Services
Industries
Overview
Sarah Widlock started her career with ORBA in 2005. Sarah manages audits and reviews and performs compilations and quarterly accounting engagements for privately-held companies and not-for-profit organizations. In conjunction with the accounting and audit procedures, she also prepares various tax returns for these types of organizations. Sarah has experience analyzing financial statements, conducting tax research and planning for corporations and individuals, and providing training and support to closely-held businesses.
Services
Industries
Overview
Sarah Widlock started her career with ORBA in 2005. Sarah manages audits and reviews and performs compilations and quarterly accounting engagements for privately-held companies and not-for-profit organizations. In conjunction with the accounting and audit procedures, she also prepares various tax returns for these types of organizations. Sarah has experience analyzing financial statements, conducting tax research and planning for corporations and individuals, and providing training and support to closely-held businesses.
Proactive
Sarah looks to build and maintain relationships with her clients. She works hard to understand what concerns they may have on an ongoing basis. She talks to her clients regularly, encouraging them to ask questions about their current accounting policies and operating procedures and makes recommendations on how to improve current practices. She believes regular communication and consistent accounting support are essential to her clients’ success.
Outside of the Office
Sarah spends the majority of her free time with her husband and children. She enjoys watching and cheering on the Chicago Bears and Blackhawks with her husband and attending story time, gymnastics and music classes with her children. Whenever her family can take some time away, they like to go camping and vacationing with friends.
Seminars & Events
- Making Sense of FASB’s New Accounting Standard for Not-For-Profit Organizations, Chicago, IL, May 24, 2017
- Revenue Recognition Roundtable, ORBA, Chicago, IL , February 10, 2016
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Forefront
- Member
- Illinois CPA Society
Education
- B.S., Accountancy, University of Illinois at Urbana-Champaign
- M.S.A., Taxation, University of Illinois at Urbana-Champaign
Blogs
Tasks for a Successful Not-for-Profit Finance Committee
A not-for-profit’s finance committee oversees and keeps its board of directors apprised of the organization’s overall financial health. This should be more than simply scanning financial reports. An active finance committee is crucial to maintain a not-for-profit’s health and reputation. The success of your finance committee depends on your board, staff and committee members understanding […]
Tainted Donor, Tainted Money? How To Handle Controversial Contributions
In 2019, as waves of lawsuits accused Purdue Pharma of knowingly contributing to the opioid crisis, numerous not-for-profit organizations announced that they would no longer accept gifts from the Sackler family, several members of which owned the company. That same year, the Massachusetts Institute of Technology came under fire for accepting multiple donations from convicted […]
Capacity Building: Focus on Your Strengths, not Your Weaknesses
The economic crisis may have your not-for-profit scrambling to find funding. But, equally important is making internal adjustments that can boost your ability to fulfill your long-term mission. Capacity building is one way your organization can increase its odds of doing just that. But, as it turns out, a traditional approach may not be the […]
With the release of the Financial Accounting Board’s (FASB) Accounting Standards Update (ASU) 2014-09, Topic 606, Revenue from Contracts with Customers, there was some confusion on how it would affect the not-for-profit industry, specifically how entities recognize grants. Even before the issuance of ASU 2014-09, there has been diversity in practice in recognizing grants, but […]
In an effort to provide more useful information to users of the financial statements, the Financial Accounting Standards Board released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities. While the ASU focuses on five main areas that are changing, this blog will highlight just one – liquidity and availability of resources.
In an effort to provide more useful information to donors, grantors, creditors, and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one—net assets.
Reframing: How Not-For-Profit Leaders Can Keep Learning on the Job
Whether an executive on staff or a member of the board, new to the organization or a long-time veteran, a not-for-profit organization’s leader sometimes faces tough challenges that a formal development class will not address. However, according to the not-for-profit organization Community Resource Exchange (CRE), learning on the job can be a rich source of leadership and management development. This article describes two self-coaching opportunities, advocated by the CRE, that lean on resources one can find in one’s self, within the workplace and among networks.
How Transparent is Your Not-For-Profit Organization?
In today’s society everybody wants to know where exactly their money is going. It is not enough anymore to simply solicit donations to “help your cause.” More and more donors want to see the end result of their donation, and this could also be a factor as to whether they donate to your organization again or not. This blog focuses on how you can make the use of your fundraising dollars more transparent to donors.
The Not-For-Profit Organization Life Cycle: Start-Ups Face Challenges, Opportunities
Just as they are for a child, the early years for not-for-profit organizations are full of important milestones. An organization’s first steps can make the difference between a sustainable entity with the capacity to fulfill its mission or a floundering failure that fades out fast. This article covers characteristics of the early-stage not-for-profit organization, key steps it must take and key decisions it must make. A Sidebar discusses the “3 Ws” approach to board development.
Keys to a Successful Development Department
Many not-for-profit organizations consider fundraising as their main source of revenue. However, so many organizations fail to focus a significant amount of their energy and resources into their development or fundraising departments. Why is it that hiring, maintaining and training individuals who will focus their efforts on coordinating fundraising initiatives, so far from directors’ minds? This article examines this question further and will help not-for-profit organizations realize the importance of investing in their development departments.
Three Tips to Improve Development and Accounting Collaboration
Communication breakdowns between a not-for-profit organization’s development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Organizations, therefore, must take proactive steps to facilitate collaboration between these two critical functions. This article provides three tips on how to improve your not-for-profit organization’s accounting collaboration.
Do Your Part for Donors: IRS Substantiation Rules Apply to Contributors
With donors gearing up for tax-filing season, it is not too late for not-for-profits to make sure they are following the IRS donation “substantiation rules.” This blog explains what the IRS requires to document various levels of gifts and offers a real-life example of the consequences of not closely adhering to the rules.
Good as Gold: Four Tips for Retaining Volunteers
Long-term volunteers can save a not-for-profit the time and money it would spend training new volunteers. They also become ambassadors and recruiters for the organization. And through their knowledge and experience, long-term, or “repeat,” volunteers add value to programs. To help not-for-profits keep this precious commodity on board, this article offers four tips for retaining them.
What are Gifts-In-Kind and How Should I Record Them?
Cash contributions are fundamental sources of revenue for your organization; however, do not underestimate the importance and value of receiving gifts-in-kind. Gifts-in-kind refer to all noncash gifts and, as with cash contributions, there are requirements for recording these types of gifts. Gifts-in-kind should be recognized if your organization has discretion in using or distributing them and if your organization is the recipient of the risks and rewards of those gifts (such as the risk of loss if they are lost, damaged or destroyed).
Newsletters
Not-For-Profit Group Newsletter – Spring 2022
ORBA’s Not-For-Profit Newsletter examines how not-for-profits can achieve the greater financial stability that typically comes through diversification of revenue streams and highlights the revamped Public Service Loan Forgiveness (PSLF) program that is intended to provide debt relief to student borrowers who go into public service, including some not-for-profit employees.
Not-For-Profit Group Newsletter – Spring 2020
Our Not-For Profit Newsletter explains why it is critical that organizations take the time now to reflect, plan and adapt to “the new normal” and covers the controversial tax on not-for-profits established by the Tax Cuts and Jobs Act.
Not-For-Profit Group Newsletter – Winter 2019
Our Not-For-Profit Group’s Winter 2019 newsletter discusses the importance of monitoring your organization’s financial statements, as well as newsworthy updates in the not-for-profit industry.
Not-For-Profit Group Newsletter — Spring 2016
Tread Carefully This Election Season SARAH WIDLOCK, CPA With the 2016 election season picking up steam, not-for-profit organizations need to exercise caution not to stray into political activities that could put their tax-exempt status on the line. However, while the Internal Revenue Code (IRC) clearly prohibits certain activities and expenditures related to the political process, […]
Not-For-Profit Group Newsletter – Fall 2014
ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit management. The Fall 2014 issue features two articles, Building a Dream Team—How to Manage the Board Selection Process and By the Book—Setting Executive Compensation Correctly.