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August 4, 2021 Article

Understand Deferred Revenue and Contributions: a NFP Board Member’s How-to Guide

Deferred revenue (or unearned revenue) and deferred contributions (and/or restricted contributions) are likely among the most difficult concepts to understand in your financial statements, yet these amounts often significantly impact your results from operations.
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August 3, 2021 Article

Understand Accounts Payables and Accrued Liabilities: a NFP Board Member’s How-to Guide

Accounts payable and accrued liabilities generally are more problematic to capture completely in internal statements due to the number of estimates involved, or the delays in receiving information. Nevertheless they are as important as accounts receivable, if not more
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Magnifying glass examining sticky note with accounts receivable written on it.
August 2, 2021 Article

Understand Receivables: a NFP Board Member’s How-to Guide

All board members, including those involved with non-profit organizations, are held to a minimum standard of care and diligence when it comes to the finances of an organization. This is why, at a minimum, it is important for a non-accountant to understand what
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Magnifying glass examining financial statements
August 1, 2021 Article

Understand Financial Statements: a NFP Board Member’s How-to Guide

Board members are often bored during the financial discussion or financial statement presentation at a meeting. If they are lucky, they have someone with a financial background as a treasurer or chair of the finance committee. This article addresses how the financial
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July 29, 2021 Article

Medical Expense Tax Credit – Nursing Homes vs. Retirement Homes

The federal and Ontario governments have tax credits available to taxpayers, including those paid for medical expenses. The Medical Expense Tax Credit (METC) can be claimed for costs associated with nursing and retirement homes that are paid by you or your spouse. METC
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June 14, 2021 Article

COVID Relief Programs Update – June 2021

Canada Recovery Hiring ProgramIn their April budget, the federal government announced the creation of a new Canada Recovery Hiring Program (CRHP). Bill C-30, the Budget Implementation Act is now before parliament. CRHP benefits will be available retroactively to June
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