I hate when the rules change in the middle of the game but it does happen a lot in this work. A foundation decides to reconsider its "commitment" to your program area and suspends grant making or core contracts get moved from one state agency to another with concomitant changes in billing and reporting. You learn to adapt and move quickly to respond, but it's not always fun and games, I'll tell ya!
So, we bring that kind of news to you today, acting as a part of your early warning system on the new accounting standards for nonprofits because it is very possible that these new standards could result in your organization not receiving the same good auditor's opinion as last year, even though you may have the same systems and personnel in place. And, as you know, an audit that raises lots of questions about your systems and controls could result in a number of other not so wonderful outcomes — like increased scrutiny from funders or even the withdrawal of support.
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"Navigating the New Audit Standards" by Kate Barr is the first of a number of pieces on this subject and other regulatory changes that NPQ will send before the magazine hits the presses. Why send early to readers? Well, we have our own financial realities here at the Nonprofit Quarterly and we actually really need your subscription to help us keep the presses running on these kinds of critical issues.
In fact, renew for yourself and for the next three days we'll take half off additional subscriptions for additional colleagues or board members in your organization. This is a great way to build the depth of your management team — or the wisdom of your board.