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
Posted by Michael H. Abernathy Jr., CPA In a world of constantly changing donor demographics, nonprofit organizations need to be innovative when it comes to fundraising. According to a research study done by the Pew Research Center, millennials surpassed both boomers and gen-x’ers in 2016 to become the largest generational cohort in the U.S. workforce; this makes a societal wealth … Continued
The answer is…YES!
The power of suggestion is everywhere and studies have shown that our expectations of others affect how they perform.
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.
The IRS refers to transactions in which the donor makes a payment partly in return for some type of goods or services (a benefit received) and partly as a contribution as quid pro quo contributions.
On May 29, 2014, the Ways and Means committee approved four individual bills which would permanently reinstate three of the expired charitable giving incentives and extend the deadline through April 15 for individuals making charitable contributions.
It is not uncommon for schools that have a mission or philosophy that is rich in helping those in need and supporting the local community to have a benevolence fund established for the benefit of providing tuition assistance to their families in need.