It takes more than dedication and enthusiasm for your not-for-profit’s cause and programs to make a good board member. The most critical duty for all board members is being a fiduciary.

a group of people sit in a conference room around a wooden desk with someone leading discussion at the table head writing on a whiteboard; image used for blog post about in-person not-for-profit board retreats

This means, among other things, that they can be trusted to always act in their not-for-profit’s best interests, avoid unnecessary risk, make decisions thoughtfully and execute them efficiently.

Continue Reading The Fiduciary Duties of Not-for-Profit Board Members

logo for TXCPA Houston (Texas Society of CPAs Houston Chapter)We are proud to sponsor the next CPE by the Sea, an annual conference from the Texas Society of CPAs – Houston Chapter (TXCPA Houston). This year will be another virtual webcast experience, where attendees will gain valuable insights from a variety of quality instructors on issues ranging from solving tough accounting challenges to managing their workload.

The CPE by the Sea conference will take place June 17 – 18, 2021, and attendees can earn up to 16 CE Credit(s) with an additional bonus 4 CPE hours on-demand. Topics range from tax, employment law, fraud prevention and much more.

For more information and to register for CPE by the Sea, visit https://www.tx.cpa/events/event-details/?eventId=2429a108-0b9a-4320-a397-18c8e0ed5901

Read More: Mark Your Calendars! Upcoming June 2021 Houston Events…

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
  • National Association for Corporate Directors
  • Texas Society of CPAs – Houston Chapter
  • Turnaround Management Association

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 June 2021 Houston Events…

COVID-19 was a kind of disaster most not-for-profits weren’t prepared for. As your organization recovers from this unusual event, don’t let it become vulnerable to other, more common, threats.

a fire fighter carrying an axe in the dark; image used for blog post about not-for-profits having a plan to limit disaster damage

Every not-for-profit needs a formal disaster plan for such risks as a fire, natural disaster or terrorist attack.

Continue Reading Have a Plan to Limit Disaster Damage

If you’re a business owner hiring your children this summer, you can obtain tax breaks and other nontax benefits.

four arms in business clothes forming a lattice with gripping each other's arms; image used for blog post for hiring children tax benefits

The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to:

  • Shift your high-taxed income into tax-free or low-taxed income,
  • Realize payroll tax savings (depending on the child’s age and how your business is organized), and
  • Enable retirement plan contributions for the children.

Continue Reading The Tax and Nontax Benefits of Hiring Your Children

Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now.

two women sitting across each other at a table talking; image used for blog post about hiring new not-for-profit staffers

Obviously, the decision to hire is a difficult one considering the economic uncertainty that may remain. But you also don’t want to miss out on the best talent. Here are some issues to consider.

Continue Reading Considerations for Hiring New Not-for-Profit Staffers

As the COVID-19 pandemic finally seems to be fading in the United States, your not-for-profit organization may be making plans for its post-pandemic future. Is a merger with another not-for-profit part of these plans?

two men in suits shake hands; image used for blog post about not-for-profit merger after pandemic

A merger can provide your organization with greater stability and resilience so that you can survive any new challenges that comes your way. But a merger isn’t always the best solution if, for example, you’re looking for a financial rescue. Here’s a rundown of good — and bad — reasons to join forces.

Continue Reading Is Your Not-for-Profit Thinking About a Merger?

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