Our recent webinar offered a comprehensive overview of the latest developments and standards in not-for-profit accounting, aimed at keeping our clients abreast of significant changes and challenges in the field.Specifically, we discussed the applicability of new and future accounting...
Read MoreCharitable giving has been a part of our society since ancient times, dating back to when the Egyptians built the pyramids. But it was only in 1954 that the modern tax code caught up and began recognizing public charitable organizations — vehicles bringing critical aid to those in need...
Read MoreMuch was happening back in 2016. Some might say it was a rough year, as the world dealt with the Zika virus; learned of the passing of iconic artist, Prince; and watched the Chicago Cubs win their first world series since 1908 (admittedly that was only rough for some of us). And then came FASB...
Read MoreAs a not-for-profit dealing with the never-ending struggle to raise funds, you might look for more creative ways to meet your budgeted revenue goals. In some cases, certain activities surrounding high-profile events, such as Super Bowl Squares or NCAA March Madness bracket pools, may seem like...
Read MoreDoes your organization have leases to account for under ASC 842, otherwise known as the new lease standard? Will the standard impact your debt covenants? What’s the best way to transition from ASC 840? Do you know what information to extract from your lease agreements to be compliant?These...
Read MoreMany nonprofit and commercial organizations have received funding from the federal government in various forms since 2020, from the Paycheck Protection Program (PPP) to the Provider Relief Fund (PRF) to the Shuttered Venue Operators Grant (SVOG). While these funds have been well deserved and well...
Read MoreThe Department of Health and Human Services (HHS) has distributed $178 billion to hospitals and healthcare providers on the front lines of the COVID-19 pandemic, thanks to the Provider Relief Fund established by the CARES Act back in March 2020. Throughout the crisis, cash was sent to various...
Read MoreNot-for-profit organizations receive contributions in many shapes and forms. Over the years, stakeholders have expressed concerns regarding not-for-profit organizations and their lack of transparency surrounding contributed nonfinancial assets, such as fixed assets, supplies, materials and...
Read MoreThe Financial Accounting Standards Board has released ASU 2018-08 to provide more guidance on when transactions are contributions versus exchange transactions.
Read MoreWith funding from donors declining in combination with the rise of funding needs by not-for-profit organizations, many of these entities are feeling the pressure to expand their solicitation efforts. One key expansion effort includes soliciting donations and grants from those in other states...
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