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2015 Preview: Not-For-Profit Accounting and Tax Changes
Posted by Mike Burns on Thu, Dec 18, 2014 @ 09:06 AM

Not-for-profits experienced relatively few changes impacting accounting and tax reporting in 2014. It seems 2015 will not be as quiet based on items proposed and those expected to be proposed for the future. With the consolidation of the OMB Circulars, new revenue recognition standards and FASB’s financial statement project, not-for-profits and educational organizations should keep an eye on how these items may impact measurement, management and disclosures. Some of the key items that should be on your radar are as follows:

ASU 2013-06, Services Received from Personnel of an Affiliate

This accounting update affects fiscal year ends ending June 30, 2015 and later. It requires not-for-profits to recognize services provided by their affiliated entities effectively at the cost of those services. If recognizing at cost will significantly overstate the value of the services received, then the not-for-profit may elect to recognize at either the cost recognized by the affiliate for the personnel providing the service, or the fair value of the service. While this will not affect the bottom line, it will provide more transparency relative to dependence on such services and their magnitude. While many organizations have long billed for such services, this requires those who did not book such to reflect the economics.

Most entities getting such services will increase contribution revenue and a corresponding expense with healthcare organizations taking a somewhat different approach.  

See the following for more information:

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Topics: Accounting and tax changes, Mike Burns, 2015 Tax Changes

2014 Schedule A Expands Reporting Requirements for Supporting Organizations
Posted by Betty Isler on Wed, Dec 17, 2014 @ 10:00 AM

Tax filing may be a longer process for supporting organizations this year. The recently released 2014 Form 990, Schedule A, Public Charity and Public Support indicates 509(a)(3)s will face additional reporting requirements. Organizations that are not functionally integrated with the public charities they support will face the brunt of the additional requirements, which come as part of the changes required by the Pension Protection Act of 2006.

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Topics: Form 990, Betty Isler, Schedule A

Why Your Not-for-Profit Needs a Business Continuity Plan
Posted by Mark Madar on Tue, Dec 16, 2014 @ 12:00 PM

Create an actionable plan that is both easy to implement and cost effective.

Disasters come in a variety of forms, from tornados and winter storms, to water main breaks and other miscellaneous building damage. Even minor incidents such as power outages and technical glitches can paralyze not-for-profit organizations if they are not adequately prepared. Business continuity plans help keep your not-for-profit organization afloat in the wake of a disruptive event. Disaster recovery and continuity plans can prevent unnecessary costs, protect valuable data and help your not-for-profit quickly respond to the crisis and resume its operations after the event has occurred. A comprehensive plan can also reduce your insurance costs. Insurance companies often reward organizations that take proactive steps to mitigate their risks with lower premiums.

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Topics: not-for-profit, business continuity planning

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