Virtually all not-for-profit organizations (NFP) rely on donations in order to fund programs and operations centered at meeting their defined mission. While most donations are made in cash, often these donations include securities. Securities are defined as “a share, participation, or other interest in property or in an entity of the issuer or an obligation of the issuer” and most commonly take the form of shares of corporate stock, bonds, or other investments. When a NFP sells donated securities in order to utilize the cash for operations, or other purposes, they are left with an accounting decision on how to report these inflows on their statement of cash flows. The Financial Accounting Standards Board (FASB) issued an exposure draft on April 17, 2012 to help clarify these reporting requirements.
The FASB concluded that immediately converting donated securities to cash is economically similar to receiving a cash donation, and accordingly, the cash inflows from this type of transaction should be a component of cash flows from operating activities, rather than cash flows from investing or financing activities. The criteria established by the FASB for operating cash flow treatment are: Continue reading »
McKonly & Asbury recognizes the critical importance that the nonprofit sector plays in our community. Always striving to be a valued resource to keep you on the forefront of emerging nonprofit accounting and tax matters, we are excited to invite you to join us on Monday, June 4th for a Nonprofit Seminar!
Hosted by McKonly & Asbury, this seminar will provide timely, relevant topics to nonprofit organizations and will be held at the Giant Community Center in the Giant Food Store located at 3301 Trindle Road, Camp Hill, PA. Registration and breakfast will begin at 8:30am and the seminar will run from 9:00am until 12:00pm. The cost to attend is $25 and CPE credits will be available.
A glimpse of the morning’s speakers and topics are as follows: Continue reading »
We had another great webinar yesterday presented by Katie Nix (Human Resource Manager) and Suzanne Sentman (Human Resource Coordinator) of McKonly & Asbury on Retaining Your Top Talent! Thank you to everyone that attended and received CPE credit.
We reviewed some great tips and insight on hiring and keep great employees. We reviewed strategies such as; inclusion culture, buddy and mentor programs, special and unique benefits, and stay interviews.
Check out our Upcoming Events page for news and updates on our future seminars and webinars.
For more information on this topic contact Katie or Suzanne at info@macpas.com.
Watch a recording of the presentation below.
Link to video http://youtu.be/jnRzokkiDDQ
McKonly & Asbury offices will be closed this Friday, April 20th as we celebrate the end of another successful tax season. M&A thanks all of our wonderful team members for their hard work and dedication this tax season. We know that our people are our greatest asset and that M&A’s success is a direct result of your efforts! We also thank our clients and friends in the community for your continued trust in us as your accountants and business advisors. Thank you!
McKonly & Asbury’s Entrepreneurial Services Group invites you to join us for our 4th Annual Business Seminar for Entrepreneurs on May 31! Sponsored by Pavone and Paytime, this year’s seminar focuses on updates and matters affecting your business and you, as an entrepreneur.
The seminar will be held on Thursday, May 31, 2012 at the Giant Community Center in the Giant Food Store located at 3301 Trindle Rd., Camp Hill, PA. Registration and breakfast will begin at 7:30am and the seminar will run from 8:00am until 12:00pm. There is no charge for this seminar, and CPE credits are available. Continue reading »
Join us for the first webinar in our summer webinar series entitled “Fraud Engagement from A to Z”. Presenters Dave Hammarberg, Director of IT and Consulting Senior Manager, and Samuel BowerCraft, Senior Manager, of McKonly & Asbury will take you on a step-by-step detailed walk through of an actual fraud engagement.
This free, hour-long webinar will take place on Thursday, May 17th at 2:00 p.m. EST, and CPE credit is available.
Reserve your webinar seat now by clicking here:
https://www1.gotomeeting.com/register/771424880
After registering, you will receive a confirmation email containing information about joining the webinar.
For more information, please contact us at info@macpas.com.
Risk – the possibility of losing money – is one of the most feared words in investing. Despite most people’s aversion to risk, the history of market manias shows that most people – even some of the most risk-averse – have the ability to abandon their fear of losses when asset prices soar for a long time and everybody else seems to have made a lot of money.
So what gives some people the ability to control their emotions and make cool and calm decisions? Two main reasons are that they know how to measure risk and how to manage it. And, to the extent that individual investors learn both, they increase their chances for making smart decisions that keep their portfolios on track toward meeting their goals.
Two Ways of Measuring Risk
Beta – Professionals have two common ways to measure risk. The first is beta, which is how closely a portfolio’s performance matches or varies from that of a benchmark index. The benchmark for large-company U.S.-traded stocks is the S&P 500 stock index, while a generational benchmark for bonds of medium-range maturity is the Barclays Aggregate Bond index. The performance of indexes is normally expressed as a percentage and reflects their total return, which is a combination of any interest or dividend payments and their change in price. Continue reading »
Have you filed your report? April 15 is the deadline to file your annual PA Unclaimed Property Report under the Pennsylvania Abandoned and Unclaimed Property Act. Businesses, organizations, and government entities (“holders”) in possession of any financial asset with no activity or contact with the owner for a period of approximately 5 years are required to file annually and transfer abandoned property to the Treasury Department. Any holder who does not file by April 15 may be subject to interest and penalties. Filing is not required if there is no unclaimed property to report; however a negative report may be filed to help maintain an “active” reporting status.
Examples of unclaimed property include:
- Wages/Payroll
- Uncashed checks
- Accounts receivable (credit balances)
- Commissions
- Refunds/Rebates
- Gift Certificates/Gift Cards Continue reading »
Determining whether and when a business must capitalize costs incurred in acquiring, maintaining, or improving tangible property has always been open to some level of judgment, based largely on the interpretation of past case law. This is an area that has been exposed to significant controversy due to inconsistent application of the law. However, on December 23, 2011, temporary regulations (T.D. 9564) were released by the IRS that are meant to simplify compliance with the Internal Revenue Code and the tax treatment of expenditures related to tangible property.
The new temporary regulations apply to expenditures made on or after January 1, 2012, and will affect virtually all taxpayers that purchase, lease, produce, or improve tangible property, such as buildings, machinery, vehicles, furniture, and equipment. They will have an impact on businesses of all sizes, large and small. Although the regulations are “temporary” they have the same binding effect as final regulations. Continue reading »
McKonly & Asbury is proud to announce the kick off of our summer webinar series! If you’ve joined us for past webinars, thank you! If you haven’t, these free webinars cover topics important to you and your business!
Here is a glance at our upcoming summer webinars:
May 17 at 2 PM – Fraud Engagement from A to Z. Taking a step by step detailed walk though of an actual fraud engagement.
June 21 at 2 PM – Buy-Sell Agreements: Will Yours Work…or Add Fuel to the Fire? Learn the essential valuation criteria that should be in every buy-sell agreement.
July 19 at 2 PM – Federal Tax Webinar. Discussion of the new tangible property regulations; depreciation of fixed assets; how to apply the correct methods and lives, and avoid errors; and cost segregation.
August 23 at 2 PM – Financial Reporting Changes on the Horizon. Learn about the recent trends in financial reporting.
More details and registration information for the May webinar will be announced shortly, and keep watch in this blog for upcoming details for the other webinars as well! As always, we appreciate any feedback. If you have topics you’d like to see covered in future webinars, please feel free to email us at info@macpas.com.
Welcome to the M&A News Site!
Posts From All M&A News Sites
- Last Chance To Register for the Spring 2012 Construction Seminar - Friday, May 18th
- Register Now: Manufacturers Summit - Growth and Innovation, Thursday June 7th
- Pennsylvania Sales/Use Tax Issues for Mining Site Preparation
- Sale of Donated Securities – FASB issues an exposure draft impacting the Not-For-Profit Community
- Reshoring Could Create 2-3 Million Jobs by the End of the Decade
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