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Jim Quaid, CPA

Jim Quaid, CPA

Author's details

Name: Jim Quaid, CPA
Date registered: January 31, 2011

Contact Information

Phone: 312-670-7444
Fax: 312-670-8301



Jim has over 20 years of experience providing auditing, accounting and tax services to not-for-profit organizations, including charter schools, social service agencies, foundations and associations. He also audits and provides consulting for related employee benefit plans. Jim’s experience enables him to advise clients about new funding streams, the best course when looking to provide a new service or program, and effective ways to undertake strategic or operational changes. Throughout his career, Jim has helped clients address the needs of the various stakeholders involved in an organization’s work, including its board, staff, donors, recipients, governmental or oversight agencies and the public at large. Jim is also a frequent speaker on subjects pertinent to not-for-profit organizations and is actively involved with various committees and associations dedicated to the not-for-profit industry.

Latest posts

  1. Let’s Play Ball! It’s Time to Step Up to the Plate to Review Fiduciary Status and Fiduciary Duties — November 7, 2016
  2. How to “Score an A” on Your Board Meeting Minutes — June 29, 2016
  3. Give Employees More Bang for Their Buck: How to More Effectively Use Default Deferral Rates and Auto-Escalation Clauses — May 3, 2016
  4. Cybercrime: Get Ready to Fight Back — October 5, 2015
  5. 401(k) Plan Management vs. Fiduciary Duties — August 24, 2015

Most commented posts

  1. The Health Care Tax Credit is Nothing to Sneeze At — 2 comments

Author's posts listings

Nov 07

Let’s Play Ball! It’s Time to Step Up to the Plate to Review Fiduciary Status and Fiduciary Duties

Are you a fiduciary for your company or organization’s retirement plan? If yes, you may find it challenging to “cover all the bases” in understanding your fiduciary duties. Some common duties that get overlooked include failing to identify the plan’s fiduciaries and insufficiently training fiduciaries on their responsibilities.

Jun 29

How to “Score an A” on Your Board Meeting Minutes

Minutes of your board’s meetings may seem like a mere formality; however they are much more than that. Board meeting minutes reflect on your board of directors and your organization’s actions. Savvy not-for-profit organizations do not settle for a passing grade when creating these documents, they go for the “top of the class.” This article discusses some best practices for developing minutes that will document your meetings clearly and accurately.

May 03

Give Employees More Bang for Their Buck: How to More Effectively Use Default Deferral Rates and Auto-Escalation Clauses

According to a Plan Sponsor Council of America survey, only 46% of defined contribution plans automatically enroll participants. The most common default deferral rate for those that do is 3%. Are plan sponsors telling employees that they can afford to retire by saving just 3% of their salary each year? Some participants may think so. This article discusses how to use default deferral rates and auto-escalation clauses to boost participants’ retirement savings.

Oct 05

Cybercrime: Get Ready to Fight Back

Cyber thieves do not physically grab keys or force an entry into a business, but the damage they do to an organization can be just as consequential. If a not-for-profit organization becomes the victim of cybercrime, it could suffer a blow to its reputation that is impossible to overcome. So it is important that a not-for-profit organization assess its risks of data breaches carefully and implement effective security policies and procedures. This article discusses some key considerations.

Aug 24

401(k) Plan Management vs. Fiduciary Duties

Fees charged by record keepers and asset managers for 401(k) plan services paid from plan assets have come under greater scrutiny in recent years. The Department of Labor (DOL) has released fee disclosure regulations, and courts have reviewed high-profile litigation over the issue. The topic is not likely to settle down anytime soon.

Mar 10

Understanding Bonds: What Do Your Plan Participants Know?

Bonds have a place in retirement portfolios. However, recent research suggests that many 401(k) plan participants may have some misperceptions about what that place is — and how bonds perform under various market conditions. This blog reviews the research and suggests that taking the pulse of your 401(k) participants might be a prudent thing to do.

Mar 04

Wrapping up a Gift Acceptance Policy

Having a gift acceptance policy to refer to and using it to decide if you should accept a donation is important to your organization’s financial position as well as to its reputation. This blog discusses the elements of a good gift acceptance policy and the particular considerations that may be involved with different kinds of gifts.

Jul 15

The Investment Manager: Finding the Right Fish in the Sea

It is a challenge for a not-for-profit organization to find the best person to make prudent investments while meeting investment goals. This article offers guidance regarding where to look for qualified candidates, what questions to ask them and how they should be compensated.

May 20

Interest Rates Must Be More Than Interesting

Plan loans are governed by many IRS and Department of Labor (DOL) rules and regulations. Even though they are an optional plan feature, if you choose to offer plan loans to your participants, your plan document must comply with the current laws, including the interest rate charged on these loans. Some plan documents stipulate an interest rate, while others do not. This short article discusses the rules pertaining to plan loan interest rates.

Apr 02

Not-For-Profit Group Newsletter – Spring 2014

The Affordable Care Act’s (ACA’s) shared-responsibility provision, commonly referred to as “play or pay” — requiring that “large” employers offer their employees affordable health insurance or pay a penalty — has been delayed until 2015. But that means that now is the time for not-for-profit organizations to determine what it will mean for their bottom line. This article explains who qualifies as a large employer and how “affordable” is defined. A Sidebar discusses how smaller not-for-profit organizations can qualify for the Small Business Health Care Tax Credit.

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