Deadlines Extended – Maryland State License & Registration Filings

On March 5, 2020 the Governor of the State of Maryland declared a State of Emergency and a Catastrophic Health Emergency to COVID-19. On March 12, 2020, the Maryland Secretary of State issued a public order extending state licenses and registrations for charitable organizations, professional solicitors, fundraising counsels, and public safety solicitors. During this period all…

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Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Hertzbach is a sponsor of the 28th Annual GWSCPA Nonprofit Symposium.  The GWSCPA Nonprofit Symposium is developed by the expert Nonprofit Member Section of the Greater Washington Society of CPAs. The Symposium is from Tuesday, November 29, 2016 – Thursday, December 01, 2016 Washington, DC at the Walter E. Washington Convention Center in DC. With hundreds of…

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Contribution or Exchange Transaction?

FASB ASC 958-605 provides guidance for contributions of cash and other assets received. When recording these contributions, an organization needs to determine if the revenue is a contribution transaction or another kind of transaction, such as an exchange transaction. Here we will identify some factors to consider which can assist in determining whether a contribution…

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Qualified Retirement Plans and Record Retention Requirements

The Employee Retirement Income Security Act of 1974 (ERISA) is the framework for the minimum standards of reporting and disclosure requirements for qualified retirement plans in private industry. Did you know that includes record retention requirements? Section 107 of ERISA stipulates that in general plan-related materials should be kept for at least six years after…

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