Nonprofit Blog

Bankers have a number of tools at their disposal to assess a prospective borrower’s loan application, but nothing can take the place of a face-to-face meeting. Of course, most borrowers respond honestly when they meet with bankers about their financial condition. But those with less than stellar financial records may be tempted to downplay their true economic situation. How can a banker determine if a loan applicant is telling the whole truth — or not? To help you vet loan applications, here are some interview tips that forensic accountants use to unearth exaggerations, misstatements and outright fraud when managers are suspected of dishonest behavior.

Georgia’s Purchasing Managers Index (PMI) — a reading of economic activity in the state’s manufacturing sector — increased significantly for the second straight month, rising by 9.3 points in March to 72.4. The national PMI slips marginally but is still consistent with industrial expansion.

The "border adjustment" tax proposal that is intended to boost exports over imports has several major U.S. corporations up in arms,  which has put members of Congress under intense pressure from key corporate constituencies.

Last year, over 6,000 manufacturers claimed more than an estimated $10 billion in research tax credits (RTCs), with each manufacturer’s average benefit exceeding $1 million. Generated in part by manufacturers’ efforts to develop new and improved products and processes, these benefits were also generated by their continued investment to develop or improve software to manage or automate production processes and business intelligence, among other things.

Once upon a time, Georgians had to travel to Hollywood for a chance to catch a live glimpse of a movie star. These days, we're just as likely to spot a celebrity on the streets of Midtown, at a Dunwoody cafe, or on Jackson's town square. In 2016, 245 feature film and television productions were shot in Georgia, generating an economic impact of more than $7 billion and solidifying the state’s reputation as a place to cost- effectively staff and produce projects for the entertainment industry.

Like many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan document must comply with current laws — including setting a “reasonable” interest rate.

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (“ASU”). FASB’s agenda was separated into two phases of which Phase 1 has been included in the ASU. Currently, the FASB does not have a projected timeline for Phase 2. Phase 1 of the financial statement project was initiated in 2011 by the FASB to ensure nonprofit reporting continues to meet the dynamic needs of users. It is important to note that a key objective for this ASU is to allow nonprofit entities to tell their financial story and improve the usefulness of information provided to donors, grantors and other users of the financial statements. Since the issuance of the ASU, many clients and board members have posed the question, “How will these new statements and disclosure requirements be presented and what should we do now, prior to adoption?”  While the ASU provides presentation and disclosure examples which help answer these questions, Smith & Howard will be providing a series of in-depth articles on the changes to financial statement presentation and disclosures set forth in the ASU. At the conclusion of the series, practical recommendations for how to prepare for the changes will be provided. Until the second phase is issued by the FASB, our series will include only the changes set in Phase 1 and will cover the following topics:

Summary

Many business owners are accustomed to running the whole show. But as your company grows, you’ll likely be better off sharing responsibility for major decisions. Whether you’ve recruited experienced managers or developed “home grown” talent, you can empower these employees by taking a more collaborative approach to management.

The Future of Digital Marketing