Marvin & Co. Blog

Marvin and Company Named to Albany Business Review’s “Best Places to Work” List

Posted on: 11/6/19 by Marvin and Company

For the third year in a row, Marvin and Company, P.C. has been named to the Albany Business Review's "Best Places to Work" list!
 

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How to Create a Multi-Generational Retirement Communications Plan

Posted on: 11/6/19 by Myra M. Thorne, MBA, PHR

Much has been made about the challenges employers face in managing millennial workers—and for good reason. But perhaps the greater challenge companies face isn’t just managing millennials, but also managing them along with both the generations that came before them, Generation X and the baby boomers, as well as Generation Z, the emerging generation now entering the workforce.

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Uncashed Retirement Plan Distribution Checks

In Revenue Ruling 2019-19, the IRS has ruled that retirement distribution from a qualified plan is includable in the gross income of the individual in the year it was distributed.  This rule applies regardless the individual keeps the check, sends it back, destroys it, or cashes it in a subsequent year. 

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The New York SHIELD Act: What Employers Need to Know

Posted on: 11/6/19 by Myra M. Thorne, MBA, PHR

As mega-breaches heighten concern about the security of personal information and a federal solution does not appear forthcoming, New York recently joined the growing list of states imposing their own security obligations on businesses. 

This article explains what small businesses need to know about this new regulation.

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Nonprofits Learn from Implementation of the Uniform Guidance

Posted on: 11/6/19 by Heather R. Lewis, CPA

The Uniform Guidance has proven challenging for nonprofits and governments to implement. The Office of Management and Budget (OMB) issued Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards in December 2013. Commonly known as the Uniform Guidance (UG), it drastically changed compliance requirements for entities that provide services through federally funded grants. The UG applies to nonprofit organizations, states and local governments, higher education institutions and American Indian tribes.

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Aligning Your Nonprofit’s Financial Strategy and Mission

Posted on: 11/6/19 by Margaret Hurlburt, CPA

Although some nonprofits find operating on a shoestring to be “business as usual,” it’s in the best interest of the organization and its mission to have a sound financial strategy in place. Donors increasingly want to know how all sources of capital are allocated and spent. To ensure long-term viability, board members and executive leaders can conduct an appraisal to determine if adjustments should be made to better align the organization’s financial strategy to its mission.

Marvin and Company P.C. explains why your nonprofit’s financial strategy should support the success of your mission—here’s how to make sure they align.

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Governmental Accounting Standards Board Statement No. 91, Conduit Debt Obligations

Posted on: 11/6/19 by Christopher J. Healy, CPA, CGFM

The Governmental Accounting Standards Board (GASB) issued Statement No. 91, Conduit Debt Obligations, in May 2019 to attempt to eliminate diversity in practice related to the accounting for conduit debt issues.

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FASB Proposes Delayed Effective Dates of Certain Standards

Posted on: 11/6/19 by Alan W. Clink, CPA

On Aug. 15, 2019, the Financial Accounting Standards Board (FASB) issued an exposure draft that would grant private companies and nonprofit organizations additional time to implement FASB standards. Comments on the exposure draft are due by Sept. 16, 2019.

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1 Year After Wayfair: What Nonprofits Need to Know

Posted on: 11/6/19 by Thomas W. Hosey, CPA

It’s been more than a year since the Supreme Court announced the landmark decision in the South Dakota v. Wayfair case, opening the door for states to require organizations to collect and remit sales tax even if the organization has no in-state physical presence. The impact of the decision has proven to be far-reaching.

Since that time, organizations selling goods and services across state lines, including nonprofits, have had to navigate the fallout. While we covered this decision in depth earlier this year, it’s important as we mark the one-year anniversary of Wayfair, to take a look at what’s changed and what challenges may still be on the horizon for nonprofits.

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How to Create Projects in QuickBooks Online

Posted on: 11/6/19 by Reshma N. Mulchandani, CPA

If you’re using QuickBooks Online Plus or Advanced, you can create projects and track their profitability.

You already know how to determine whether your business is making or losing money overall: you run a Profit and Loss report. But what if you want to break this data down further? How can you tell whether the individual jobs you do for customers, with all their related income and costs, are profitable? 

This kind of insight can have an enormous impact on future business decisions about product and service pricing, worker costs, and expenses.  It can even signal whether or not you should take on specific jobs.
If you’re using QuickBooks Online Plus or Advanced, you can use their Project tools to calculate profitability. The theory is simple. You simply assign all relevant sales, time, and expenses to the project. QuickBooks Online will do the rest.
 
This article explains how to manage profitability of your projects in Quickbooks.

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