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How Not-For-Profits Can Avoid Phishing Scams
Posted by Kyle Konopasek on Tue, Feb 21, 2017 @ 11:04 AM

The IRS recently announced that a Form W-2 phishing scheme is now targeting many not-for-profit organizations. Human resources departments in school districts, tribal governments and other not-for-profit organizations have reported receiving bogus emails asking for their employees’ W-2 tax information. For-profit companies have also reported suspicious W-2 related emails, which are similar to scams reported in 2016.

Email phishing is a form of social engineering that cybercriminals use to access your organization’s secure network or personally identifiable information. Cybercriminals use various spoofing techniques to create emails that look legitimate and manipulate users into responding or providing key pieces of information to unauthorized users.

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Topics: not-for-profit, IRS, NFP, nonprofit, scams, phishing scams, phishing

Presenting the New Not-For-Profit Financial Statement: Implementation
Posted by Michelle Spriggs on Tue, Jan 31, 2017 @ 10:26 AM

The changes issued under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will bring more transparency to not-for-profit financial statement reporting.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, Not-for-profit financial statement, implementation

Changes in the Tax Code Could Affect Not-For-Profits
Posted by Robert Karon on Tue, Jan 31, 2017 @ 08:41 AM

Comprehensive tax reform supported by President Donald Trump and House Republicans could have a ripple effect on not-for-profit organizations.

During his presidential campaign, President Trump advocated for reform of the tax code. Among other items, he proposed eliminating the estate tax, a provision also favored by the House Republicans’ Tax Reform Blueprint. Proposed changes to the amount of itemized deductions individuals can claim for tax purposes have also been supported by both House Republicans and President Trump.

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Topics: not-for-profit, NFP, nonprofit, Bob Karon

How to Keep Endowments Above Water
Posted by Adam Nelson on Mon, Jan 30, 2017 @ 05:10 PM

Not-for-profit organizations cannot always control how their investments perform, but they can take steps to protect funds that are losing value.

Managing endowment investments will become even more important in the years ahead due to the changes coming to not-for-profit financial reporting. The changes will require organizations to disclose the fair value of the underwater endowed funds as well as the related original gift amount that must be maintained. The new requirements present an opportunity for organizations to reconsider their endowments and spending policies to preserve the value of such investments.

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Topics: accounting, Non-profits, Not-for-Profits, NFP, Adam Nelson, Underwater Endowments

Highlights from the Department of Education Federal Student Aid Training Conference
Posted by Joel LaSalle on Mon, Jan 30, 2017 @ 02:39 PM

The U.S. Department of Education (ED) recently held its 2016 Federal Student Aid Training Conference in Atlanta. Among many topics discussed during the conference, the following items are the key takeaways to consider for the upcoming award year.

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Topics: not-for-profit, Michelle Spriggs, NFP, Department of Education, Federal Student Aid administration, Joel LaSalle, nonprofit, ED, FAFSA, Free Application for Federal Student Aid

Reminder to All Massachusetts Not-For-Profits: Don’t Forget to File Form 3ABC
Posted by Charlie Ciccone on Fri, Jan 27, 2017 @ 11:34 AM

Massachusetts-based not-for-profits should be preparing now to file their Form 3ABC. The form provides a full or partial tax property tax exemption for an organization’s real or personal property so long as the organization files it by March 1, 2017.


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Topics: Massachusetts, non-for-profit, Charlie Ciccone, Form 3ABC, nonprofit

What ERM Requirements for Federal Agencies Could Mean for Not-For-Profits
Posted by Brian Antonius on Tue, Dec 20, 2016 @ 11:20 AM

In July 2016, the Office of Management and Budget (OMB) issued a policy change that would require all federal agencies to implement an Enterprise Risk Management (ERM) program. Integrated governance structures have the potential to improve agencies’ ability to deliver on their mission, reduce costs and focus corrective actions towards key risks. They may also help improve accountability and effectiveness of federal programs.

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Topics: enterprise risk management, not-for-profit, NFP, nonprofit, Brian Antonius, ERM

Managing Your Public Facing Data
Posted by Joe Giso on Tue, Dec 20, 2016 @ 10:45 AM

We live in the information age, and for not-for-profit organizations, that can mean broader exposure for your mission, activities and your ultimate asset—goodwill.

Considerable information about not-for-profit organizations is available online, from digitized IRS Form 990 information to mission statements. Exposure to a broader audience comes with its upsides, but it also means that not-for-profit organizations have more information to manage than in years past. Reviewing the types of information available helps ensure what the public can see online reflects your organization’s objectives.

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Topics: goodwill, not-for-profit, Form 990, Joe Giso, NFP, nonprofit, copyright, trademarks, Charity Navigator, information age, public facing data, GuideStar

Presenting the New Not-For-Profit Financial Statement: Liquidity
Posted by Michelle Spriggs on Tue, Dec 20, 2016 @ 10:20 AM

Liquidity reporting numbered among the key reasons the Financial Accounting Standard Board (FASB) amended financial statement reporting for not-for-profit organizations in August 2016. The FASB designed Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities to enhance transparency in the reporting of assets not-for-profit organizations can use to cover short-term needs. The changes made will affect reporting on liquidity and could have ramifications on not-for-profit organizations and the users of their financial statements.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, liquidity, Not-for-profit financial statement

Proposed Technical Correction Made to Not-For-Profit Endowment Reporting
Posted by Michelle Spriggs on Fri, Dec 2, 2016 @ 11:56 AM

Endowment reporting under the new not-for-profit financial statement reporting requirements could be changing again.

On October 27, 2016, the Financial Accounting Standards Board (FASB) issued an exposure draft of a technical correction to clarify the reconciliation disclosure not-for-profit organizations will have to make for their endowment funds.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, endowment funds, Underwater Endowments

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