Audit & Accounting

Catherine Parente Appointed to RICCA Board

Catherine M. Parente, CPA/ABV/CFF, CVA, CFE, MAFF and partner of the firm, was recently appointed by Governor Gina M. Raimondo and confirmed by the Rhode Island Senate, to the board of the Rhode Island Convention Center Authority (RICCA). Her four-year term began officially on July 1, 2016 and runs through...

Good Governance

How Many Policies Do You Really Need? Well … it depends. The IRS lacks formal authority to require specific governance policies of nonprofits.  Yet, IRS officials have indicated that nonprofits that fail to adopt certain policies have a greater chance of being audited. Just as important, your organization’s...

Accounting for Goodwill to Change

By Linda Marie Pearson, CPA, CFE Does your entity have goodwill on its balance sheet? If so, a change simplifying the accounting for goodwill impairment proposed by the Financial Accounting Standards Board (FASB) may affect your entity. The Financial Accounting Standards Board (FASB) is proposing changes to accounting...

The Overtime Rule

By Linda Marie Pearson, CPA, CFE On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt from overtime.  The new rule (aka The Final Rule) updated the salary and compensation levels of executive, administrative and professional...

Not All Bequests Are Created Equal

The National Philanthropic Trust estimates that upwards of $27.4 trillion in charitable bequests will be made in the U.S. through 2052. In fact, interest in planned giving has grown in the wake of the Great Recession. Donors have found that committing future gifts from their estate allows them to support...

Changes to Lease Recognition

By Linda Marie Pearson, CPA, CFE Financial Accounting Standards Board (FASB) has just amended the FASB Accounting Standards Codification (ASC) related to leases. FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) to communicate how the ASC was amended. Here are the highlights of the change: Main...

Future Promise for Our State?

Leadership Rhode Island has announced their 2016 MU II class members, which includes our very own Linda M. Pearson, CPA, CFE. Leadership Rhode Island selects a diverse group of leaders each year to participate in a thought-provoking, 10-month educational and community engagement curriculum that consists of an...

U.S. Manufacturing Output Rose in January

Bloomberg Business reports U.S. manufacturing output rose in January by the most since July 2015, a sign the industry was starting to stabilize at the beginning of the year. Also noted was factory payrolls rose in January by the most in more than a year, and hours worked climbed. For the...