What is good not-for-profit governance? How can organizations spot red flags of bad governance and avoid fraud? PKF Texas Directors, Nicole Riley, CPA, CFE, and Emily Smikal, CPA, shared their insight in our Zoom webinar on May 12, 2021, “Governance Gone Bad: Lessons Learned to Help Your Not-for-Profit.”

promotional graphic for Zoom webinar, Governance Gone Bad: Lessons Learned to Help Your Not-for-Profit, featuring PKF Texas Nicole Riley and Emily Smikal

Continue Reading Recap: “Governance Gone Bad” Not-for-Profit Webinar

If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts in kind.

black box gifts with golden ribbon bows; image used for blog post about not-for-profit rules about gifts in kind

Continue Reading The New Accounting Rules for Gifts in Kind

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.

  • Houston Business Journal
  • Client Exclusive: Not-for-Profit Webinar
  • Holocaust Museum Houston
  • Turnaround Management Association
  • National Association for Corporate Directors

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 May 2021 Houston Events…

If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose financial adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such financial adjustments.

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Here’s how.

Continue Reading How to Minimize Needing Year-End Financial Adjustments

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome back.

Carlos: Thanks, Jen.

Jen: I’ve heard a little bit of buzz in the marketplace about royalty relief. What is it? And what do our clients need to know?

Continue Reading What You Need to Know About Royalty Relief

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.

tyepwriter with a printed paper with the text, "#COVID19;" image used for blog post about recent tax changes affecting individual tax bills

Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return is due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). If you can’t file by that date, you can request an extra five months to file your 2020 tax return by October 15, 2021. Your 2021 return will be due in April of 2022.

Continue Reading New Tax Changes May Benefit Your Individual Bill

Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure, consider directors and officers (D&O) liability insurance.

man writing on papers; image used for blog post about not-for-profit D&O Insurance reducing liability risk

This coverage allows board members to make decisions without fear that they’ll be personally responsible for any related litigation costs.

Continue Reading D&O Insurance Can Reduce Liability Risk

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome back to the Playbook.

Carlos: Thank you, Jen.

Jen: So, we’ve talked about various aspects of contract compliance services in previous videos. And we’ve talked about the monetary benefits. What other benefits are there for a contract compliance type engagement?

Continue Reading The Benefits of a Contract Compliance Engagement