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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

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