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Alternatives to Financial Statement Audits
By Steven Lyons, CPA, Assurance Senior Manager and Kari Hipsak, CPA, Senior Manager of Quality Management While financial statement audits are mandatory for many organizations, a review or compilation may meet the needs of some. Understanding the differences between an audit, review, and compilation can help your organization select the best engagement to meet your…
Working a Family Business into Your Estate Plan
If you own a family business, it’s probably one of your most significant personal assets. It’s important to take the proper estate planning steps to ensure that the business lives on after you’re gone — if you don’t, you may be placing your family at risk. Ownership vs. Management Succession One reason transferring a family…
Budgeting and Planning for 2025: Challenge Accepted!
Generated by AI and edited by Heather Broberg, Senior Manager, Accounting Technology Solutions Budgeting and forecasting are critical components of financial planning for any organization, yet they often pose significant difficulties. These processes are essential for setting financial goals, allocating resources efficiently, and making informed strategic decisions. However, the complexities involved can make budgeting and…
2024 Update on Retirement Plans: Cyber Best Practices
Cybersecurity remains a crucial concern for retirement plan administrators and sponsors. Ensuring the security of sensitive data and maintaining compliance with regulatory requirements is essential to protect plan participants and maintain trust. GRF hosted a 2024 Update on Retirement Plans webinar on May 16th, 2024, which outlined key cybersecurity best practices recommended by the Department…
2024 Update on Retirement Plans: Impact of SECURE Act 2.0
The SECURE Act 2.0 is transforming retirement planning by encouraging savings, enhancing retirement plan rules, and reducing employer costs. GRF hosted the 2024 Update on Retirement Plans on May 16th, 2024, where we explored the significant changes introduced by the SECURE Act 2.0. The session provided a comprehensive overview of the new provisions aimed at…
2024 Update on Retirement Plans: Recent Changes to Form 5500
Navigating the complexities of retirement plan reporting just got easier with the latest updates to Form 5500. These transformative changes promise to streamline processes, enhance data accuracy, and significantly reduce administrative burdens for plan administrators and sponsors. GRF hosted the 2024 Update on Retirement Plans webinar on May 16th, 2024, which delved into significant changes…
Update on Employee Retention Credit Claims
By Pam Harrison, CPA, Manager, Outsourced Accounting and Advisory Services As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in 2020, the Employee Retention Credit (ERC) was established to assist businesses impacted by the COVID-19 pandemic. Unfortunately, the program later became a target for aggressive marketing efforts by ERC promoters…
Illustrating Your Nonprofit’s Story with Dynamic Dashboards
Dynamic dashboards are essential for nonprofits, turning complex data into compelling visual narratives. They simplify the presentation of financial and operational metrics, aiding in decision-making and enhancing communication with stakeholders. On Wednesday, April 4, 2024, GRF hosted an informative webinar, “Illustrating Your Nonprofit Story with Dynamic Dashboards,” featuring Ahkeeia Ward, CPA & EA, and Elinor…
Brush Up on Campaign Contributions Rules
During campaign seasons, many individuals and businesses will make campaign contributions to candidates, political committees and parties. Before doing so, it’s critical to understand the rules for making contributions for federal and state elections. Violations could lead to steep financial penalties, as well as reputational damage. Individual Donations. According to the Federal Election Commission (FEC),…
Understanding Reasonable Cybersecurity Measures under New Federal Guidelines for Uniform Guidance
Cybersecurity has skyrocketed to the number one slot on many surveys and experts’ risk rankings as noted in GRF’s Top Risk for Nonprofits and Associations report. In response to the evolving landscape of cybersecurity threats, the Office of Management and Budget (OMB) has introduced language in the recently updated Guidance for Federal Financial Assistance aimed…