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Join Us for the 2019 EACUBO Annual Meeting
Posted by Chrissy Hammond on Wed, Jul 17, 2019 @ 11:19 AM

We are pleased to sponsor the 2019 Eastern Association of College and University Business Officers (EACUBO) Annual Meeting being held on October 13-16, 2019, at the Baltimore Marriott Waterfront in Baltimore, MD. EACUBO is centered on professional development, technical expertise and creative value-added, problem-solving.

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Topics: NFP, NFP Conference, EACUBO

Not-For-Profit Organizations Granted Private Company Accounting Alternatives
Posted by Mark Winiarski on Wed, Jul 3, 2019 @ 01:30 PM

The Financial Accounting Standards Board (FASB) recently extended relief for goodwill and intangible asset accounting to not-for-profit organizations. Accounting Standard Update (ASU) 2019-06 will allow not-for-profit organizations to access the same simplified approach to these two issues that private companies have been granted.

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Topics: goodwill, goodwill impairment, not-for-profit, FASB, Mark Winiarski, Financial Accounting Standards Board, Accounting Standard Update

The Revenue Recognition Lesson Not-For-Profits Can Apply to Leasing
Posted by Allan Klose on Wed, Jul 3, 2019 @ 01:16 PM

Accounting changes to ASC Topic 842, Leases share many of the characteristics that made the revenue recognition updates in Topic 606 so challenging. Like revenue recognition, the Topic 842 leasing standard is another principles-based approach. It includes changes to definitions that will require case-by-case analysis. It could—and is more likely to than revenue recognition—have a financial impact on not-for-profit organizations because Topic 842 changes require all lessees to recognize lease assets and liabilities on their balance sheet. Recognizing these lease assets and liabilities will affect financial ratios and the processes that rely on them, such as loan covenants.

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Topics: not-for-profit, Audit Committee, NFP, Revenue recognition, nonprofit, Leasing, leasing standard

9 Ratios to Help Measure Your Not-For-Profit's Financial Health
Posted by Chrissy Hammond on Tue, Jul 2, 2019 @ 01:20 PM

More not-for-profit organizations are recognizing the benefit of financial performance measurement as a strategy for evaluating operations, programs, services and financial stability. One useful measurement tool is financial ratio analysis. It involves taking data from your financial statements, using it to calculate ratios appropriate for your not-for-profit, and then benchmarking those ratios against past performance, management objectives, or other similar not-for-profit organizations.

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Topics: not-for-profit, NFP, financial performance measurement, financial ratio analysis, nonprofit, ratio

Today’s Trends for Not-For-Profits
Posted by Chrissy Hammond on Mon, Jul 1, 2019 @ 10:19 AM

Not-for-profit organizations benefitted from a stronger economy and higher per capita disposable income in recent years. But each sector also faces unique challenges for future growth ranging from the effect of social media on civic organizations to the impact the low employment rate is having on higher education.

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Topics: not-for-profit, NFP, nonprofit, IBISWorld, Not-for-profit trends

Massachusetts Paid Family Leave Tax Collection Delayed
Posted by Karen McLeese on Thu, Jun 13, 2019 @ 05:13 PM

Governor Charlie Baker, House Speaker Robert DeLeo and Senate President Karen Spilka have agreed in principal to temporarily delay the Paid Family Leave (PFL) tax collection, which is currently scheduled to commence July 1. According to their joint statement, the required collection will commence October 1. It is necessary that this be documented in legislation. Additional information will be provided, if and when this happens.

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Topics: Massachusetts, Karen McLeese, Paid Family Leave, Paid Family and Medical Leave

Don’t Let Independent Contractors Put Your Organization in a Chokehold
Posted by Chrissy Hammond on Fri, May 31, 2019 @ 11:58 AM

Independent contractor or employee? The question has entered the ring after late-night comedian John Oliver criticized World Wrestling Entertainment for not considering its star wrestlers employees.

He makes a compelling case on his show, Last Week Tonight, that WWE wrestlers should be considered employees who are entitled to benefits such as health insurance, paid time off, and retirement plans. Both classifications of workers are important to the economy, especially as an estimated 56.7 million Americans are choosing to freelance.

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Topics: FICA, not-for-profit, nonprofit, Independent Contractor

Make Your Audit Committee Meaningful Again
Posted by Rich Howard on Fri, May 31, 2019 @ 11:07 AM

Economics 101 teaches us that time can be quantified in dollars and cents, and that if you want to measure the value of your time—i.e., your opportunity cost—start by looking at your hourly wage. Applying the opportunity cost idea to audit committees can make an audit committee seem like a hugely expensive venture.

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Topics: not-for-profit, Audit Committee, NFP, nonprofit, not-for-profit board of directors

Recent Developments in UBTI for Not-For-Profits
Posted by Lisa Burke on Thu, May 30, 2019 @ 05:46 PM

Not-for-profit organizations have a long-standing debate with regulators about whether revenue generated by certain organizational activities should be taxable. In the 1940s and the 1950s, the IRS noticed that more and more not-for-profits were reporting non-charitable business income alongside their charitable revenues. These organizations were applying their tax exemption to revenues that would otherwise be taxable as corporate business income. There were growing concerns that this created a competitive disadvantage for their for-profit counterparts that were required to pay tax on identical revenue streams.

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Topics: tax-exempt, not-for-profit, IRS, UBTI, unrelated business taxable income, NFP, nonprofit, UBIT, Lisa Burke

3 Reasons Not-For-Profits Should Make ERM a Higher Priority This Year
Posted by Bart Kimmel on Thu, May 2, 2019 @ 08:17 AM

Your not-for-profit organization’s internal and external stakeholders are growing more sophisticated. They want to know that your not-for-profit is managed responsibly, meets its mission and that it is both efficient and resilient to its risks. Board members, employees, donors—and even to an extent, the public and the media—want to see how well your organization is being run.

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Topics: enterprise risk management, not-for-profit, NFP, risk management, Not-For-Profit Risk Management, ERM

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