AICPA Nonprofit Membership - Nonprofit CPA Firm

The AICPA Introduces the Nonprofit Membership Section

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.

You Can’t Have Your Cake and Take a Deduction For it Too

Posted by Saaib Uppal Who came up with the proverb, “You can’t have your cake and eat it too?” While history doesn’t give a definitive answer, we can start by checking the archives of the Internal Revenue Code. Why, you ask? Well, I was recently asked if someone could deduct a charitable contribution for donating the right to use their personal vacation home for 1 … Continued

Quid Pro Quo Donations

Posted by Chris Ciminera It is customary for nonprofit organizations to occasionally hold an event to raise funds to further its mission or for other charitable purposes. I know specifically that one of our clients, a church organization, holds a fundraiser each year in which all proceeds from the event benefit charitable organizations throughout the community. I received a specific … Continued

Know the Right Way to Report Donations of Services

Posted by Jonathan D. Moll, CPA Donations of services can be useful to your organization during tough economic times. But should you record them in your financial statements? And, if so, what amounts should you assign? FASB Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, specifies when a nonprofit should recognize the fair value of services in its financial statements. There are two … Continued

8 Tips for Running a Valid Accountable Plan

Posted By Saaib Uppal, Staff Accountant If you are managing a nonprofit company that carries an accountable plan for employee business expense reimbursements, you should ensure that you are in compliance with IRS requirements.    Not being so will leave you at risk of having to add reimbursed expenses as earnings on the employee’s W-2 form.  Below is a quick summary … Continued

I Have a Question – What Accounting Issues Are Troubling You?

Posted By Jonathan D. Moll, CPA I am constantly reminded of a conversation I had with a “well-seasoned” CPA that I had briefly met at an industry conference. The seminar was leading up to the implementation of SAS 112. The underlying message being stressed was that, in order to avoid a potentially negative management letter, there was a need to … Continued