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.
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Interest: Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs as part of their initiative to reduce complexity in the accounting standards.
In August 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities, with the intent of providing more useful information to donors, grantors, creditors, and other users of not-for-profit (NFP) financial statements.
Charities and nonprofits love to receive donations, but many face challenges when they get noncash contributions, or “gifts in kind.”
There is a German proverb that goes, “He who saves in little things, can be liberal in great ones.”
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Contributions are a large source of revenue for many nonprofits. When your nonprofit organization receives a charitable contribution, we know you want to thank the donor as soon as possible and send them an acknowledgment letter. Before you mail out that letter, consider the following facts about gifts from donor-advised funds.
Compliance by operating within an organization’s exempt purpose is paramount to managing, governing, and servicing nonprofit organizations.
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.
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.