The GRF Blog


GRF's partners, auditors and accountants share their professional insights into financial management issues of interest to nonprofits, international non-governmental organizations, government contractors, businesses and individuals. Subscribe to our posts in the right column.



Income Deflation, Why, How and When?

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In the most common circumstance of applying for a loan or mortgage, people are motivated to inflate their income and their assets as high as possible to convince credit providers that they are credit-worthy. However, there are at least three circumstances where people are motivated to “deflate” their income and net worth: income and personal property taxes; filing for bankruptcy; and finding oneself in a messy divorce. In all three cases, “income and net worth deflation” is something that is often considered and applied.

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Fraud Awareness
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Omni-Circular: How the New Federal Regulations Affect Your Nonprofit Organization’s Audit

Nonprofit Audits and the CFR 200 –Uniform Administrative Requirements, Cost Principles and Audit

 

The CFR 200 “Uniform Administrative Requirements, Cost Principles and Audit” went into effect December 26, 2014. There are many regulation changes. This blog only focuses on audit threshold and requirements for procurement.

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Beyond the Audit: Nonprofit Accounting, The Auditor’s Perspective
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Happy Birthday, March Babies!

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Happy Birthday to You!

We are very proud of our hard-working employees here at GRF. Especially during this busy-season. So today we celebrate our wonderful employees with March birthdays!

Happy Birthday to Tom Netznik, Mary Powell, Hugene Fields, Isabel Vordzorgbe, Kate Fisken, Alison Albrecht and Bob Todes!

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Working at GRF
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Fraud in Nonprofit Organizations

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According to the ACFE’s Report to the Nations on Occupational Fraud and Abuse, median loss at nonprofits is higher than government agencies, but lower than private and public companies.

Fraud takes a toll on nonprofits as the organization suffers financial losses and reputational damages.

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Beyond the Audit: Nonprofit Accounting, Fraud Awareness
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What Does an Auditor Do?

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An audit may seem like an intimidating thing to go through, but what does it actually mean for your company? What does an auditor do?

The auditor aims to maximize your company’s performance and efficiency by offering objective advice for improving financial reporting and internal controls. The goal of an audit is to issue an opinion on whether your company’s financial statements are presented fairly in accordance with financial reporting framework.

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The Auditor’s Perspective
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Busy Season Kick-Off Party

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Gelman, Rosenberg & Freedman CPAs kicks off busy season the right way.

Before things start to get hectic with upcoming deadlines, the staff hopped on the metro to Dupont Circle to enjoy a pre-busy season party at Buffalo Billiards. As if the food and beer weren’t enough, we had a blast playing pool, darts, foosball and so much more.

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Working at GRF
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When to Complete Form 673

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IRS Form 673’s official title is “Statement for Claiming Exemption From Withholding on Foreign Earned Income Eligible for the Exclusion(s) provided by Section 911.” What a name? Why should you, an expat, worry about this form?

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International Insights: Finance Overseas
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First Friday Birthday Celebration

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On the first Friday of each month, Gelman, Rosenberg & Freedman CPAs provides cupcakes to celebrate the birthdays of our wonderful employees.

On Friday, February 6, we celebrated our fabulous employees who were born in January and February. Happy birthday to Andrea Feinberg, Andreas Alexandrou, Angela Modrick, Chris Szczenski, Dianne Finger, Grace Mureithi, Jackie Oneto, Jill Leonard, Kashif Ali, Katelyn Miller, Kim Davis, Marc Neri, Marisol Sharma, Ron Watkins, Shanda Cooper, Shawn Monroe and Tammie McRoy!

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Working at GRF
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Move for Hunger Food Drive

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By Ashari Taylor-Watson

My interest in the food drive began with other volunteer work. I was tutoring inner city youth, and time after time, hunger was a main concern that the children would bring up to me. I knew then that helping these kids do math and science homework would have no impact and was irrelevant if they were hungry. I wouldn’t dare ask these kids to do anything on an empty stomach.

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Community Impact
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Best Practices for Managing Employees Working Overseas: “The Big Three List”

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Since more and more NGOs are sending their employees overseas, and/or hiring host country and third country nationals at foreign posts, Gelman Rosenberg and Freedman (GRF) has been asked more and more frequently how to manage the accounting and human resource components as they relate to these personnel.

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International Insights: Finance Overseas
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Jerry Rosenberg and Judy Lasley helped us set up the right business structure and continue to get us through the maze of government contracting regulations we face everyday.

Shirley Wayne |  Co-Owner
SW Associates, LLC