New OPEB Reporting Requirements – GASB 74 and 75
There has-been increased attention given to Other Post-Employment Benefits (OPEB) reporting by standard-setters, elected officials, and government accountants over the past few years.
Financial Reporting
How to Change Your Organization’s Accounting Period
“I welcome change, as long as nothing is altered or different.”
What Triggers an IRS Audit of a Nonprofit Organization?
If you ask management and board members of nonprofit organizations to identify the issues keeping them up at night, an IRS audit/examination probably isn’t on their top ten list.
21st Century Act Cures Act Lets Small Employers, including Nonprofit Employers, Reimburse Premiums
The 21st Century Cures Act, signed into law on December 13, 2016, allows qualifying small employers, including qualifying nonprofit employers, to maintain health reimbursement arrangements (HRAs) for the purpose of reimbursing employees the cost of insurance premiums purchased on their own.
Noncash Contributions Aren’t Always So Kind to Nonprofits
Charities and nonprofits love to receive donations, but many face challenges when they get noncash contributions, or “gifts in kind.”
Uniform Guidance Brings Change to Data Collection Forms
The Office of Management and Budget (OMB) released a Federal Register notice on April 22, 2016, that provides the public a final 30-day window to comment on changes made to the data collection form (SF-SAC).
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.
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.
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.
Quid Pro Quo Contribution – What Your Nonprofit Should Know
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.