Few topics generate more confusion for nonprofit organizations than Unrelated Business Income Tax (UBIT). It is also one of the areas that can cause the most problems for your organization, costing you money in the form of taxes, and in more severe cases, potentially...
Changes are everywhere due to COVID-19 including regularly scheduled filing deadlines which are now being adjusted by the government. One of the most significant for nonprofits with federal funding is a six-month submission extension on any OMB compliance audits that...
When not-for-profits lose funding sources, default on loans or leave employees unpaid, board members can clearly see that they’re in financial crisis. Often, a board can avoid such disasters by noticing the signs of financial distress. By keeping an eye out for the...
On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, non-for-profit organizations, and certain small public companies extra time to implement the following new...
Preparing to implement the new Lease Accounting Standard - ASU 2016-02, Leases (Topic 842) The FASB’s lease accounting standard change, ASU 2016-02, Leases (Topic 842), presents dramatic changes to the balance sheets of lessees. With the effective dates quickly...
Most nonprofits are understandably laser-focused on their mission which can cause critical matters to fall between the cracks. But if the finance function doesn’t receive the attention it deserves, your nonprofit will run the risk of IRS penalties, reputational damage...
Understanding the Requirements for Internal Control over Compliance of Federal Awards Internal control is a process effected by an entity’s oversight body, management, and other personnel that provides reasonable assurance that the objectives of an entity will be...
ASU 2016-14 | Summary of Changes to Not-for-Profit Financial Statements Are you ready for significant changes to the financial statements of nonprofit organizations? Overview: The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)...
The Tax Cuts and Jobs Act of 2017 significantly changed the landscape for everyone including nonprofit organizations. To help these organizations navigate the key provisions affecting nonprofits, we’ve highlighted three key considerations below: Executive Compensation...
By Johnson Olatunji, CPA The Financial Accounting Standards Board (FASB) has released Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. These changes present a radical shift...