Our first blog in this series, “Accounting for Grants and Contributions (ASU 2018-08) – Part I”, explained the guidance related to determining a contribution from an exchange transaction.
In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.
Most government and nonprofit finance officers, executives, and board members are very familiar with the annual accounting or audit services they receive from their CPA firm (practitioner).
There are more than 25 types of tax-exempt organizations classified under 501(c) of the Internal Revenue Code.
The answer is…YES!
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.
“I welcome change, as long as nothing is altered or different.”
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.
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.
Charities and nonprofits love to receive donations, but many face challenges when they get noncash contributions, or “gifts in kind.”