Gursey | Schneider LLP

Effective grant management is crucial for your nonprofit’s success and sustainability. By managing grants well, you build accountability and trust with funders. Below are the key steps for effective grant management. 📄 Understand Grant Requirements: Thoroughly review and meet all specific requirements of each grant to avoid losing funding. Know the application process, eligibility criteria, and reporting obligations. 📄 Track Expenditures: Use dedicated software to meticulously track all grant-related expenses, ensuring accurate fund allocation and budget adherence. 📄 Regular Reporting: Keep funders updated on how the grant money is being used and the progress of funded projects. Regular, detailed reports fulfill grantor requirements and demonstrate impact. 📄 Stay Compliant: Adhere to all guidelines and restrictions set by the grantor to avoid penalties. Meet deadlines, submit required documentation, and ensure proper fund use. Proper grant management enhances accountability and builds long-term trust with funders, positioning your nonprofit for future funding opportunities.

Meet Preet Kaur, who joined Gursey in 2020 as a Tax Manager. With a Bachelor of Economics degree from UCLA and membership in the American Institute of Certified Public Accountants, Preet brings a wealth of expertise to our team. Preet specializes in accounting and tax services for high net worth individuals, corporations, and partnerships. Her strong work ethic, technical knowledge, and exceptional client relationship management skills make her an invaluable asset to our firm. Fun Facts About Preet: ❓ If you didn’t have to sleep, what would you do with the extra time? Learn as many foreign languages as I could. ❓ What fictional place would you most like to go? Hogwarts School of Witchcraft and Wizardry ❓ What would be your first question after waking up from being cryogenically frozen for 100 years? How much have my 401(k) and IRA accounts accumulated? ❓ What’s the most ridiculous fact you know? Sea otters have a pocket for their favorite stone. ❓ What would you rate 10 out of 10? Naps In her free time, Preet enjoys hiking and cheering for her hometown team, the Lakers. Her dynamic background and dedication to her clients make her an integral part of the Gursey|Schneider family!

Optimizing cash flow is essential for business growth and stability. Here are 5 steps to manage your cash flow effectively: 💰 Forecast Cash Flow: Predict future cash inflows and outflows to plan accordingly. 💰 Improve Receivables: Implement strategies to speed up collections from customers. 💰 Control Expenditures: Monitor and manage business expenses effectively. 💰 Maintain a Cash Reserve: Set aside funds for unexpected costs or opportunities. 💰 Utilize Financing Options: Explore lines of credit or loans to manage cash flow gaps. Manage your cash flow effectively to sustain and grow your business. Strong cash flow management is key to operational efficiency and long-term profitability.

Did you know the first income tax in the US was introduced back in 1861? It was all about funding the Civil War. Here’s the scoop: 📚 Why It Started: President Abraham Lincoln needed cash to support the Union troops, so he signed the Revenue Act of 1861. 📚 Tax Rates: They started with a 3% tax on incomes over $800. That was a big deal back then! 📚 Short-Lived: This tax was actually repealed in 1872. But it set the stage for what we have today. 📚 Modern Taxes: The income tax we know now was established in 1913 with the 16th Amendment, allowing the government to tax incomes. It's fascinating to see how our tax system started and evolved over time!

Identifying and mitigating business risks is essential for protecting your business from potential threats. Here are 5 key steps in conducting a risk assessment: 🛡️ Analyze Operational Risks: Identify and manage risks in operations and supply chains. 🛡️ Diversify Revenue Streams: Reduce dependency on a single income source. 🛡️ Implement Strong Controls: Establish internal controls to prevent fraud and errors. 🛡️ Maintain Adequate Insurance: Ensure comprehensive coverage for business liabilities. 🛡️ Develop a Contingency Plan: Prepare for unexpected events with a solid contingency plan. Regular risk assessments are crucial for safeguarding your business and ensuring its longevity. They help you stay prepared and resilient in the face of challenges.

Did you know that only 35 out of every 100 companies conduct regular business valuations? This crucial practice can significantly enhance your strategic planning and financial stability. Regular valuations provide a clear picture of your company’s worth, helping in making informed decisions, securing financing, and planning for the future. Don’t be part of the majority that misses out on this valuable insight. Ensure your business is on the right path with comprehensive and regular valuations.

Happy 4th of July! Whether you're enjoying a parade, grilling with family, or watching a fireworks show, let's remember the significance of this day. Here's to the land of the free and the home of the brave 🎆

Financial planning is crucial to ensure you’re ready for whatever the future holds. It helps you set clear goals, manage your resources effectively, and make informed decisions that lead to long-term success. Whether you're looking to grow your assets, save for retirement, or manage debt, a well-thought-out financial plan is your roadmap to achieving your financial goals. Don’t leave your future to chance. Let Gursey be your trusted partner in navigating your financial journey.

Having adequate insurance coverage is vital for mitigating risks and protecting your business assets. Here are 5 types of insurance to consider: 🛡️ Property Insurance: Protects your business premises and assets from damage or loss. 🛡️ Liability Insurance: Covers legal liabilities arising from accidents, injuries, or negligence. 🛡️ Business Interruption Insurance: Compensates for lost income during disruptions. 🛡️ Workers’ Compensation: Provides benefits to employees injured on the job. 🛡️ Professional Liability Insurance: Protects against claims of professional negligence or mistakes. Ensure comprehensive protection for your business with the right insurance coverage. It’s essential for minimizing risks and securing your business’s future.

The future of banking is digital, bringing incredible convenience and innovation. With lower fees, personalized financial advice, and enhanced security through technologies like blockchain and biometrics, digital banking is revolutionizing the industry. However, this shift also brings significant challenges. Cybersecurity threats are more prevalent than ever, putting sensitive financial data at risk of cyber-attacks and breaches. The implications are serious: potential financial losses, identity theft, and erosion of trust in digital platforms. Additionally, the digital divide remains a critical issue. Not everyone has equal access to the necessary technology or the skills to navigate digital banking services, potentially leaving some people behind. What do you think about the move to digital banking? Are you excited about the innovation, or worried about these challenges?