Contact Us Follow Us :       | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

Increased Thresholds for Micro-Purchases and Small Purchases Effective Immediately
Posted by Michelle Sylvia Spriggs on Tue, Jul 10, 2018 @ 06:01 PM

On June 20, the Office of Management and Budget (OMB) released a memo on new thresholds for micro-purchases and small purchases under the Uniform Grant Guidance. The OMB memo dramatically increased these thresholds, which should simplify purchase processes for not-for-profit organizations receiving federal funds.

Read More

Topics: not-for-profit, Federal OMB Grant, Michelle Spriggs, OMB, NFP, Uniform Grant Guidance, nonprofit, micro-purchase

Guidance Issued Regarding Contributions Made and Received for Not-For-Profit Organizations
Posted by Holly Perez on Thu, Jun 28, 2018 @ 11:14 AM

On June 21, 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions received and Contributions Made, which provides accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations and business enterprises.

Read More

Topics: Not-for-Profits, FASB, NFP, Revenue recognition, Financial Accounting Standards Board, ASC Topic 606, Holly Perez

A Cybersecurity Primer for Not-For-Profit Organizations
Posted by Michelle White on Tue, Jun 26, 2018 @ 03:49 PM

From large organizations to small local associations, cybersecurity is a concern for everyone in the not-for-profit sphere. Yet, because it can often feel like a foreign subject, many organizations aren’t comfortable even describing what cybersecurity is and what it means for their day-to-day operations, which typically means organizations may not be doing what they need to mitigate the associated risks.

Read More

Topics: not-for-profit, NFP, cyber attacks, cyber security, Michelle White

Is Your Form 990 At Risk for an Exam?
Posted by Lisa Burke on Fri, May 11, 2018 @ 10:27 AM

The IRS may be faced with a declining workforce and budget, but it’s still active in monitoring compliance for not-for-profit organizations. In its 2018 work plan, the IRS stressed its data-driven approach to selecting Form 990s to examine. Each filed return is scanned and analyzed on 200 data points. Those meeting certain criteria are flagged for potential exam. Some of those data points include:

Read More

Topics: tax-exempt, not-for-profit, IRS, Form 990, Form 990-EZ, NFP, tax effect, Lisa Burke

The Two Key Financial Statement Changes Not-For-Profit Boards Should Know About
Posted by Tracey McDonald on Wed, May 9, 2018 @ 07:47 AM

As not-for-profit organizations prepare to adopt the new financial reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), Board members should take an active role in overseeing the implementation of this standard since one of the key fiduciary responsibilities of those charged with governance is to oversee the financial reporting process. ASU 2016-14 is designed to provide more transparency into the financial reporting process of an organization and does so by addressing updates to several areas, including net asset classifications, investment reporting, expenses and the presentation of statement of cash flows information.

Read More

Topics: Non-profits, Not-for-Profits, NFP, Not-for-profit financial statement, board of directors, financial statement audit, financial statement reporting, tracy mcdonald, not-for-profit board of directors

8 Ways to Help Prevent a Retirement Plan Lawsuit
Posted by Brad Sieniawski on Mon, Apr 23, 2018 @ 03:43 PM

If you are the sponsor of a 403(b) retirement plan, you may be asking if it is possible for your organization to be sued over your retirement plan fees. Historically, lawsuits have primarily been filed against for-profit companies sponsoring 401(k) plans. But litigation from 2016 suggests not-for-profit organizations are being scrutinized for their retirement plan fees as well. The law firm Schlichter, Bogard, & Denton targeted numerous high-profile universities, including Yale University, the University of Pennsylvania, New York University, and the Massachusetts Institute of Technology on behalf of retirement plan participants who alleged their recordkeeping and investment costs were too high. Plaintiffs also alleged that there were too many investment options offered in the 403(b) plans, which created confusion, with many underperforming peer benchmarks.

Read More

Topics: retirement plans, Non-profits, NFP, Retirement Plan Fees, Retirement Plan Lawsuit, 403(b) programs

Make Your Form 990 A Roadmap for Donors, Board Members, the IRS and the Public
Posted by Lisa Burke on Wed, Apr 11, 2018 @ 02:22 PM

With the May 15th due date for calendar year not-for-profits just around the corner and provisions inthe Tax Cuts and Jobs Act increasing scrutiny on not-for-profits’ executive compensation, employee benefits, and unrelated business income, it’s a good time to take a look at the message your organization’s tax return is sending. In years past, the IRS Form 990 was no more than a compliance task; an annual filing requirement to keep the IRS at bay. After all, there is no tax due, so what’s the big deal?

Read More

Topics: tax-exempt, not-for-profit, IRS, Form 990, Form 990-EZ, NFP, Charity Navigator, GuideStar, tax effect, Amazon Web Services, Lisa Burke

Regulation Round-Up for Not-For-Profits: New Requirements to Monitor
Posted by Brenda Booth on Tue, Mar 20, 2018 @ 07:50 AM

Over the past several months, regulators have released new guidance that will affect not-for-profit accounting and taxes. The following highlights some of the major developments from the end of 2017 and the beginning of 2018.

Read More

Topics: Brenda Booth, not-for-profit, NFP, Mark Winiarski, Form 1023-EZ, Excise Taxes, DAF, tax effect, Donor-Advised Funds

The Time Has Come to Evaluate Your  Not-For-Profit's Executive Compensation
Posted by Hal Wallach on Mon, Mar 19, 2018 @ 02:55 PM

Executive compensation can be a consistent point of contention for many not-for-profit organizations. Many find themselves trying hard to strike a balance between:

  • Paying compensation that can attract and retain the level of talent needed to help the organization fulfill its mission and purpose, and
  • Complying with IRS rules related to paying compensation that is “reasonable”
Read More

Topics: not-for-profit, NFP, executive compensation, retain talent, recruitment, Hal Wallach, not-for-profit salaries

Reminder: Time to Consider Restating Your 403(b) Plan Document
Posted by Bernard Kaplan on Fri, Feb 23, 2018 @ 04:03 PM

It seems like yesterday that employers sponsoring 403(b) plans went through the process of obtaining written plan documents.  Employers must now again face the process of rewriting their 403(b) documents.  The IRS recently announced that employers have until March 31, 2020 to restate their 403(b) plans into IRS pre-approved documents in order to have reasonable assurance that the plan document as written is in compliance with current law.

Read More

Topics: Bernard Kaplan, 403(b), Diane Caron, 403(b) Plan Document Restatement

Popular Posts

Browse by Tag

see all