Nonprofit Resources
Nonprofit Issues Newsletter, December 2024
Key considerations and best practices around determining worker classifications, reporting internal audit results to an institution’s board, implementing the new cryptocurrency accounting standards, and more.
Merry Christmas
For to us a child is born,
to us a son is given,
and the government will be on his shoulders.
And he will be called
Wonderful Counselor, Mighty God,
Everlasting Father, Prince of Peace. – Isaiah 9:6
As we celebrate the wonder and joy of Jesus’ birth, we pray that God’s love and peace will shine on you during this blessed Christmas season and throughout the coming year.
Please note that CapinCrouse will be closed from Tuesday, December 24 through Wednesday, January 1 to give our employees time to celebrate with loved ones and rest and recharge to serve you with excellence in the coming year. If you need immediate assistance during this time, please reach out to your engagement partner.
We wish you a very Merry Christmas and a blessed New Year and look forward to serving you in 2025.
Determining Worker Classifications
When individuals perform work for an organization, there are several specific, defined ways for them to be classified in the organization’s payroll and accounting systems, depending on the nature of their work. It is important to classify workers correctly because errors have tax implications for both the employee and the employer.
Learn more with our helpful overview.
Reporting Internal Audit Results to Your Institution’s Board
An essential last step in the internal audit process at a higher education institution is reporting the results to the board. These recommendations and examples can help you develop a clear, effective internal audit report and presentation that demonstrates the many benefits of internal audits and builds continued support and resources for this vital process.
INSIDE Public Accounting Profile of Managing Partner Fran Brown
We are honored to have been named an IPA 2024 Best of the Best firm by INSIDE Public Accounting (IPA) for a second year. Managing Partner Fran Brown recently talked with IPA about the keys to the firm’s success, our ongoing focus on exclusively serving nonprofits, the opportunities ahead, and what motivates him most as a leader.
You can read the IPA profile here.
Why Nonprofits Need to Be Aware of New Crypto Accounting Standards
Cryptocurrency donations to nonprofit organizations exceeded $2 billion between 2018 and the start of 2024. By accepting crypto donations, nonprofit leaders can tap into a new revenue stream and expand their donor base, but they need to be aware of how their organization is recording crypto assets on their balance sheets.
This article provides an overview of the new accounting standards for cryptocurrency and the potential risks and benefits nonprofit leaders should assess.
Newsbits
New Reporting Guide Now Available
A new, in-depth resource is now available! The Accounting and Financial Reporting Guide for Churches and Ministries, which is published by the Accounting Committee for Churches and Ministries, includes in-depth accounting guidance, example financial statements, flowcharts, and more.
This informative guide is co-sponsored by The Capin Center for Nonprofit Excellence and several CapinCrouse partners contributed their expertise. You can learn more and order your copy here.
Save the Date: CapinCrouse 2025 National Nonprofit Virtual Seminar
Please mark your calendar and plan to join us at the CapinCrouse 2025 National Nonprofit Virtual Seminar on Wednesday, February 12 from 11:30 a.m. – 5:00 p.m. EST. You’ll gain valuable insights and practical strategies to help your organization transform challenges into opportunities. Details and registration will be available soon.
Frank Jakosz Appointed to the AICPA Professional Ethics Executive Committee
We are pleased to announce that Frank Jakosz, Partner and Quality Assurance Director at CapinCrouse, has been appointed to the AICPA Professional Ethics Executive Committee (PEEC), a senior committee of the AICPA charged with interpreting and enforcing the AICPA Code of Professional Conduct. PEEC manages professional ethics and independence matters and enforces audit, accounting, and reporting standards for AICPA members.
Frank has more than 52 years of public accounting and nonprofit expertise and is also a member of the AICPA Enforcement Committee of the Ethics Division. He has served as a member or chair of various AICPA committees for over 25 years, including multiple years as chair of the AICPA Not-for-Profit Expert Panel. Frank is also a founding member of the AICPA Not-for-Profit Advisory Committee.
Congratulating Rob Faulk
With sincere congratulations and deep appreciation, we announce that Rob Faulk, Partner and Church and Denomination Services Director, will retire on December 31, 2024. Rob has served with CapinCrouse for 13 years and we are truly grateful for the extensive professional expertise, insight, and dedication he has provided to the firm and our clients.
We congratulate Rob on an incredible career that has had a positive and far-reaching impact on so many and wish him all the best in this next chapter!
