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Preparing for Lease Accounting Changes

In February of this year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, a 485 page document that made significant changes to how leases will be accounted for by both lessees and lessors.

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Form 1023-EZ First Year Report

In June 2014 I wrote a blog entitled Applying for Tax Exemption Just Got “EZ”er which described the IRS’s implementation of Form 1023-EZ.

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Nonprofit Omission Errors

A study performed by Jeffrey J. Burks and reported in “Accounting Errors in Nonprofit Organizations” Accounting Horizons 2015, analyzed 5,511 audited financial statements from 2006 to 2010, obtained from Guidestar.org, the world’s largest source of information on nonprofit organizations, and discovered an error rate 60% higher than that of publicly traded companies. Burks discovered that the error rate was negatively correlated with the size of the nonprofit’s audit firm.

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Delaware Grant-in-Aid Update

With recent and upcoming changes in Delaware grant-in-aid, it may be helpful for nonprofits to re-familiarize themselves with House Bill No. 230, commonly referred to as the Fiscal Year Ending June 30, 2016 Grant-in-Aid Bill, and begin learning about anticipated changes to subsequent grant-in-aid bills.

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Cash Rules Everything Around Me

This is a common thought running through the minds of many Controllers of not-for-profit entities, especially during times when fundraising events are being held.