Nonprofits, just like for profit organizations, incur expenses for travel, meals and entertainment, gifts, and transportation.
Author Archives: Christina Bell, CPA
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.
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.
The IRS refers to transactions in which the donor makes a payment partly in return for some type of goods or services (a benefit received) and partly as a contribution as quid pro quo contributions.
The Delaware Alliance for Nonprofit Advancement (DANA) 2015 Annual Conference was held on June 15th at the Chase Center on the Riverfront in Wilmington, Delaware.
In an effort to better serve the nonprofit community, the AICPA’s governing Council voted to broaden Section membership requirements for non-CPA Associates. Those who have management or governance responsibilities with respect to a nonprofit, including those who serve as board members or as volunteers, are eligible to join the AICPA as a non-CPA Associate.
In December of 2014 the Commissioner of the Tax Exempt & Government Entities Division of the IRS (TE/GE), Sunita Lough, issued the TE/GE Program Letter for FY 2015.
On December 26, 2013, the Office of Management and Budget (OMB) published in the Federal Register Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule.
Social Security and Medicare taxes are collected under the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA). Many people refer to contributions to Social Security and Medicare as either FICA or SE taxes.
In March 2010, the Affordable Care Act was enacted to encourage small businesses and tax-exempt organizations to offer health insurance to their employees for the first time or continue the health care coverage they already provided.