Understanding GASB 101: Accounting for Compensated Absences
The Governmental Accounting Standards Board (GASB) issued Statement No. 101 (GASB 101), Compensated Absences, in June 2022.
Rethinking the budget process
In today's changing financial environment, effective budgeting is key to achieving long-term sustainability. Whether you're managing finances for a government entity, school district, or another organization, rethinking your budget process can help you overcome challenges and optimize resources. Here’s an overview of strategies and best practices for a more robust and forward-thinking approach to budgeting.
Should your nonprofit compete, collaborate or both?
Not-for-profits often collaborate with other organizations with similar missions and values. But due to limited donor and grant maker resources, you also need to think about similar nonprofits as competitors. However, if a competitor has access to resources and connections you don’t (and vice versa) it may make sense to collaborate. Contact the nonprofit advisors at SEK with your financial questions.
Senior tax-saving alert: Make charitable donations from your IRA
Are you age 70½ or older and want to give to charity? You can make cash donations directly from your IRA to IRS-approved charities free of federal income tax with qualified charitable distributions (QCDs). Contact the tax advisors at SEK with questions.
SEK Named Best Tax Preparation Service in Franklin County’s Best Awards
SEK, CPAs & Advisors has been voted Best Tax Preparation Services in the Public Opinion’s Franklin County’s Best Community’s Choice Awards for 2024.
Kara Darlington elected Managing Member of SEK
SEK, CPAs & Advisors is pleased to announce the election of Kara Darlington, CPA, as the firm’s Managing Member, effective January 1, 2025.
Do you have a will?
When a person considers an “estate plan,” he or she typically thinks of a will. And there’s a good reason: A well-crafted, up-to-date will is the cornerstone of an estate plan. Let’s take a closer look at what to include in a will. Contact the estate planning advisors at SEK with questions.
How are you onboarding new hires?
Bringing a new hire into your organization is an exciting opportunity to strengthen your team and set the stage for long-term success. A well-thought-out onboarding process helps new employees feel welcome, aligned with your organization’s goals, and ready to contribute. Here are some practical suggestions for creating an effective onboarding experience.
What nonprofits might expect from the change of control in Washington
The reelection of Donald Trump as President and control of the U.S. Congress by Republicans are anticipated to usher in changes that could financially impact the not-for-profit sector. Each organization will be affected differently, but in general, you may want to keep an eye on the following issues. Contact the nonprofit advisors at SEK with questions and concerns.
Healthy savings: How tax-smart HSAs can benefit your small business and employees
As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to provide some benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet medical needs. Contact the business advisors at SEK with questions.