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.
Today (04/22/15) FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations. A summary of the changes is provided, as well as, the full proposed
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.
In April 2013, the FASB issued Accounting Standards Update (ASU) 2013-06, Not-for-Profit Entities: (Topic 958): Services Received from Personnel of an Affiliate.
Many nonprofits who sponsor ERISA 403(b) plans are not aware that they need an audit, because counting participants involves much more than knowing how many full-time employees the organization has or how many account balances are in the plan.
In a time when nonprofit organizations are facing higher demand for their services with fewer financial resources available to them, maintaining compliance with the ever-changing landscape of regulatory requirements is becoming increasingly difficult.
As you walk out the door on a Friday afternoon and the heat and humidity greet you, it is clear that summer has arrived.
There is a saying that whether we like it or not things must change and this year the format of audit reports are changing as a result of the AICPA’s Auditing Standards Board Clarity Project.