Babita Sherchan, Principal, Assurance Services

Babita has more than 10 years experience in auditing not-for-profits, government entities, and schools. She serves as a liaison between the partner, client and professional staff. Babita has extensive experience in not only conducting, but also supervising multiple audits, agreed upon procedures, or attestations through issuance and presentation of the report. Babita works to develop responsible, trained staff by assisting in recruiting, developing training aids, and acting as an instructor or discussion leader in professional development programs within the firm.

Recent Posts

SBA Loan guidance on Single-Audits for Nonprofits

On May 5, 2020, the Government Audit Quality Center (GAQC), issued an industry alert No. 404 to professionals that serve organizations subject to Government Auditing Standards. Below are the two key items that impact the not-for-profit entities (NFPs):

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Topics: Audit, NFP, loans

News for Not-for-Profits — June 2018 edition

Do you qualify for the new family leave credit?

The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.

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Topics: Accounting Tips, Not-for-Profit, Audit, Financial, consulting

What’s the difference between not-for-profit and for-profit financial reporting?

Board members and new staff from a for-profit background don’t always grasp the differences between the for-profit and not-for-profit ("NFP") worlds. One area of significant variation is their financial reporting approach, including both goals and practices.

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Topics: Accounting Tips, Not-for-Profit, Tax, Reporting, Financial

Credit card use: Having a policy can thwart misuse

When it comes to fraud in any organization, credit cards are frequently a fraudster’s tool. Because the use of credit cards is so commonplace today, there’s always the risk of improper charges to your account. Credit card misuse could hurt your organization financially and jeopardize its reputation in the community.

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Topics: Accounting Tips, Not-for-Profit, Audit

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