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News update: On December 20, 2007, the Internal Revenue Service released its final version of a significantly redesigned Form 990 ("Return of Organization Exempt From Income Tax") for tax year 2008. This form will be used for nonprofit organizations filing in 2009 and following years. Please click here to go to the IRS website for the downloadable redesigned Form 990, as well as Schedules and Instructions. 
FMA is a member of the Not-for-Profit Services Association (NSA), a nationwide association of CPA firms that provide specialized accounting, tax, and consulting services to government and nonprofit organizations. |
HILDA POLANCO RECEIVES SOCIAL ENTREPRENEUR AWARDFMA Managing Director Hilda Polanco has recently received the Social Entrepreneur Award from the National Association of Women Business Owners-New York City (NAWBO-NYC). The Social Entrepreneur Award recognizes the innovation, resourcefulness and successful impact made by a woman who uses business methods to find practical ways to solve social problems or needs related to the not-for-profit sector.The award is part of NAWBO-NYC’s 2008 Signature Awards, which celebrates the achievements of women who have made their mark on the New York Business Community. Each year, the Signature Awards honors four notable women business owners and bestows one Lifetime Achievement Award. Signature Award winners are remarkable women business pioneers who have left their unique mark – their “signature” – on the business community. Click here for more from the NAWBO website. FMA PUBLICATIONS UPDATEWhat is the proper role of a nonprofit Chief Financial Officer? Russ Pomeranz, FMA's Manager of Financial Advisory Services, has published an article in the February 2008 issue of the CPA Journal arguing that the nonprofit CFO must not be relegated to the role of "bean counter" but can and should serve as a strategic resource in advancing the organization's mission. The article details what a truly strategic financial function would look like, as well as outlining practical steps for moving your organization in that direction.Click here to read the article online or Click here to download the article in PDF format SURVEY OF NONPROFIT FISCAL PRACTICESFiscal Management Associates and our affiliate public accounting and auditing firm ERE are undertaking a major new research initiative to better understand financial management practices and issues among nonprofits in the New York City area: a first-time survey of fiscal managers and staff members in not-for-profit organizations. This survey will provide not-for-profit organizations with the opportunity to see the fiscal practices employed by their peers and to better evaluate where they stand. In addition to the survey statistics, the final report will also include responses by FMA and ERE on best practices in nonprofit financial management.The survey is now closed. Many thanks to all who responded. We plan to release the results and our analysis later this year; please watch this space for more details. significant, long-term ways. Both process and product are terrific." - Andrew Rubinson Executive Director Fresh Youth Initiatives |
