Sherri RoseJul 212 minShould I be paying estimated taxesEstimated tax is the way you pay the IRS and the State income tax on the income you earn throughout the tax year. It is the amount of...
Sherri RoseJul 162 min330 Grant ManagementHRSA is the largest funding source for most federally qualified heath centers and rural health centers. Since COVID funding has substantial
Sherri RoseJan 142 minNonprofit Operating ReservesThe operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
Sherri RoseJun 8, 20212 minHow much does a nonprofit audit cost?Audits are expensive. They are the highest level of assurance; therefore, require the most work. The fee quoted will depend on several...
Sherri RoseDec 8, 20202 minNonprofit Statement of Functional Expenses Allocation MethodsIf you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
Sherri RoseJun 9, 20203 minAccounting for Non-Cash ContributionsContributions can be made to a nonprofit in either cash or property. Non-cash contributions can be tangible or intangible. Tangible...
Sherri RoseDec 10, 20191 minVolunteers and Financial Reporting RequirementsVolunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating...
Sherri RoseJun 11, 20192 minAudit Preparation: Preparing the Schedule of Expenditures of Federal Awards (SEFA)All nonprofit organizations that expend $750,000 and more are required to have a single audit under the Uniform Guidance One of the...
Sherri RoseJun 12, 20181 minSubrecipient Responsibilities for Grant Revenue pass-throughA subrecipient is an organization that receives federal awards from a pass-through entity rather than directly from the federal grantor...
Sherri RoseDec 12, 20171 minHow to prepare the Grant Revenue ScheduleAccounting for grant revenue is vital for the nonprofit organization. Careful attention to detail must be provided throughout the life...
Sherri RoseJun 13, 20171 minYear-end Financial Close for Nonprofit OrganizationsAll nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process. The first...
Sherri RoseJun 7, 20163 minBest Controls for Small Nonprofits by Sherri Rose, CPA Nonprofit AuditorSmaller nonprofit organizations often do not have the volume of transactions to require multiple level controls. Too many controls can...
Sherri RoseMar 8, 20161 minForm 990 ReviewPart of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form...
Sherri RoseDec 8, 20152 minNONPROFIT OPERATING RESERVESThe operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
Sherri RoseSep 8, 20152 minNonprofit and NC Sales and Use Tax ClarificationsRecently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. ...
Sherri RoseJun 9, 20152 minGrant Accounting in Nonprofit OrganizationAccounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly...
Sherri RoseMar 10, 20152 minNon-Profit accounting: Vendor FilesAs a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be...
Sherri RoseDec 9, 20142 minNonprofit Statement of Functional Expenses Allocation Methods, by Sherri Rose, Nonprofit AuditorIf you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
Sherri RoseSep 9, 20142 minNot for Profit Organization Board of Directors – Audit CommitteeThe board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code...
Sherri RoseJun 3, 20142 minHow to Prepare for the Year End AuditOnce year end hits, the clock starts ticking. Most audits required by regulatory agencies or grantors, impose a deadline for completion...