With 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...
Read MoreCongress gave an early Christmas present to tax-exempt organizations that provide parking for their employees. On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020, repealing Internal Revenue Code Section 512(a)(7) retroactively as if it were never...
Read MoreAs most recipients of significant federal funding are aware, the Office of Management and Budget (OMB) issues a new edition of the Compliance Supplement around June of each year. However, 2019 was a unique year. After the AICPA and others detected several errors in the June 2019 edition, the OMB...
Read MoreNot-for-profit entities are constantly telling their story — whether to raise funds, recruit talent or comply with regulatory requirements. Financial information often makes up a large portion of that story, but nonfinancial information related to the organization’s mission and its...
Read MoreGenerally Accepted Government Auditing Standards, commonly referred to as the “Yellow Book,” were revised and issued in July 2018 by the U.S. Government Accountability Office. The 2018 Yellow Book is effective for financial audits, attestation engagements, and reviews of financial...
Read MoreCybersecurity threats, data breaches and email fraud have become part of the daily headlines, impacting businesses and organizations of all sizes and from all industries. During 2018, an estimated 5 billion records were breached world-wide, costing companies an average of $3.86 million per breach...
Read MoreOn May 29, 2019, the FASB issued Accounting Standards Update (ASU) 2019-06, extending two private company reporting alternatives to not-for-profit entities with regard to goodwill and intangible assets. Effective immediately, this ASU will help reduce not-for-profits’ costs for accounting...
Read MoreWhen an exempt organization such as a 501(c)(3) generates income unrelated to the core purpose of the organization — whether knowingly or unknowingly — the not-for-profit may face unexpected taxes on that income. Below are six areas that could generate unrelated business...
Read MoreOn March 21, 2019, the FASB issued Accounting Standards Update (ASU) 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. This ASU specifically addresses the use of proceeds from sales of collections and related disclosures. Collections include groupings of art...
Read MoreEach year, every not-for-profit organization is required to file either a 990, 990-EZ or 990-N tax form with the IRS. Regardless of which form your organization files, the various questions and required schedules often generate confusion in three primary areas: Recording noncash donation...
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