In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most part, the basic principles remain valid. But over the past quarter century, some in the not-for-profit and donor communities have suggested amendments and additional “rights.”

typewriter with paper sticking out with the word "donations;" image used for blog post about not-for-profit donor bill of rights

If you aren’t already familiar with the Bill, it’s a good idea to review it and recent updates while thinking about ways you might improve your organization’s relationship with donors.

Continue Reading Does Your Donor Bill of Rights Need Updating?

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. Even amidst the COVID-19 pandemic, we still want to continue providing valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • KCA
  • Turnaround Management Association
  • Client Exclusive: SEC Webinar
  • National Association for Corporate Directors
  • Greater Houston Women’s Chamber of Commerce

If you have questions about any event details or registration information, the organization-specific contacts are below. We hope to see you at any or all of these Houston events!

Continue Reading Mark Your Calendars! Upcoming December 2020 Houston Events…

PKF Texas is a proud sponsor of KCA’s next virtual evening event on December 1, 2020 from 4:00 – 5:15 p.m. CST. The final thought leadership event of the year will be moderated by PKF Texas Director Chip Schweiger, CPA, CGMA, and feature a discussion from KCA Founder and CEO, Kevin Carpenter, about energy transition. In his discussion, Carpenter will host a virtual candid conversation answering the question, “What does a low carbon energy future mean to me?”

Promotional image for KCA's Energy Evening Event featuring Kevin Carpenter on December 1, 2020

The event agenda will proceed as follows:

  • 4:00 – 4:30 p.m. – Networking
  • 4:30 – 4:50 p.m. – Keynote
  • 4:50 – 5:15 p.m. – Live Q&A

For more details and to register, visit www.kca-us.com/register-here.

thumbnail image of a PKF Texas white paper about the November 18 PPP Loan ruling impacting tax planningThe IRS released new ruling and guidance on November 18, 2020 for businesses who received a Paycheck Protection Program (PPP) Loan, Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which clarifies the tax deductibility of expenses related to loans that have not been forgiven.

The PKF Texas team wants to share with you a special information document with timely considerations to start thinking about. Click the image to the right or download the document from our website.

There is not a uniform answer on when it is the best time for a business to apply for PPP Loan forgiveness, so please reach out to the PKF Texas accountants and advisors who can co-develop a solution which makes most sense for your business.

Byron Hebert, CPA, CTP
Chief Growth Officer & Practice Leader, EAS
BHebert@PKFTexas.com
www.PKFTexas.com/ByronHebert

Matt Goldston, CPA, CVA, CM&AA
Director, EAS
MGoldston@PKFTexas.com
www.PKFTexas.com/MattGoldston

Sam Razmandi, CPA
Director, EAS
SRazmandi@PKFTexas.com
www.PKFTexas.com/SamRazmandi

Danielle Supkis Cheek, CPA, CFE, CVA
Director, EAS
DCheek@PKFTexas.com
www.PKFTexas.com/DanielleSupkisCheek

Del Walker, CPA
Practice Leader & Director, Tax
DWalker@PKFTexas.com
www.PKFTexas.com/DelWalker

Frank Landreneau, CPA
Director, International Tax
FLandreneau@PKFTexas.com
www.PKFTexas.com/FrankLandreneau

For more information related to COVID-19, visit our website with the latest updates: www.PKFTexas.com/COVID-19.

Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit.

two businessmen writing on a document together; image used for blog post about using footnotes in a not-for-profit's financials

So it’s important to work with your CPA to make sure your footnotes are accurate and thorough.

Continue Reading How to Disclose NFP Financial Information with Footnotes

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles.

a phone calculator sitting on top of a red journal and white and grey folder; image used for blog post about IRA distribution rules

There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:

Continue Reading Knowing the IRA Distribution Rules Can Make a Difference

Companies have seen growth after entering third-party agreements, and even though there are benefits, risks can also come with the deal. The good news is these risks can be mitigated through monitored and managed with an effective program of internal and external controls. PKF Texas Contract Compliance Audit Manager, Carlos Gomez, recently published an article on the Houston Business Journal website discussing the complexities of third-party agreements.

man signing agreement document; image used for blog post promoting Carlos Gomez third-party agreements article with Houston Business Journal

In his article, Carlos showcases common engagements where companies utilize third-party agreements. He then follows by outlining different types of risks that can arise. Additionally, he supplements identifying the risks by providing insight into various ways companies can mitigate them and how these methods and approaches help in the long-term.

For the full article with more detail, visit https://www.bizjournals.com/houston/news/2020/11/13/the-benefits-and-risks-of-third-party-agreements-f.html.

To learn more information about third-party agreements, as well as PKF Texas’ Contract Compliance services, contact Carlos Gomez at CGomez@PKFTexas.com.

Byron: Welcome to The PKF Texas Entrepreneur’s Playbook. My name is Byron Hebert. I’m the Chief Growth Officer here at PKF Texas, and today I want to introduce you to two of the faces of PKF Texas, Matt Goldston and Sam Razmandi.

We’re going to talk to you today about one of the services PKF offers: our Outsourced Controller and CFO Program in the Entrepreneurial Advisory Service Department. Both these guys are experts in this area, and so I’m really excited to introduce them to you. Let’s start with Matt.

Matt, why would a company outsource their controller or CFO function?

Continue Reading What are Outsourced Controller and CFO Services?

International Fraud Awareness Week badge for 2020 from the ACFEAccording to a study conducted by the Association of Fraud Examiners (ACFE), fraud costs organizations about 5% of their annual revenues. For this year’s International Fraud Awareness Week, the Houston Chapter of the ACFE has lined up activities for friends, family and colleagues to join and participate in from November 15 – November 21 to raise awareness to fraud.

The Houston Chapter of ACFE has shared the daily International Fraud Awareness Week activities, which include:

Continue Reading Join International Fraud Awareness Week 2020 Activities