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.
The Office of Management and Budget (OMB) released a Federal Register notice on April 22, 2016, that provides the public a final 30-day window to comment on changes made to the data collection form (SF-SAC).
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.
Nonprofits, just like for profit organizations, incur expenses for travel, meals and entertainment, gifts, and transportation.
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.
With the end of the year approaching, it is important to be aware of reporting requirements your organization may be subject to under the IRS.
In September 2015 the IRS proposed regulations that would change the gift substantiation rules.
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 accounting professionals who specialize in nonprofit organizations, we’re often presented with opportunities to strengthen our clients’ financial position and, in turn, serve our communities both directly and indirectly.