Month: January 2011

Documentation requirements under SSARS 19

I have started a series of posts on my other blog discussing the documentation requirements under SSARS 19 for compilations and reviews.  I won’t be cross-posting those discussions on this blog.  The first item is here.

Update – Discussions of reviews start here.

Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. You can check out these posts at my other blog, Attestation Update:

Jim Ulvog

Great example on how to apologize. Also, how to own your problem.

After the Cooks Source fiasco discussed here and other posts, it is delightful to see a company that knows how to apologize and takes clear ownership of their problem.

37signals provides a number of collaborative software products.  I don’t use their services, but I thoroughly enjoyed a book they wrote on the lessons they have learned in their business.  Enjoyed it so much I wrote an Amazon review, which I discussed here.  I read their blog everyday.  I heartily recommend it.

Anyway, last November and December their flagship program had a lot of intermittent outages.

(more…)

Jim Ulvog

Increasing volume of distressed sale of church properties

No surprise there.

The Wall Street Journal reports here the volume of churches going through distressed sale of their property has increased rapidly over the last couple of years.  In addition to a good background article, which I think you should read, there is a great pair of charts that gives good info.

(more…)

Jim Ulvog

Comparing GDP of US states with foreign countries

You’ve played the word game — if California was a separate country, it would be the Xth largest economy in the world.   

The Economist magazine has revised the game with a graph that matches the GDP of each state with another country with the closest GDP.  Map is here.  The ‘population’ button at the top changes the map to match each state with a country with the closest population size.

A few fun observations:

(more…)

Jim Ulvog

Differing dollar cutoff for filing California 199N and federal 990-N

The cut off for organizations being able to file a 199N with the California Franchise Tax Board instead of the longer 199 is gross revenue normally $25,000 or less. The cut off to file a 990-N instead of the longer 990-EZ with the IRS is $50,000.

What to do if your income is between 25,000 and 50,000? 

(more…)

Jim Ulvog

New filing requirement with the FTB for small California nonprofit organizations

Starting January 1, 2011, very small tax-exempt organizations in California must file an e postcard with the state Franchise Tax Board. This is very similar to the federal e-postcard.  Form FTB 199N is used for the FTB while Form 990-N is used with the IRS.

Key things you need to know:

(more…)

Jim Ulvog

Some thoughts from the webinar on ECFA’s Commission

Previous posts here and here for background.

There are a few comments worth repeating from the the ECFA’s webinar on the formation of their Commission on Accountability and Policy for Religious Organizations.  The Commission will provide input to the Senate Finance Committee. A few of my thoughts as well.

(more…)

Jim Ulvog

What issues will the ECFA Commission address?

Sen. Charles Grassley has asked ECFA to lead an independent, private sector commission to provide input on some of the major accountability and policy issues affecting the religious nonprofit community, particularly churches. Previous post here.  ECFA’s press release here.

Dan Williams, of PSK, an accounting firm in Arlington, Texas, has some comments at Faith-Based Accounting.

In a webinar on January 14, Michael Batts, CPA and Dan Busby, CPA and President of ECFA, gave background on the Commission and what it will be addressing.

Here are a few of the issues on the commission’s plate:

(more…)

Jim Ulvog

One sentence explanation of the difference between an audit and a review

I have discussed the differences between audits, reviews, and compilations here and here. Even developed a visual illustration here.  Ask any CPA and you can get a long explanation of the distinctions.

For something shorter, consult this article by Angus Loten in the Wall Street Journal, which said:

(more…)

Jim Ulvog