CAN's finance and accounting programs are designed to to measurably improve the accuracy, consistency and clarity of financial reporting, thus reducing time and financial costs and improving accountability and public trust in California's nonprofit sector.

Another goal of this program is to promote a dialog and create a community of nonprofit finance professionals so please post questions and comments!

Monday, November 19, 2007

Boot Camp Questions & Answers

Some questions from the latest boot camps. More to come!

Q: What is the pay rate for comp time?

A: According to HRCalifornia.com you must pay at the rate the time is used, not when it was accrued. Compensatory time off is a very tricky issue and any employer currently offering it or thinking of offering it needs to be aware of all the issues surrounding it. HRCalifornia.com recommends you not offer it for the most part, and be sure never to give comp time to exempt employees.

Q: Do internal transfers count as income under SB 1262 rules for determining when we need to get an audit?

A: No, not according to the text. Only "gross revenue." But be careful how you are booking and describing the transfers to be sure that you are not calling it income, if indeed it is not.

Q: Do we have to pay California state sales tax on auction items?

A: Check out this earlier post.

No comments: