January 5, 2014 at 6:55 AM
LIVINGSTON, NJ – Michael H. Karu, CPA/CFF, Co-Managing Member, of Livingston-based Levine, Jacobs & Company, L.L.C., was highlighted in the December 2013 issue of Commerce magazine, the flagship publication of the Commerce & Industry Association of New Jersey.
In the special Accounting Roundtable section, participants discussed accounting best practices for non-profit organizations.
“Worthy causes are wonderful and very much needed; but equally important is a solid business plan,” said Karu, who is one of the accounting partners interviewed in the piece, “….one of the biggest problems facing smaller non-profits is the inherent lack of personnel, which leads directly into other problems, such as sloppy or non-existent books and records. “
Karu also said, “The recordkeeping requirements are similar for all businesses; whether they have a for-profit motive or not. Recently, we were engaged to prepare tax returns and financial statements for a non-profit. In this case, the State of New York required a Reviewed Financial Statement. When we started going through their books and records, it was obvious that there was no way to complete the work without re-doing much, if not all, of the original records, which is costly to the client if we have to do it. The solution was for the non-profit to buy a general ledger program and have the entity’s treasurer input all of the prior year’s transactions starting with the opening trial balances. From this new information, we were able to create the financial statement without too much difficulty. The benefits to the client were lower accounting costs, since the treasurer did most of the inputting; the understanding by him and the other officers as to exactly what is required for the record-keeping to be accurate; and the ease of getting the records available for the upcoming fiscal year.”
Karu is qualified by the Superior Court of New Jersey as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. In addition to his many duties as the member in charge of the business valuation and litigation support, health care and food groups, Michael heads the firm’s estate and trust practice.
He is qualified by the Superior Court of New Jersey, Family Part as an expert witness and as an authority on business valuations, specifically for closely-held or family-owned businesses. In addition, he is a Certified Divorce Mediator. Mr. Karu received his B.S. degree in Business Administration from The Ohio State University. He holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section. He is also a member of the New Jersey Society of Certified Public Accountants, where he has been active in the Litigation Services Committee, Business Valuation Sub-Committee, State Healthcare Committee, Committee for Non-Profit Organizations, and the Committee for Young CPAs.
Levine, Jacobs provides a unique combination of twenty-first century accounting, business consulting and financial planning services to a diverse list of individuals located primarily in New Jersey, New York and Pennsylvania. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.” Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants.