In February of this year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, a 485 page document that made significant changes to how leases will be accounted for by both lessees and lessors.
This is a common thought running through the minds of many Controllers of not-for-profit entities, especially during times when fundraising events are being held.
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.
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.
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.
If you downloaded the Instructions for Form 1023-EZ before August 4, 2014, please take note of the following change:
The IRS has updated the instructions for Part 1, line 8 to allow officers, directors, and/or trustees to use the organization’s mailing address rather than their personal mailing address.
On May 29, 2014, the Ways and Means committee approved four individual bills which would permanently reinstate three of the expired charitable giving incentives and extend the deadline through April 15 for individuals making charitable contributions.
As a follow up to my most recent blog entitled Applying for Tax Exemption Just Got “EZ”er the IRS made available, beginning July 1, 2014, a final Form 1023-EZ on IRS.gov.
Last summer I wrote a blog entitled “IRS Determination – Why the Wait” that described the IRS’s process for evaluating application forms of organizations applying for tax exempt status under Section 501 (c)(3).