May 2011
Posted May 5, 2011
Inside this issue:
The National Association of Corporate Directors (NACD) recently published a Report of the NACD Blue Ribbon Commission on the Audit Committee. Not-for-profit organizations can use this publication and the American Institute of Certified Public Accountants (AICPA) Audit Committee Toolkit: Not-for-Profit Organizations to help them on the path to successfully organizing and directing the responsibilities of an audit committee.
Risk is inherent in any organization — without risk, there is no reward. The last two years, however, have sharply intensified the focus of organizations on their risk profile and how they are managing their risks.
Just because employee benefit plan administrators are waiting for the new IRS Form 8955-SSA to be released, doesn't mean they should be idle. Those who are responsible for the annual filing of Department of Labor Form 5500 should be gathering data in preparation for the release of Form 8955-SSA and instructions.
Amid much celebration, legislation repealing the expansion of Form 1099 information reporting for businesses, not-for-profits, governments and landlords, was passed by Congress and signed by the President in April. The expanded reporting had been scheduled to take effect for payments made after Dec. 31, 2011.
As a client or friend of Clifton Gunderson, you can receive a $100 discount when you register for the AICPA National Not-for-Profit Industry Conference, June 9 to10, 2011, in Washington, DC.
