The answer is…YES!
There has-been increased attention given to Other Post-Employment Benefits (OPEB) reporting by standard-setters, elected officials, and government accountants over the past few years.
“I welcome change, as long as nothing is altered or different.”
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.
The 21st Century Cures Act, signed into law on December 13, 2016, allows qualifying small employers, including qualifying nonprofit employers, to maintain health reimbursement arrangements (HRAs) for the purpose of reimbursing employees the cost of insurance premiums purchased on their own.
Charities and nonprofits love to receive donations, but many face challenges when they get noncash contributions, or “gifts in kind.”
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.
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.