By Matt O’Dell & Brad D. Steele, J.D. For decades, organizations have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They...
For decades, private clubs have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They represent a service charge paid to the card company, or its bank, covering the costs associated with allowing individuals to use their Visa, Mastercard or other credit card for purchases. Regrettably, these charges can be hefty for a club on an annual basis.
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
The FASB’s new lease accounting standard has rapidly approached for organizations with operating and finance leases. Under Accounting Standards Codification (“ASC”) Topic 842, Leases (the “new standard”), all lease obligations (operating and finance) are required to...
By Daniel T Condon & Matthew P O’Dell Membership dues are a key component of any healthy private club, and its correlation to payroll is quite remarkable. As clubs continue to navigate through all the regulations related to the COVID-19 pandemic another opposite...
In September 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-07 – Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (“ASU 2020-07”). The FASB issued the update to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. Prior to ASU 2020-07, Generally Accepted Accounting Principles did not contain specific presentation requirements for contributed nonfinancial assets or specific disclosures for contributed nonfinancial assets other than contributed services.
On September 21, 2022, the Internal Revenue Service ("IRS") Chief Counsel's Office issued an Advice Memorandum confirming that improperly forgiven Paycheck Protection Program ("PPP") loans are taxable. Thus, even if PPP loan forgiveness was obtained, the exclusion...
In the ever-evolving digital age we live in; one would believe that check fraud would be a thing of the past. Unfortunately, the age-old trick of criminals stealing checks out of the mail continues and appears to be more advanced than ever. Once the criminals are in possession of your checks there are several tactics deployed in editing the original check. These include but are not limited to altering the payee/amount (check washing) or simply forward endorsing the checks. On the more sophisticated side, criminals will take an image of the check, make alterations to it, and sell it on the dark web.
In the ever-evolving digital age we live in; one would believe that check fraud would be a thing of the past. Unfortunately, the age-old trick of criminals stealing checks out of the mail continues and appears to be more advanced than ever. Once the criminals are in possession of your checks there are several tactics deployed in editing the original check. These include but are not limited to altering the payee/amount (check washing) or simply forward endorsing the checks. On the more sophisticated side, criminals will take an image of the check, make alterations to it, and sell it on the dark web.