Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]
New overtime rules could inflate payroll expenses
A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer […]
You are patient zero: How to diagnose and cure your bidding maladies
Many people outside construction think the hardest part of the job is the labor required to build or renovate structures and infrastructure. But insiders know the toughest part is often bidding on the project itself. No matter how strong your body of work might be historically when it comes to winning bids, any system can […]
WW&D’s Mani Rodriguez passes CPA exam
We are pleased to announce that Mani Rodriguez has passed the Uniform Certified Public Accountant (CPA) Examination and earned the CPA credential, a symbol of trust and professionalism in the accounting profession. Rodriguez joined the staff of Wheeler Wolfenden and Dwares, CPAs in 2017. He is a graduate of Rowan University with a bachelor’s degree in […]
The operating reserve is your nonprofit’s financial safety net
An operating reserve is an unrestricted and relatively liquid portion of a nonprofit organization’s net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival. Long-term effort Building an adequate operating reserve takes time and should be regarded as a continuous […]
TCJA could inspire you to change your business structure
Since its passage in late 2017, the Tax Cuts and Jobs Act (TCJA) has given business owners and their tax advisors plenty to think about. One ongoing item of interest to contractors is whether their chosen business structure still makes sense in light of tax law reform. What’s the deal? The TCJA slashed federal corporate […]
Best practices for effective board meeting minutes
Meeting minutes may seem like the least important aspect of your nonprofit’s board meetings. But these records of attendance, discussions and votes are critical to protecting your organization and demonstrating your directors’ proper execution of fiduciary duty. Minutes also lend structure to meetings and motivate members to act on board decisions. So it’s important to […]
How to become an employer of choice
Spring means a weather warmup and more projects underway. It can also be a time of desperation, when contractors need to hire new employees before the busy season takes hold. With the construction industry continuing to face a nationwide shortage of skilled labor, it’s critical to look for any edge you can find to distinguish […]
Take cybercrime seriously: Your donors’ identities depend on it
Financial transactions increasingly are being conducted online — and that includes charitable donations. The Blackbaud Institute for Philanthropic Impact reports that online giving grew more than 17% between 2016 and 2018. For nonprofits without the appropriate IT infrastructure and security policies, such increased online donations can also mean greater cybercrime risk. Many nonprofits blame budgetary […]
Why it’s worth going above and beyond OSHA compliance
Every contractor is aware of the importance of complying with safety rules set forth by the Occupational Safety and Health Administration (OSHA). There are heavy penalties and fines associated with noncompliance. And most construction businesses take steps to at least meet the minimum qualifications. But why be satisfied with the bare minimum? There are several […]