations and conduct audits when deemed necessary. If your organization receives an audit letter, you need to know what the process involves
- July 11, 2019
An operating reserve is a nonprofit's safety net that has the unrestricted and relatively liquid portion of the organization's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival.
- July 1, 2019
VIDEO: With recent tax changes, it is important to make sure that you are making good choices as it relates to your Estate Plan. The Internal Revenue Service recently increased the estate tax exclusion. While this can be a big benefit, it's important to have strategies in place
- June 26, 2019
There are important board fiduciary duties associated with being on a not-for-profit board. However, not all board members are aware of their fiduciary responsibilities. It is important to your nonprofit's financial health and integrity that you help them understand and remind them of their responsibilities.
- June 25, 2019
Watchdog groups and the media have increased their scrutiny and reporting of how much nonprofits spend on programs vs. administration. As a nonprofit you want to be able to prove that you dedicate most of your resources to your programs. However, accounting rules require that you record the full cost
- June 25, 2019
Have you thought about how cross training staff could benefit your not-for-profit? What if a senior manager was suddenly forced to take long-term disability leave? Or what if an accounting staffer quit without notice? A sudden personnel change could bring your nonprofit's work to a standstill. Having someone else on staff set to
- June 24, 2019
Hiring a CFO for your not-for-profit could ease financial responsibilities for your executives and allow them additional time to pursue your organization's mission. Expanding your organization's mission and growth is directly connected to its financial health and integrity.
- June 23, 2019
Under GAAP Principles (U.S. Generally Accepted Accounting Principles) nonprofits are regularly required to evaluate whether there’s “substantial doubt” about their ability to continue as a going concern, which means that the organization won’t soon liquidate its assets and cease operations. What does your management team do if it determines substantial
- June 20, 2019
Not-for-profit organizations need a strategic fundraising plan that works because just having a prominent board of directors, dedicated volunteers, committee staff members and effective programs many times isn't enough to meet fundraising goals.