Accounting for Grants and Contributions (ASU 2018-08) – Part 3
In the first two blogs in this series, we explained guidance found in this new ASU regarding contributions vs exchange transactions, and conditional vs unconditional contributions
Author Archives: Casey Hagy, CPA
Accounting for Grants and Contributions (ASU 2018-08) – Part 2
Our first blog in this series, “Accounting for Grants and Contributions (ASU 2018-08) – Part I”, explained the guidance related to determining a contribution from an exchange transaction.
Accounting for Grants and Contributions (ASU 2018-08) – Part I
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.
How to Change Your Organization’s Accounting Period
“I welcome change, as long as nothing is altered or different.”
$50,000 Gross Receipts Test
The IRS states that if an organization normally has gross receipts of $50,000 or less, it may submit the Form 990-N.
Gifts from Donor-Advised Funds
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.
Health Coverage Information Reporting Deadlines
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.
National Council of Nonprofits is Asking for Feedback on Gift Substantiation Proposed Regulations
In September 2015 the IRS proposed regulations that would change the gift substantiation rules.
The AICPA Introduces the Not-for-Profit Certificate Program
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.