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2 Tools to Help Non Profits Comply with the Revitalization Act

Posted by Elizabeth A. Bidjov, CPA

Mar 17, 2016 8:00:00 PM

The Nonprofit Revitalization Act of 2013 (the Act) was passed into law and became effective July 1, 2014. Perhaps your nonprofit organization is still working on initial compliance with the new law, or you are simply looking for a way to document your annual compliance.  Maybe you are a new Audit Committee or Board member, and are looking for assistance in developing good policies and procedures to ensure you are fulfilling your fiduciary responsibilities to the organization you serve. To enhance compliance with the Act, during 2015 the Charities Bureau of the Attorney General’s Office (the AG) issued guidance to help not-for-profit organizations comply with various aspects of the Act.  You can read the guidance at http://charitiesnys.com/nonprofit_rev_act_guidance.jsp

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Topics: Not-for-Profit revitalization act, not-for-profits, not for profit fiduciary responsibilities



NYS Non-Profit Revitalization Act Updated: Are You Ready?

Posted by Karen D. Costa CPA

Jul 17, 2015 8:30:00 PM

Just like our vegetable and flower gardens, changes in the not-for-profit sector are blooming. If you have blinked, here's what you should know:

New Developments: NYS Revitalization Act

The New York State Non‐Profit Revitalization Act of 2013 is not news, but the NYS Attorney General's (AG) recently published guidance certainly is.  Here is a summary of topics; we'll address some of the particulars in future blogs and emails.

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Topics: Not-for-Profit revitalization act



Will the NYS Non-Profit Revitalization Act Be Extended?

Posted by Sarah L. Hedges, CPA

Jun 18, 2014 11:02:49 AM

Will the NYS non-profit revitalization act be extended beyond the July 1, 2014 effective date? The New York Council of Nonprofits (NYCON) has been arguing for months that nonprofits -- particularly smaller, grass-roots nonprofit groups -- simply have not had time to understand and act on all the requirements of the law which was passed last June.  Last month, legislation was introduced in both the Senate and Assembly that would push the effective date all the way back to March 31, 2015. Read the entire NY Non-Profit Press article

For those organizations looking to take a proactive approach to compliance with the Act, download our checklist to help guide you throught the process.

Click here to  Download our Free  Nonprofit Revitalization Act Checklist

What else is new in the not-for-profit world? Read our latest industry update.

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Topics: Not-for-Profit revitalization act, non-profits, not-for-profits



Internal Audit Function: Do we really need it?

Posted by The Dopkins Assurance Services Group

May 19, 2014 12:35:00 PM

With recent developments such as the Health Care Reform Act, the Updated COSO Internal Control Framework and the release of the Non-Profit Revitalization Act there are plenty of reasons to ‘need’ internal audit. The amount of resources allocated to an internal audit function varies greatly depending on the size of a firm, but every organization has some internal audit function be it formal, or informal. Simply operating in a business environment comes with certain degrees of risk, and internal audit serves an important role in ensuring that unexpected risks to the company are, at the very least, understood and communicated.

Staying abreast of these regulatory changes has kept us all very busy, but how can we really be sure that all the necessary changes have been made, and have achieved their objective? Enter internal audit. The primary difference between the external audit function and the internal audit function is their focus. Internal audit focuses on all risks facing a business, as opposed to external audit, which is primarily focused on external financial statement reporting risks. Internal audit provides the knowledge and expertise necessary to evaluate risks associated with:

Controls and Control Deficiencies

  • Once risks have been identified and assessed it is important that appropriate measures are implemented to ensure that the identified risks are mitigated to an acceptable level that aligns with the risk appetite of the organization. If controls have been put into place but are not effective in achieving their objective, management and board members could be lulled into a false sense of security. 

Compliance Assurance

  • Internal Compliance – Organizations that have established policies and procedures to gain assurance that business risks have been appropriately identified and mitigated can employ an internal audit function to help ensure that these controls are operating effectively, and identify areas where significant risk remains unchecked.
  • External Compliance – Ensuring that an organization is in compliance with regulations or laws can be a significant function of internal audit. Taking preventative action is typically far less costly than penalties for violations, not to mention that deficiencies have to be corrected after these penalties have been assessed which can often be more costly.

Assessment of Operational and Financial Data

  • What value does internal reporting provide if the reliability of the reporting is questionable, especially in instances where this information is relied on to make strategic business decisions that can have lasting impacts? Internal audit can help to ensure that the process used to generate this information is operating effectively, and provide recommendations for continued improvement in operations.

Reducing the Opportunity for Fraud, Waste, and Abuse

  • An important goal of an internal audit function is to focus on identifying areas of exposure, whereas other business functions are working to achieve strategic objectives and, accordingly, are more focused on the day-to-day operations of the organization. Internal audit can offer a different perspective that identifies waste and abuse of company resources, the legitimacy of liabilities, the appropriate acquisition of assets, and detection and prevention of fraud. 

Should You Still Be Living Without It?

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Topics: Not-for-Profit revitalization act, health care reform, fraud, compliance, internal audit, assurance, COSO



Former Medicaid Inspector General to Head New York's Charities Bureau

Posted by Sarah L. Hedges, CPA

Jan 27, 2014 11:18:00 AM

Interesting news from New York's not-for-profit world: James Sheehan, former NYS Medicaid Inspector General, has been named Chief of the New York State Charities Bureau. As reported by the Wall Street Journal, Sheehan will oversee not-for-profit corporations and charitable trusts and direct bureau's affirmative investigations and litigations.

The Bureau is responsible for supervising charitable organizations to protect donors and beneficiaries of those charities from unscrupulous practices in the solicitation and management of charitable assets and is expected to yield greater power following the passage of the New York Nonprofit Revitalization Act, passed late last year.

Since stepping down as Inspector General in June 2011, he has served as the chief integrity officer of the New York City Human Resource Administration. He begins with the Charities Bureau on Feb. 3.

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Topics: NFP, Not-for-Profit revitalization act



New York's Non-Profit Revitalization Act of 2013 Passes

Posted by Karen D. Costa CPA

Jan 7, 2014 2:10:00 PM

On December 18, 2013 the much anticipated  (the Act) – the first major overhaul to New York State Not for Profit law in over 40 years, was signed into law.

The purpose of the Act is to lessen the administrative and regulatory burden of entities governed by Not-for-Profit Corporation Law, to improve governance of not-for profit organizations and improve accountability. 

Key provisions of the Act include:

• Reducing bureaucracy and costly requirements by amending rules governing not-for-profit property sales, mergers, corporate formations, and dissolutions to create a more welcoming environment for new not-for-profits and a more business-friendly environment for existing ones. It will also increase efficiency by modernizing board procedures, such as enabling not-for-profits to use email and video technology for meetings, and allow boards to delegate the approval of small transactions to committees.

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Topics: Not-for-Profit revitalization act, board govenance





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