11.20.24

What You Need to Know About New Overtime Rules
Sarah G. Widlock

The U.S. Department of Labor (DOL) released a new final rule in the spring of 2024 changing the salary threshold for determining whether employees are exempt from federal overtime pay requirements under the Fair Labor Standards Act (FLSA). Although the new rule took effect July 1, 2024, opponents have already filed litigation challenging it. Here […]

11.12.24

Employee Benefits Plans: Preparing for Your First Audit
James Quaid

The federal Employee Retirement Income Security Act (ERISA) generally requires employee benefit Plans (EBPs) with more than 100 participants who have account balances at the beginning of the Plan year to undergo an independent audit. Here is what you need to know if you are facing your first EBP audit. The Basic Requirement Plan Sponsors […]

11.04.24

Understanding Your Financial Statements
Kevin Omahen

There are two main financial statements involved in every Practice, an income statement and a balance sheet. Both statements paint a completely different picture and understanding the basics of each is important when you are evaluating past performance and planning for future performance. Income statements For medical practices that generate them regularly, P&L statements provide […]

10.31.24

Is it Time to Hire a CFO?
Jeffrey Chiles

Let’s face it: Most not-for-profits are founded on a passionate belief in service. This does not always include a passion for numbers. To fill this gap in financial expertise, not-for-profits often hire chief financial officers (CFOs). However, do all not-for-profits — including small organizations — need one? CFO defined Generally, the CFO (or “director of […]

10.30.24

Your Estate Plan Needs to Reflect Life Changes
Peggy Vyborny

Estate planning is not a “set it and forget it” proposition. You should review your plan regularly and update it to reflect changes in your personal or financial circumstances. Personal and financial shifts Perhaps your net worth has substantially increased or decreased or you have acquired or disposed of valuable assets. If you got married, […]

09.30.24

Build a Diversified Portfolio to Reduce Risk — and Mental Stress
Brian Ford

Diversification is a key strategy for managing risk in an investment portfolio, based on the philosophy that you should not put all your “eggs in one basket.” By spreading investments among asset classes, industries, sectors, geographical areas or other criteria, you are more likely to own securities that perform differently under different market conditions. However, […]

09.30.24

How Cross-Training Creates a More Productive and Flexible Workforce
Harry Fox

Manufacturers continue to struggle to find qualified workers, so any strategies for improving employee retention are welcome. One such strategy is cross-training. Done right, it can enhance productivity, facilitate process and product improvements, improve customer service and increase profitability. Employee benefits Cross-training simply means training employees to perform tasks outside their normal responsibilities. The potential […]

09.24.24

Most Illinois Employers are Now Covered by the Secure Choice Program: Has Your Restaurant Complied?
James Pellino

The Illinois Secure Choice Retirement Savings Program (“Secure Choice”) is designed to make it easier for employees to save for retirement. It is a mandatory, state-sponsored retirement savings program for covered employers that do not offer their employees a qualified retirement plan, such as a 401(k), profit-sharing, simplified employee pension (SEP), or SIMPLE IRA plan. […]

09.19.24

How to Protect Your Practice from Ransomware Attacks
Carrie Hale

Businesses and, more importantly, medical practices, face constant threat from cyberattacks. Incidents in health care are on the rise according to the The U.S. Department of Health and Human Services Office for Civil Rights.  This year, one of the largest ransomware cyberattacks in history disrupted payments to providers for weeks when Change Healthcare System was […]

08.27.24

What You Need to Know About Crypto Donations
Caitlin G. Gibbs

Cryptocurrency’s popularity only seems to grow in certain segments of the population. Accepting crypto donations could present an opportunity for your not-for-profit organization to boost revenue while also helping you to connect with new groups of donors. Accepting crypto is not without risk, though. Pros and cons Cryptocurrency generally refers to a decentralized form of […]