It is important to resist the temptation to rely on gut instinct or take shortcuts when budgeting for 2018. Creating a solid budget that is based on the three components of your company’s financial statements will help you manage profits, cash flow, and debt. Income...
Individual standalone long-term care insurance sales declined nearly 60 percent from 2012 to 2016. Premiums fell from $550 million to $228 million. During that period, new premiums for life and long-term care insurance combination policies increased from $2.4 billion to $3.6 billion....
There is an old saying regarding family-owned businesses, “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the...
For-profit businesses understand it takes a lot more time and money to attract new customers than it does to keep current customers happy. The same can be said for your non-profit’s members. There is more to retention than cost savings. Long-time supporters help attract new...
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. One piece of good news for taxpayers who are already maxing out their contributions is that the 401(k) limit has gone up by $500....
Financial statement fraud is committed by intentionally misrepresenting an organization’s financial condition. A perpetrator might do this by omitting or misstating amounts or information to deceive auditors, shareholders, and the public. However this fraud is committed, it tends to be one of the most costly...
Many employers hire seasonal workers this time of year. If your organization is one of them, you might worry about becoming subject to the Affordable Care Act’s (ACA) employer mandate — also known as the ‘play or pay’ provision. To determine whether you may be...
Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a matrix, this analysis of strengths, weaknesses, opportunities, and threats provides a...
Individual retirement accountants (IRA) mainly come in two broad categories: traditional and Roth. Traditional IRAs may be funded with pre-tax or after-tax dollars and are often funded largely with pre-tax dollars. Withdrawals of pre-tax money and earnings from the IRA are taxed at ordinary income rates....
When your non-profit desperately needs a new facility, costly equipment, or an endowment, a capital campaign can be the best way to raise funds. To be successful, a campaign requires strong leadership, extensive planning, and dedicated participants. Leading the troops Capital campaigns generally are long-term projects —...