For some organizations, it's time to start reflecting back on the year, budgeting for the future and closing out the books. This is a great time to start accumulating notes for your management's discussion and analysis. Although for non-profit organizations this is still in the discussion phase at the accounting standards level, it doesn't hurt to start implementing procedures to capture this information. Check out my article in this month's Success by Association publication from the AENC.

Many organizations have embraced social media to deliver important messages. Such is the case with the IRS which has its own YouTube channel. In this video, the IRS addresses the fact that some non-profit organizations and charities have lost their tax-exempt status because of failing to file 990s for three consecutive years. In How to Get Your Tax-Exempt Status Back. the IRS provides a short and to-the-point tutorial. Watching a video can sometimes drive the message home more effectively than reading an article.

The scheduled State tax rate reduction from 5.75% to 4.75% comes into effect on July 1, 2011. This will affect the following tax forms: Form E-500, the Sales and Use Tax Return and Form E-500E, and the Utility and Liquor Sales and Use Tax Return.  Make sure to periodically check the Sales and Use Tax Division page of the North Carolina Department of Revenue (NCDOR) website for updates. For further information, visit NCDOR website or the Taxpayer Assistance Call Center at 1-877-252-3052.

Congratulations to my monther-in-law, Ann Martin! The AASL has named Henrico County the 2011 National School Library Program of the Year! Good job, Henrico! Article: http://americanlibrariesmagazine.org/news/ala/henrico-county-public-schools-named-national-school-library-program-year

In May, I have the honor of presenting a workshop to North Carolina's volunteer managers. The North Carolina Association of Volunteer Administration(NCAVA) is a non-profit, professional development, membership organization, that works to link the resources of the state organization to local managers of volunteer programs across North Carolina and advocates for professional volunteer management. NCAVA will hold its annual Conference on Volunteerism in Atlantic Beach,NC, on May 18-20, 2011. My workshop, Fiduciary Responsibility in the Non-Profit Environment,will be offered on May 19 from 4-5:30 pm. It is designed to bring awareness of laws and regulations affecting non-profit organizations as well as enhance the understanding of board members and other volunteers as to their fiduciary responsibilities related to these laws, compliance, financial statements, and the 990 tax return. I look forward to meeting these volunteer managers and helping them increase their knowledge of financial responsibilities.

A key factor to the success of small business is using financial data to make decisions and track progress. I'll be discussing this topic during a free workshop, Financial Statements 101, on Feb. 19, 2011, 8:30 am at the Martin Street Baptist Church in Raleigh. This is a primer to gaining a better understanding of the numbers by looking at the ratios and how they can inform owners as they grow their business. The free workshop is open to the public and is sponsored by the Raleigh Alumnae Chapter of Delta Sigma Theta Sorority, Inc., the Wake Tech Wells Fargo Center for Entrepreneurship and the NC Institute of Minority Economic Development. Click here for details and to register. 

Join me on January 21, 2011, 11:30 am for a FREE one-hour webinar on Preparing for Your Financial Statement Audit. This webinar is for organziations using an independent audit firm and those who may be in direct contact with the audtors(or others that you think may benefit). I will discuss the audit request list, what items need to be completed ahead of time, internal controls, reconciliations and audit schedules.

Reserve your Jan. 21 webinar seat now at: https://www3.gotomeeting.com/register/533531894

Does your organization outsource certain tasks? Many small companies/organizations outsource their payroll processing or monthly bookkeeping functions. This is a great way to get these functions completed when faced with too few staff wearing too many hats. Now that you have sighed with relief for marking those items off the to-do list, I suggest that you revisit your responsibilities. Anytime that a function of your company/organization is outsourced, the responsibility for the service lies with you. Therefore, you need to have controls in place to ensure that data communicated to them is accurate for them to process and the data that they send back to you has been processed correctly. Now consider this; how do you know that they have controls in place to even process your data correctly? If they are a larger organization, you can ask them for their SAS 70 report. This report is prepared by an independent CPA firm and provides information on the service providers controls. It also has a section called "user controls" which outlines what you should have in place. Just remember, you retain responsibility and should monitor all aspects of your business!

What's all the chatter about the IRS revoking the tax exempt status of non-profit organizations that haven't filed their 990 tax forms? Check out the IRS website for a listing by state of the organizations that are at risk. The IRS did pass a one-time filing relief provision that benefits 990-N and 990-EZ filers only. I specialize in audits for non-profit organizations, as well as for small businesses. Please contact me today if you have any questions or concerns about 990 tax forms.

Financial literacy is so important, yet many of us don't learn the basics until it's too late. Many schools are changing that by teaching students the things we need to be financially responsible. I recently spoke to a group of high school students about financial literacy. We worked on several exercises that included recording transactions, creating a budget, understanding credit card terms and paychecks. The AICPA has a great program called 360 Degrees of Financial Literacy that addresses financial literacy from a life stages perspective. The NCACPA also has a financial literacy council that helps to find opportunities for our members to present to groups and organizations.

Are you a QuickBooks procrastinator?

You know you should be doing more with your QuickBooks software, but you can't find the time to make it happen. Is it time for a QB intervention? A QuickBooks Pro Advisor can help.

Many small business owners may only take the time to enter transactions and see if there's money in the bank. But making sure your books are complete, is an important fiduciary responsibility. It involves reconciling your bank, credit card and other significant accounts on a timely basis. Having all your bills entered will allow you to project what your cash out will be for the next cycle and plan for those cash requirements.

If you're billing your customers from QuickBooks, you can monitor when payments are received, view how old receivables are and determine their collectibility. Making your software work for you may take a little time up front, but the results will help you take financial control of your business.