by Betsy Smith, CPA, MST | Nov 20, 2019 | Acumen Blog, Budget & Finance, Leadership
How to read and understand the contents of your association’s audit report is crucial. The report contains several sections: Introductory Letter The introductory letter identifies the responsibilities of the board and the independent auditor. The letter explains...
by Betsy Smith, CPA, MST | Jun 2, 2019 | Acumen Blog, Budget & Finance
Even as a CPA, I used to think a budget was just the best estimate of where an organization might end up at year-end. I now know that a budget is a critical tool in planning, spending and holding everyone with organizational influence accountable. The budget should...
by Melinda Waite | Mar 11, 2019 | Acumen Blog, Budget & Finance
When your association was first created, it most likely applied for tax-exempt status from the IRS. This allowed the organization to earn income related to the organization’s exempt purposes, and be exempt from certain taxes from that income. But what happens when the...
by Betsy Smith, CPA, MST | Feb 22, 2019 | Acumen Blog, Budget & Finance, Leadership
Do you find yourself wondering where you should focus when looking at your organization’s financial statements? Your role as a board member includes a fiduciary duty of care to oversee operational results and to communicate those results to stakeholders. Here are a...