Press Releases
Lancaster & Reed Expands Its Audit Practice Increasing its Non-Profit Focus
Lancaster & Reed is Proud to Announce the Newest Member of the Firm - Sherry L. Reed, CPA is a Former Audit Partner with JDS Professional Group (Denver) and Has Over Eleven Years of Non-profit, Employee Benefit Plan, Healthcare & Insurance Industry Audit Experience.
10/1/04 -- Ms. Reed recently relocated back to Florida after serving as Audit Partner with JDS Professional Group (CPAs) of Denver, CO. She spent approximately 12 years serving the non-profit community in Colorado and is excited about becoming involved in the non-profit community here in South Florida. She has a Bachelors of Science in Accounting from the University of Colorado and is a licensed, Certified Public Accountant in Florida and Colorado.
Ms. Reed has over 11 years of audit experience with an extensive non-profit back ground. Sherry has been a featured speaker at non-profit conferences and taught the Non-profit Update at the University of Denver, School of Law.
The addition of Ms. Reed to Lancaster & Reed's existing audit team further establishes the firm as one of the preeminent boutique firms in the southeast United States specializing in the non-profit sector. Ms. Reed will be a featured speaker at upcoming Lancaster & Reed conferences.
For More Information Contact:
Lancaster & Reed
50 West Mashta Drive, Suite 6, Key Biscayne, FL 33149
Tel: 305-361-1014
Fax: 305-361-7078
Internet: richard.reed@lancaster-cpas.com
Senate Finance Committee Calls for Independent Audits of Non-profits
For years there have been rumblings in Congress regarding the Tax Exempt Status of Various Non-profit Organizations. Now a Senate Finance Committee Draft Proposal would Require all Exempt Organizations with Annual Gross Receipts in Excess of $250,000 have an Annual Independent Audit!
8/25/04 -- This proposed audit requirement could impose undue financial hardship on many small nonprofits. The AICPA has commented that it "cannot commend changes that will impose a financial burden on all exempt organizations as a result of the acts of a few."* Even more burdensome, the proposal includes a stem to stern review of every tax exempt organization every five years by the IRS. The AICPA spokesman noted that the IRS lacks the manpower to perform these reviews and the main burden would be on the exempt organization draining valuable resources to prepare for a review that may or may not happen. At Lancaster & Reed we will be following this proposed legislation closely to monitor potential impact to our clients. As always, our Nonprofit Practice Group maintains a focus on this sector which distinguishes our capabilities from other firms.
* Accounting Today, Aug.23-Sept.5, 2004 For More Information Contact:
Lancaster & Reed
50 West Mashta Drive, Suite 6, Key Biscayne, FL 33149
Tel: 305-361-1014
Fax: 305-361-7078
Internet: richard.reed@lancaster-cpas.com
Lancaster & Reed Celebrates its 20th Anniversary
1/1/04 -- Lancaster & Reed celebrates its 20th anniversary this year. The company was founded in 1984 by Ken and Romy Lancaster who have built the firm on two simple business premises: quality and personalized service! It is a simple formula that has served the firm well as it continues to grow and expand. Quoting Mr. Lancaster “the goal was never to build a cookie cutter firm that operated on quantity vs. quality.”
Lancaster & Reed has established itself as a boutique practice on Key Biscayne with focused Non-profit, Privately Held Business, Condominium and Cooperative, Employee Benefit Plan, Healthcare, Insurance Company and International Taxation practices.
Congratulations Ken & Romy on 20 years of excellence!
For More Information Contact:
Lancaster & Reed
50 West Mashta Drive, Suite 6, Key Biscayne, FL 33149
Tel: 305-361-1014
Fax: 305-361-7078
Internet: richard.reed@lancaster-cpas.com