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Safe Harbor Expanded for 501(c)(3) Bond-Financed Buildings
Posted by Craig Klein on Thu, May 28, 2015 @ 02:14 PM

The IRS recently updated its guidance for not-for-profit organizations benefiting from tax-exempt bonds. IRS Notice 2014-67 loosens up requirements related to private business use of 501(c)(3) bond financed facilities. The changes are somewhat directed to address healthcare Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program. However the expanded safe harbor has broader applicability within the not-for-profit sector.

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Topics: Craig Klein, 501(c)(3)

FASB Proposes Delay of New Revenue Recognition Standard
Posted by Mike Burns on Wed, May 27, 2015 @ 09:07 AM

The Financial Accounting Standards Board (FASB) recently proposed a one-year delay to its revenue recognition changes. For not-for-profit organizations, this would mean that the revenue recognition update would take effect for public entities in calendar year 2018 and in calendar year 2019 for nonpublic entities. Originally, public business entities, certain not-for-profit organizations and employee benefit plans were to adopt the new standards for interim and annual reporting periods beginning after December 15, 2016. All other entities were to adopt for annual reporting periods beginning after December 15, 2017 and interim periods within annual reporting periods after December 15, 2018.

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Topics: Revenue Recognition Standard, FASB, Mike Burns

Not-For-Profits Brace for Enhanced Disclosures and Reporting Requirements
Posted by Tracey McDonald on Fri, May 15, 2015 @ 09:33 AM

Changes are on the way for how not-for-profit organizations classify net assets and report their statement of activities, cash flows and liquidity. The updates come as part of the Financial Accounting Standards Board (FASB)’s exposure draft of the proposed accounting standards update, Presentation of Financial Statements of Not-for-Profit Entities. Provisions outlined in the update reflect recommendations from the FASB’s Not-for-Profit Advisory Committee (NAC) as well as feedback from stakeholders. Stakeholders identified the following areas for change because of either diversity of practice under current U.S. generally accepted accounting principles (GAAP) or because of the complexity involved in the current reporting requirements.

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Topics: reporting requirements, FASB

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