Accounting for the Near and the Long Term in a Family Budget
A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.) However, it also needs to be comprehensive enough to cover all necessary items. To find the right balance, a budget should cover two distinct...
Own a Pass-Through Entity? Beware the Ides of March
“Beware the Ides of March.” Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of...
Client Feature and Executive Director Q&A: Opportunity Development Centers, Inc.
The mission of Opportunity Development Centers, Inc. (ODC), is to empower people with disabilities to achieve their work and life goals. After more than half a century, the not-for-profit agency has evolved to remain a community resource for countless individuals,...
New Reporting Requirements for Restricted Cash
In November 2016, the Financial Accounting Standards Board (FASB) issued Statement of Cash Flows – Restricted Cash (ASU 2016-18), to clarify how cash and cash equivalents and restricted cash and cash equivalents are presented in the statement of cash flows. Because...