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Association Financial Management

"Choosing the Right Audit"
By Murray Greenberg, CPA, CVA

Every non-profit organization should perform a year-end audit, but determining which one is right for you can be a little tricky. First you must understand the difference between the three levels of financial statements; Compilation, Review and Audit in order to make an educated decision as to which one is right for your particular organization.

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Communicating a Change in Dues Structure
By Stephen C. Carey, CAE

When associations consider revising their dues structures, which may impact the benefits they offer, both staff and volunteers must be prepared to communicate the new structure in such a way that the members have complete buy-in for the change and understand the reasons for its implementation. Avoid falling down when communicating a change in dues structures to stakeholders by ensuring there is a direct link to the association's value equation when the new structure is rolled out and by including member input during the development process.

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"Is it Time for a Policy Change?"
By Dennis Springer, Director of Operations

Even in good economic times, the annual dues collection process can be challenging. In our current climate of financial uncertainty it becomes even more challenging. An association can't survive without members. In order for associations to endure through the recession it must be flexible. A smart association knows how to balance the welfare of their members against the long-term stability of the organization.

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"The New Form 990"
By Suzanne C. Pine, Executive Vice President

If you are involved in the not-for-profit world you have no doubt heard a buzz about impending changes to the Form 990. The new form is complete and will be ready for use next year when your accountant prepares the 2008 tax filings. Although your accountant will be fully educated on the requirements of the revised form, you the volunteer leader should also be informed. The Board of Directors has direct responsibility for review and approval of the form before it is submitted to the IRS. It may sound a little scary, but remember, knowledge is power. Be sure your Board is educated about the new requirements and the added level of fiduciary responsibility

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"Protecting Yourself Against Check Fraud - Revisited"
By Suzanne C. Pine, Executive Vice President

Safeguarding your assets is a top priority for individuals, businesses, and non-profit organizations. Although we are slowly moving toward a paperless society with an increase in online shopping and banking opportunities, the fact remains that a large majority of us still use paper checks for financial transactions. The advancements in technology have actually benefited the counterfeiter, providing him with more sophisticated software and equipment to commit check fraud.

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