2011 Tax Law Changes - Topic for December 7, 2010

If you are concerned about the impact 2011 tax law changes will have on your nfp, then make plans to join us Tuesday, December 7, 2010 when John Ritts, Tax Partner at RubinBrown, who specializes in nfp's, will take nfpFMA members through 2011 tax law changes affecting nfp's and how nfp's can prepare for them.

Controlling Audit Costs - Sieze Control!

On Tuesday, October 26, 2010, Jeremy Vinson of Anders, Minkler & Diehl, LLP provided insights for how nfp's can control audit costs. The basic take-away is for the nfp to take control of audit matters up- front, so that there are as few billing overrun hours as possible. Vinson's suggestions include:

• contracting with an audit firm for 3-5 years but re-evaluating the firm regularly
• negotiating audit fees by choosing an off-season time for the audit
• questioning unexpected costs
• attempting to resolve as many issues prior to the audit as possible
• completing confirmations and schedules prior to audit field work dates (asking for templates if needed)
• posting audit adjustments in a timely manner.

As with most aspects of vendor relations, continuous communication is key and will reap dividends.