On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
Author Archives: Casey Hagy, CPA
The answer is…YES!
“I welcome change, as long as nothing is altered or different.”
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Contributions are a large source of revenue for many nonprofits. When your nonprofit organization receives a charitable contribution, we know you want to thank the donor as soon as possible and send them an acknowledgment letter. Before you mail out that letter, consider the following facts about gifts from donor-advised funds.
With the end of the year approaching, it is important to be aware of reporting requirements your organization may be subject to under the IRS.
In September 2015 the IRS proposed regulations that would change the gift substantiation rules.
As described in our earlier blog “The AICPA Introduces the Nonprofit Membership Section,” the AICPA has broadened their membership requirements for non-CPA associates and added a not-for-profit (NFP) section which allows non-CPAs to join the AIPCA and have access to numerous NFP resources. In an effort to strengthen this new NFP section, the AICPA recently launched the NFP Certificate Program.
School has officially started across the country, and it looks like students won’t be the only ones who will be graded out of 100 points this year. Charity Navigator, a nonprofit organization that evaluates charities in the United States and compares them to charities with similar causes, recently changed their rating system from a 70-point scale to a 100-point scale.
A wise person once said, “The only thing that is constant in life is change.” This principle lends itself well to the world of nonprofit organizations. A variety of factors cause nonprofit organizations to change.