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Ken Tornheim, CPA, CFE

Ken Tornheim, CPA, CFE

Author's details

Name: Ken Tornheim, CPA, CFE
Date registered: January 31, 2011

Contact Information

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

Email: ktornheim@orba.com
Website: http://www.orba.com/
Facebook: http://www.facebook.com/home.php#!/pages/ORBA-Ostrow-Reisin-Berk-Abrams-Ltd/166547440023634?sk=wall
LinkedIN: http://www.linkedin.com/pub/ken-tornheim/1/6a/64a

Biography

Ken has been with ORBA since 1986, and became a director in 1999. He has spent his career working with privately-owned companies, their owners and not-for-profit organizations. In addition to accounting and auditing services, Ken provides tax planning, financial analysis and business consulting services. Ken specializes in representing closely held companies, including manufacturing, retail, landscaping, construction, as well as professional service firms and not-for-profit organizations. In addition to accounting and auditing services, Ken provides tax planning, financial analysis and business consulting services. He has worked with numerous clients to help them set up new accounting software, and develop proper systems and internal controls for their financial functions. As a Certified Fraud Examiner, Ken has also helped clients and legal practitioners with a variety of fraud-related cases ranging from recommending fraud prevention controls to investigating suspected fraud.

Latest posts

  1. Combining Liquidity and Efficiency Metrics: Cash Conversion Cycle Can Be a Useful Management Tool — May 17, 2017
  2. Fraud and the Not-for-Profit Organization: How to Counter Your Vulnerabilities — May 5, 2017
  3. Manufacturing and Distribution Group Newsletter – Spring 2017 — May 1, 2017
  4. Not-For-Profit Group Newsletter – Winter 2017 — January 5, 2017
  5. Six Simple Steps to Shrink Your Outstanding Receivables — June 16, 2016

Most commented posts

  1. Not-For-Profit Group Newsletter — Winter 2016 — 2 comments
  2. Use E-Verify to Confirm Employment Eligibility — 1 comment

Author's posts listings

2017
May 17

Combining Liquidity and Efficiency Metrics: Cash Conversion Cycle Can Be a Useful Management Tool

The cash conversion cycle is a financial metric that evaluates the time it takes your company to convert raw materials to cash collected from customers. This article tells how it is calculated and what it means.

2017
May 05

Fraud and the Not-for-Profit Organization: How to Counter Your Vulnerabilities

Every organization, whether for-profit or not-for-profit, is at risk of falling victim to costly acts of fraud. Not-for-profit organizations, however, have some common characteristics that can make them particularly susceptible to fraud. This article discusses organizational weak spots and advises on ways to combat risks by implementing some simple controls. A Sidebar discusses the “fraud triangle” of conditions that can lead to fraud.

2017
May 01

Manufacturing and Distribution Group Newsletter – Spring 2017

ORBA’s Manufacturing and Distribution Group Newsletter is a quarterly publication focused on effective manufacturing and distribution management. The Spring 2017 issue includes two articles, “Leases and Contract Revenue: Get Ready to Roll Out the New Accounting Standards” and “Do Not Overlook the Domestic Production Activities Deduction.”

2017
Jan 05

Not-For-Profit Group Newsletter – Winter 2017

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Winter 2017 issue includes two articles: “The Not-For-Profit Organization’s Life Cycle: Mature Not-For-Profit Organizations Face Changing Priorities” and “Newsbits: Winter 2017.’”

2016
Jun 16

Six Simple Steps to Shrink Your Outstanding Receivables

When cash flow does not keep pace with work flow, manufacturers need to take a hard look at their billing practices to ensure that jobs do not fall through the cracks. This article outlines ways manufacturers can strengthen their collection processes. A Sidebar highlights a possible tax break for uncollectible accounts.

2016
Mar 03

Joint Costs: The Right Way to Allocate

With so much attention these days paid to fundraising ratios, many not-for-profit organizations feel pressure to minimize their fundraising expenses. This makes allocating joint costs appealing. Joint costs are costs associated with activities that have both fundraising and other functions. However, before you take the step of allocating joint costs, be certain that you are… Continue reading »

2016
Jan 27

Not-For-Profit Group Newsletter — Winter 2016

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Winter 2016 issue includes two articles: “Corporate Sponsorship Money: Is It Taxable?” and “Time to ‘Go to School’ Regarding the Use of Credit Cards.’”

2015
May 28

Why Deal Structure Counts: Comparing and Contrasting Asset and Stock Deals

The merger and acquisition market is picking up along with the performance of the manufacturing sector. This blog discusses how deal structure can have a major impact on expected cash flow and exposure to potential liabilities after the dust settles.

2014
Nov 04

When is Income Taxable?

A 501(c)(3) organization generally is required to pay tax on income that is not related to its exempt purpose — even if that income is critical to the financial support of the organization. This unrelated business income (UBI) is something to watch closely, because if the not-for-profit is ever audited, the IRS will likely scrutinize its records to see whether it has accurately reported UBI. This blog describes the kinds of activities that generate UBI, along with some exceptions.

2014
Aug 14

Is an Online Freight Marketplace Right for You?

A new generation of online businesses wants to cut the transportation middleman out of the warehousing and distribution equation. These new online marketplaces offer manufacturers and distributors greater convenience and efficiency by directly matching them with freight carriers, cutting down on red tape and lag time. This blog discusses how these online marketplaces work and how to avoid potential pitfalls.

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