SAS No. 134 – Your Audit Report is Changing

Posted By Christina Bell, CPA In May 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including Amendments Addressing Disclosures in the Audit of Financial Statements. The standard’s original effective date was for reporting periods ending on or after December 15, 2020. … Continued

Capitalization Policy for Nonprofits

Posted By: Amanda Cox Nonprofit organizations have two options when purchasing assets with a useful life of greater than one year: expense or capitalize. Assets which are capitalized are referred to as fixed assets and represent tangible property and equipment with a useful life of more than a year (except collection items and assets held for investment purposes) that meet … Continued

New Presentation and Disclosure Requirements for Gift-In-Kind (ASU 2020-07)

Posted By: Casey Hagy, CPA In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU is to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. This ASU applies to all nonprofits that receive contributed nonfinancial … Continued

How the Mail Backlog at the IRS May Impact Your Tax-Exempt Organization

Posted By Christina Bell, CPA The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and then re-opening them with limited staff. This backlog of unprocessed mail has caused many Organizations to receive erroneous computer generated tax notices from the IRS … Continued

How to Utilize P-EBT Cards to Help the Nonprofit Community

Posted By Christina Bell, CPA This week I received a letter in the mail stating my family was automatically enrolled to receive benefits under Delaware’s Pandemic Electronic Transfer (P-EBT) program. Delaware’s P-EBT Program provides food assistance to families with children who lost access to free or reduced-price school meals due to school closures or reduced in-person attendance as a result … Continued

Charity Navigator: Encompass Rating System

Posted By Christina Bell, CPA Regardless of the individual mission, every nonprofit share a common goal: to raise awareness and funding to propel its mission forward. And, when prospective donors are determining what charity is most deserving of their various resources, there is perhaps no better asset than Charity Navigator. Charity Navigator, the world’s largest and most-utilized independent nonprofit evaluator, … Continued

Single Audit Submission Extension

Posted by Matthew Frost In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in our blog titled, COVID-19 Relief: Single Audit Extension. The good news is a similar extension has been granted for 2021. On March 19, 2021, the U.S. … Continued