May 2023


Tips and Best Practices for Nonprofit Cost Allocations 

A concern for many nonprofits is determining how much of their resources and expenses go toward each of their projects. Implementing appropriate cost allocation methods is a critical process for nonprofit organizations to overcome this challenge. In this article, we will discuss various cost allocation methods that can be applied to categorize expenses and track the sustainability of your operations.


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Make a Fraud Recovery Plan Now, Before Your Nonprofit Is Defrauded

Occupational fraud can strike your nonprofit even if you’ve implemented solid internal controls. But a fraud emergency plan can help reassure stakeholders and get your organization back up and running. This article provides some best practices to consider for your recovery plan. 


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Your Nonprofit Probably Won't Be Audited by the IRS, but if It Is … 

Your nonprofit may do everything by the book and still be selected for an IRS audit. Don’t panic! Remaining calm and cooperating fully will provide the best outcome. This article explains the typical correspondence audit process and what you should do if your nonprofit hears from the IRS.


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A Refresher on Nonprofit Endowment Management

Endowments can provide funding for your not-for-profit’s operations and protect your organization during financial crises. They’re also major responsibilities. In this article, we will discuss how to manage this valuable asset for the long run.


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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax and strategic advisory services to clients nationwide since 1978. The hallmark of our firm is our technical expertise, depth of experience and approach to delivering quality service to our clients. Our firm helps a wide range of nonprofit organizations operate more efficiently and effectively, and we are well-versed in the unique accounting principles and board governance issues that apply to nonprofits. We also offer a full-service accounting services department that provides nonprofit organizations with services such as payroll tax reporting, bank reconciliations, general ledger maintenance and preparation of monthly, quarterly and annual financial statements. 

OFFICE LOCATIONS:
DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202
213 North Street #1, Auburn, NY 13021
220 Harborside Drive, Suite 201, Schenectady, NY 12305
220 Stage Road, Vestal, NY 13850
To learn more about Dannible & McKee, visit us at: www.dmcpas.com.