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In This Issue
Your BRC Team
Congratulations to the following team members recently promoted:

 

Kim Ripberger

Senior Manager 

 

Greta Meads

Manager 

 

Michael Dickerson, 

Manager

 

Tonia Hedrick, 

Manager 

 

Jennilee Richardson, Supervisor 

 

Kristen Hand, Supervisor 

 

Irish Thurston,

Senior Accountant 

 

John Shields, 

Senior Accountant

 

Kim Holcomb,

Senior Accountant   

Noteworthy Links
Four Key Reports for CPAs to Help Manage Their Careers 
Use Hashtags to Help You Navigate Social Media
What New Disclosures Will the Revenue Standard Require?
Tax Scam Alert
The North Carolina Department of Revenue (DOR) recently warned taxpayers to be cautious of a nation-wide telephone tax collection scam. The perpetrators, posing as DOR agents, attempt to convince individuals that a delinquent tax bill is due and request immediate payment by credit card over the phone. The DOR notes that before contacting a taxpayer by phone about a collection action, the DOR will send notice in the mail advising the taxpayer about the specifics of any overdue or delinquent tax payment. Anyone who receives a questionable call from the DOR or any other tax agency should report it to the DOR directly.
Privilege License Fees Eliminated
In a bill that recently passed and was subsequently signed by the Governor, privilege license fees have been eliminated beginning in the 2015-2016 fiscal year, and limited in the 2014-2015 fiscal year.
Super Foods for Super Performance: Quinoa
Like advisors, not all foods were created equally, some just deliver more...
 

Why It's Super

Packed with a variety of nutrients, including iron and copper, it's no wonder the Incas deemed this ancient seed "the mother of all grains." Quinoa contains all the essential amino acids, making it a complete protein (perfect for vegans and vegetarians). It is also a great source of magnesium, which relaxes blood vessels and has been found to reduce the frequency of migraines. Researchers have found that consuming dietary fiber, specifically from whole-grain products such as quinoa, reduces the risk of high blood pressure and heart attack. 

How to Enjoy It 

Keep your ticker in top shape by substituting quinoa for rice or pasta in your next meal. It makes a great base for seafood dishes and mixes well with beans.

-ABCNewsHealth 
June 27, 2014 
For the Good of All
We are all vested in the success of not-for-profit (NFP) organizations, whether as beneficiaries of the services they provide that contribute to the health of our communities, serving on boards or in other volunteer capacities to champion their causes or working directly for a NFP making operational contributions. It is important to note that the missions of these compelling causes they raise do not make them immune to the business difficulties faced in other sectors. NFPs are challenged by the increased complexity, regulation, globalization, economic trends, demands for transparency and more. Below are some important trends you may want to consider relative to NFPs you support:
  • NFPs are seeing a trend in younger, Generation Y, donors expecting more information - demanding accountability and transparency. They tend to want more measurable information on how organizations are spending their resources." Studying the instances in which donors are suing NFPs highlights the need for strong, consistent policies and agreements on gifts and ethics and the importance of good record keeping.
  • For transparency purposes, some NFPs, such as GuideStar USA (a NFP that aggregates and provides information to donors and the public), have been conducting quarterly earnings calls to give interested parties information on their performance. Receiving positive feedback about the calls, they have been careful not to let the attention to quarterly results contribute to hyper-focusing on short-term to the detriment of long-term results.
  • While NFPs may be having more success recruiting wealthy donors after the financial crisis, smaller donations from average donors for walks, runs, sales, etc. are more difficult to attain than ever due to their challenges recovering from the crisis compounded by a dramatically shrinking middle class.
  •  In some situations NFPs are struggling to accomplish their missions because of concerns donors have regarding overhead ratios and fundraising ratios and how they relate to performance. Although ratios are valuable data points, they can be misleading when viewed in the wrong context or in isolation. Ever-conscious of ratios, some NFPs are failing to fund core operations and invest in people and measurement systems.
  • Changes designed to improve financial reporting for NFPs are expected to be released in the fall. These changes will include a reclassification of net assets - moving the classification of net assets into unrestricted, temporarily restricted, and permanently restricted to without donor restrictions and with donor restrictions-with some new disclosures required.

Because many of you, our clients and friends, are so heavily vested in NFPs in our communities, participate on NFP boards and donate to NFP causes, we will be rolling out a fundraising workshop for NFP boards this fall. The workshop will cover the most current perspectives on how to "ask" for support. This will include building specific, measurable logic into an emotional request through support available in your NFP's publicly available financial and tax information. Attendees will walk away with everything they need to make the most compelling case possible for their cause. The half-day workshops will be held on Oct 21, 2014 and Oct 23, 2014 in the Triad and Triangle, respectively. 

 
-Victor Blackburn, CPA, Partner
Tax Talk - Strategic Gift Giving
Keeping up with the code... Below are some favored gift tax planning tips professionals on our team wanted to make you aware of....
 
   
Paying Tuition & Medical Expenses
- Heads Up from Jill Clark, CPA Senior Manager:
 Pay tuition or medical costs for recipients directly. Because payments for tuition or medical costs on behalf of others are gift tax favored, pay them directly to schools or medical providers. They will reduce your estate and not count against the $14,000 gift tax exclusion. 
 
Saving for College 
- Heads Up from Rhonda Skiles, CPA, Partner: 
You can put up to $70,000 free of gift tax in 529 college savings plans (and up to $140,000 with your spouse's consent). The funds typically reduce your estate, while the withdrawals are tax free if used for tuition, fees or books. However, keep in mind that contributing the maximum depletes all of your 2014 and 2015 annual gift tax exclusion and most of your 2016-2018 exclusions too. 
 
Donating Appreciated Assets - Heads Up from Tim Hooks, CPA, Senior Manager:
When donating to charity consider giving appreciated assets first to escape the capital gains tax that would have been owed on the appreciation while deducting the full value if you've owned the asset for over a year. 
Revenue Recognition Revisions
Revenue Recognition Changes Will Take Effect in 2018 for Privately Held Companies
by Ben Ripple, CPA, Senior Manager
 
With the potential to impact every entity's day- to-day accounting, and, potentially, the way contracts are executed with customer, FASB recently issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The standard marks a move to a principle-based approach for determining revenue recognition and away from the current transaction- and industry-specific revenue recognition guidance required under current U.S. GAAP.

Nonpublic and public entities are required to adopt for annual and interim periods beginning after December 15, 2017 and December 15, 2016, respectively. While certain elections for early adoption available for some nonpublic entities, it is not permitted with public companies. 
Where Did the Time Go?
Tips for "Getting It Done"
by Eliza Grimes, Paraprofessional
 
We would all like a little "extra" time in the day. Sometimes we have to "make" the time to do those things that have a way of falling off of our lists by being more purposeful. Consider the following practices:
  • Make a list a day or week ahead of time and revisit it. However, after you make the list, don't get busy and forget to refer back to it throughout the day to be sure you are staying on task. Consider blocking off times on your calendar for those items that can be overlooked.
  • Do the important tasks early. Pick the top 2-3 things you want or need to accomplish for the day and finish them first.
  • Do less. Simplify your schedule by doing fewer things, but focusing on the important things.
  • Batch tasks. Try to group like tasks like responding to emails, making calls, doing paperwork, etc.
  • Keep your surroundings clean and organized. Not only can you find things faster, you limit your distractions and help free your creativity.
  • Avoid long conversations at work. While it is great to work with a team that you enjoy, don't fall into the trap of talking too long and wondering where the time went.
  • Sleep better. While there is much discussion about the amount of sleep one gets, disruptions in your internal clock can cause imbalances in the chemicals in your body.
  • Prepare better food faster. Plan meals ahead.
  • Learn to read faster. When appropriate, skim the words instead of reading them in your head.
  • Pay bills automatically. In addition to time, you can often save money this way too.
  • Plan a workout into your schedule. Bodies in motion stay in motion. Stay fit in order to stay productive.
  • Make your commute count. Use the recorder on your mobile device to record to-do's for the next day on the way home from work. Listen to audio books. Combine trips to close places when possible.
  • Breathe.... There is nothing like slowing down to gain perspective and reflect on priorities for recharging one's motivation and focus.
REMINDER: 2014 BRC Programs! Save the dates!
BRC Privately Held Business Forums - [ongoing quarterly meetings]

Triad: Tues. Sept. 23, 2014 / (ongoing meetings to follow each first Tuesday of the first month of every quarter)

From family-owned businesses to entrepreneurial start-ups to mature companies in traditional industries, privately held companies today face increasingly complex challenges in the quest to grow in size and profitability. In these quarterly forums, we will be focusing on the issues most relevant to privately held businesses. Whether you attend to discern a new way of looking at a challenging issue, determine actionable ideas for ways to capture opportunities, network with others in similar situations or a myriad of other reasons, we look forward to seeing you!

BRC Not-for-Profit Board Seminars

Triad: Tues., Oct. 21, 2014

Triangle: Thurs., Oct. 23, 2014

Whether interested in maximizing your board's effectiveness through a greater understanding of financial statements or tax forms, attaining a better understanding of your fiduciary responsibilities or networking with other influential leaders on not-for-profit boards with the desire to make a difference, this program has something for you. Advising and serving over 140 not-for-profit entities, this program was client-requested and developed with client input.

BRC Financial Symposiums

Triad: Mon. Oct. 27, 2014

Triangle: Thurs., Oct. 30, 2014

This past December, we conducted full day 8 hour CPE workshops in the Triad and Triangle. Well-received, with participant ratings of 4.8/5.0 and 4.9/5.0, we plan to hit it out of the park again with knowledgeable presenters and relevant topics - delivering high value CPE.

There will be more to come on these programs... Mark your calendars and make plans to attend now! All programs above qualify for CPE credit.

-Paula McMillan, CPA, Director of Marketing & Practice Development

Bernard Robinson & Company | (336) 294-4494 | pmcmillan@brccpa.com |
1501 Highwoods Blvd, Ste 300
Greensboro, NC 27410

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