Generations have always mixed together in the workforce, but today it appears that we are experiencing an unprecedented mix of four, and recently up to five, generations in today’s workplace. As each generation brings its own expectations to the workplace, managers are challenged to understand and respond in a manner that builds engagement and achieves results.
Topics: Non-profits, Not-for-Profits, Gen X, Mike Nichols, Millennials, workforce, multigenerational organization, employee engagement, baby boomers
The Financial Accounting Standards Board (FASB) recently issued a proposed accounting standards update, Not-for-Profit Entities (Topic 958) Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This proposed update is designed to clarify revenue recognition related to grants and contracts and contributions. Released in early August, the proposed changes would help not-for-profits evaluate whether grants and contracts meet the definition of nonreciprocal transactions, or contributions. If transactions meet this definition, they would be excluded from ASU 2014-09 Revenue from Contracts with Customers, referred to as the new revenue recognition standard, and therefore require following of the contribution guidance. Alternatively, if a transaction meets the definition of a reciprocal transaction, or an exchange transaction similar to a contract with a customer, then the new revenue recognition standard would apply.
Topics: Revenue Recognition Standard, not-for-profit, Michelle Spriggs, NFP, Revenue recognition, nonprofit, revenue recognition for nonprofits
Competition for funding is almost always fierce, and at the end of the day, it can be difficult to know why one not-for-profit’s grant application is selected over another’s. We recently received an inside look at the grant-making process, and the experience provided some additional insights into the type of information and requests that make a grant application appealing to grant-makers.
Topics: Non-profits, Not-for-Profits, Scott Goldberg, funding, grant application
Donations to not-for-profit organizations are normally a win-win for organizations and their donors. Organizations receive gifts to help support their mission, and the donor receives a tax write-off. But not-for-profit organizations and donors must ensure they are in compliance with IRS substantiation requirements. The IRS requires that in order for a donor to take a deduction greater than $250, he or she must have a contemporaneous written acknowledgment (CWA) of the donation from the not-for-profit organization. CWAs must include the name of the organization, the value of the donation (if cash), a description of the donation (if non-cash), whether goods or services were provided in exchange for donation, and, if services were provided, a good faith estimate of the value of those services. If the value of the gift exceeds $5,000, in most cases, a qualified appraisal must be obtained in addition to the CWA.
Topics: charitable donations, Amy O’Loughlin, Not-for-Profits, nonprofit, In-Kind Donations, Donations
Whether your organization has an effective board can have a major impact on the fortunes of your not-for-profit. A good board with a wide variety of skills may lead your not-for-profit to new heights.
Although responsibilities of the board may vary among not-for-profits, a board is generally entrusted with determining and fulfilling its mission and complying with laws and regulations while mitigating potential risks. Board roles include securing, supporting and evaluating the executive directive and monitoring the organization’s financial performance. Given the responsibility, your board should be evaluating itself from time-to-time to see if improvements could be made. Ask yourself the below questions to see how your board rates.
Topics: David Brown, not-for-profit, board members, nonprofit, Nonprofit Board, board of directors
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Medical emergencies can happen at any time to anyone. Having the information you need at your fingertips, from emergency contact information to passwords and file access, can help ensure that if one of your employees experiences a health crisis, your organization is able to notify the people who need to know as soon as possible. A back-up for system for passwords can help operations to recover after an emergency event has occurred.
Topics: Not-for-Profits, NFP, business continuity planning, business continuity, emergency situations, BCP
Colleges and universities play a vital role in facilitating federal student loans and financial aid to their student body. Enrollment changes make the role a difficult one. Administrators need thorough recordkeeping that monitors changes and provides the U.S. Department of Education (ED) the information it needs.
Topics: Not-for-Profits, NFP, Department of Education, FSA, FAFSA
Revenue recognition, charitable giving results, compliance supplements—several recent developments could hold particular interest for the not-for-profit community. The following is a brief round-up of what’s new and noteworthy in not-for-profit accounting and management.
Topics: Revenue Recognition Standard, Not-for-Profits, FASB, OMB, NFP, Accounting Updates, Economy, charitable giving
Audit committees for not-for-profit organizations do much more than what their name suggests. In addition to their primary focus of overseeing all aspects of the audit process, they are increasingly tasked with oversight of the not-for-profit’s enterprise risk management process and other risk mitigation activities.
Topics: Audit Committee, Non-profits, Not-for-Profits, NFP, audit risk, Not-For-Profit Risk Management, ERM
Fraud comes with a significant monetary impact. The Association of Certified Fraud Examiners (ACFE) Report to the Nations on Occupational Fraud and Abuse 2016 Global Fraud Study estimates that fraudulent activity costs $6.3 billion in losses, with the average loss per case coming in at $2.7 million. Nearly one in three of the cases in the study occurred in the not-for-profit and governmental arena.
Topics: fraud, non-for-profit, Non-profits, John Mulvaney, nonprofit, nonprofit fraud