On 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...
Read MoreTax reform’s new rule that employers can no longer deduct parking expenses for employees impacts both tax-paying and tax-exempt organizations — and represents a big change for everyone. Accordingly, the IRS recently released interim guidance in Notice 2018-99, aimed at helping...
Read MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably...
Read MoreThe wide range of tax and timing implications associated with charitable giving has led to the creation of a variety of donation types and structures. And with that, of course, comes a plethora of accounting implications to be aware of if you are responsible for your not-for-profit’s...
Read MoreWhile many not-for-profits may consider it a luxury to have an endowment, the accounting aspects of dealing with one can be burdensome, particularly when it’s “underwater.” And while Accounting Standards Update (ASU) 2016-14, effective for fiscal years beginning after December...
Read MoreThe U.S. Department of Housing and Urban Development (HUD) sponsors a broad range of programs designed to revitalize urban neighborhoods, stimulate housing construction, encourage home ownership opportunities, and provide safe and affordable housing primarily for low-income families. HUD...
Read MoreAs a nonprofit, when your organization receives funds through grants and similar contracts, you must characterize the transaction as an exchange transaction or a contribution for financial reporting purposes. Historically, many nonprofits have found it difficult to make this determination, which...
Read MoreSchool clubs can come in various forms, such as booster, parents or sports clubs, and are generally comprised of both students and adults trying to raise funds to support a specific school function. But being in charge of or even working in the business office of a club at your local school comes...
Read MorePeople give to charitable causes that are meaningful to them and that make them feel like they are somehow making a difference. Today’s donors are savvy and often conduct due diligence, researching the credentials and spending habits of charitable organizations using websites such as Give...
Read More