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Is Your Form 990 At Risk for an Exam?
Posted by Lisa Burke on Fri, May 11, 2018 @ 10:27 AM

The IRS may be faced with a declining workforce and budget, but it’s still active in monitoring compliance for not-for-profit organizations. In its 2018 work plan, the IRS stressed its data-driven approach to selecting Form 990s to examine. Each filed return is scanned and analyzed on 200 data points. Those meeting certain criteria are flagged for potential exam. Some of those data points include:

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Topics: not-for-profit, NFP, tax effect, Lisa Burke, Form 990, Form 990-EZ, tax-exempt, IRS

The Two Key Financial Statement Changes Not-For-Profit Boards Should Know About
Posted by Tracey McDonald on Wed, May 9, 2018 @ 07:47 AM

As not-for-profit organizations prepare to adopt the new financial reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), Board members should take an active role in overseeing the implementation of this standard since one of the key fiduciary responsibilities of those charged with governance is to oversee the financial reporting process. ASU 2016-14 is designed to provide more transparency into the financial reporting process of an organization and does so by addressing updates to several areas, including net asset classifications, investment reporting, expenses and the presentation of statement of cash flows information.

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Topics: Non-profits, Not-for-Profits, NFP, tracy mcdonald, financial statement reporting, Not-for-profit financial statement, financial statement audit, board of directors, not-for-profit board of directors

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