Hooked on a Feeling…
You’ve known and trusted your employees for a long time. You’re involved with all aspects of your operations and have a solid understanding of how things go. Maybe you’ve even had a thorough financial statement audit that yielded a positive report attesting to the soundness of your financial practices.
And yet… something still keeps you up at night, wondering if everything is truly as it seems.
It’s a completely normal feeling; with so much invested in your organization, any doubt will gnaw at you. So the question isn’t whether to act on it, but how to act on it. Because it never hurts to seek additional reassurance that your house is in order.
Agreed-Upon Procedures for Peace of Mind
James Moore’s agreed-upon procedures engagements provide a more focused alternative to traditional financial statement audit, review and compilation services. Specific items or procedures are selected for close scrutiny after being “agreed upon” by you, your CPA and any appropriate third party (hence the name!). By narrowing the scope of our efforts, we’ll provide a concise report that pinpoints your area of concern.
Agreed-upon procedures can be used in a wide variety of engagements, including:
- Bank reconciliations
- Balance sheet account
- Accounts payable vendors
- Customer/vendor agreements
- Sale of a business
- Fraud investigations
- Employee expense reimbursements
- Dependency claimed for health insurance benefits
- Compliance with grant or government agreements
Reporting Unrelated Business Income in Higher Education
Nonprofits and tax-exempt organizations often generate income that is not directly tied to their institutional mission. These types of income are considered unrelated business income, or UBI, and must be…
How Internal Controls Help Your Organization Assess Risk and Avoid Mistakes
Internal controls provide accountability and oversight within your organization and form a first line of defense against fraud. The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, outlines…
How to Create Effective Internal Controls
Internal controls can help your organization achieve its objectives, stay compliant with federal and state requirements and avoid fraud. They provide accountability and oversight throughout the year, increasing the chances that…
NCAA Agreed-Upon Procedures: What’s New in 2022?
NCAA Agreed-Upon Procedures: What’s New in 2022? The National Collegiate Athletic Association (NCAA) has issued its 2022 Agreed-Upon Procedures guide, revised as of March 10, 2022. The guide continues to…
4 Strategies for Improving Your Grant-Based Accounting
Grants are a boon to nonprofit budgets, but they also come with their own accounting challenges. Here are four pointers on how to understand grant agreements; stay in compliance with…
Conditional Love: Dealing With Donor Restricted Funds
Great news – your nonprofit has received a huge donation! The catch? They’re in the form of donor restricted funds earmarked for a specific purpose. It’s certainly an understandable precaution.…
Shoring Up Financial Stability: The Basics of Your Nonprofit’s Financial Statements
Being on the board of a nonprofit can be a precarious situation. You have the liability of leadership without the pay, and it’s tempting to leave financial matters to the…
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Katie Davis, CPA, LSS Certified
With nearly 20 years of experience, Katie is a partner at James Moore and dedicates a majority of her time serving higher education institutions, collegiate athletic departments, foundations and other university-related organizations. She leads the firm’s Higher Education and Collegiate Athletics industry teams, which serve more than 80 higher education organizations (including 30+ athletic departments) nationwide. She is an active member in CABMA and NACUBO.
Katie’s work in higher education goes beyond traditional accounting services. As a thought leader and valued advisor in the industry, she drives discussions on the issues faced by colleges and universities nationwide. Her passion is in the collegiate athletics niche, and she is nationally recognized as an advocate for the financial voices in the business of college sports. She co-hosts the firm’s News & Brews Sports Biz podcast series and makes regular appearances on other industry broadcast programs and publications. Katie works closely with her clients and enjoys bringing solutions to them that improve their operations and redirect their limited resources to the things that matter most. Certified in Lean Six Sigma, she helps her clients create efficient, thorough and sustainable systems for long-term success.