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Post-Issuance Compliance for Tax-Exempt Bonds: Understanding the Requirements
Posted by Craig Klein on Tue, Sep 27, 2016 @ 04:39 PM

The tax-exempt bond area is closely overseen and regulated by the IRS tax-exempt bond (TEB) division. In 2016, TEB has been allocating half of its resources to examination casework. Included in the examination casework category are referrals and claims, TEB’s market segmentation program and the division’s compliance check/soft letter program.  Given the importance of tax-exempt bond financing to your organization, the complexity of maintaining post-issuance qualification of your bonds, and the IRS’s oversight of this area, your organization should understand the requirements for post-issuance compliance and monitor the use of bond-financed facilities to ensure continuing compliance. The penalties for noncompliance could be costly.

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Topics: tax-exempt, compliance, tax compliance, Craig Klein, 501(c)(3), tax exempt bonds, bonds, Post-issuance compliance

Not-For-Profits and the Challenge of Monitoring Retirement Plan Fees
Posted by Brad Sieniawski on Tue, Sep 27, 2016 @ 08:30 AM

As you may be aware, multiple universities were recently named in class action lawsuits relating to their retirement plans. The lawsuits allege that the institutions, and more importantly, the named fiduciaries of the plan, breached their fiduciary duties by allowing excessive fees for investments and recordkeeping and engaging in multiple recordkeepers.

They also were criticized for using restrictive and underperforming investment options for extended periods. These lawsuits demonstrate that not-for-profit organizations are not exempt from scrutiny and need to focus on fulfilling fiduciary duties and monitoring plan fees and expenses.

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Topics: retirement plans, Non-profits, NFP, Retirement Plan Fees, fiduciary

Presenting the New Not-For-Profit Financial Statement: Net Asset Classes & Governing Board Restrictions
Posted by Michelle Spriggs on Mon, Sep 26, 2016 @ 06:28 PM

Not-for-profit financial statements will receive a significant overhaul with the release of the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. The ASU brings several changes, including the consolidation of net asset classes and enhanced disclosures regarding those net asset classes and governing board designations. In the second part of our series, we’ll look at these changes in more detail.

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Topics: financial statements, Non-profits, Michelle Spriggs, NFP

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