Contact Us Follow Us :       | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

Key Takeaways from the 2016 AICPA Not-For-Profit Industry Conference: A Practice Leader’s Perspective
Posted by Mike Burns on Wed, Jul 27, 2016 @ 09:21 AM

The American Institute of Certified Public Accountants (AICPA) held its annual Not-For-Profit Industry Conference on June 17-29, 2016. With more than 2,000 participants from around the country, this conference is widely viewed as the most important educational conference of the year for professionals who help address the accounting, audit, tax and operational issues facing not-for-profit organizations.

Read More

Topics: accounting, AICPA, Non-profits, NFP, Mike Burns, NFP Conference

Changing and Enhancing Not-For-Profit Risk Management
Posted by Mike Burns on Wed, May 25, 2016 @ 12:43 PM

Adapted with permission of The CPA Journal, Copyright © 2016, April, 2016.

Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many committees are asking broader questions about risk and risk oversight. In fact, audit committees are increasingly charged with understanding overall risks, assessing which risks are the most important, and making sure that the existing management and governance structures are designed to mitigate, manage, and oversee these risks. This evolution corresponds to changes in the not-for-profit risk environment as a whole.

Read More

Topics: accounting, Non-profits, NFP, Mike Burns, risk management, The CPA Journal, Not-For-Profit Risk Management

A Not-for-Profit’s Guide to Upcoming Accounting Changes
Posted by Mike Burns on Thu, Dec 17, 2015 @ 01:31 PM

We remain in a relatively quiet time for changes in accounting and reporting standards affecting not-for-profit organizations, notwithstanding larger proposals affecting the intermediate and longer term. Some of the near term changes are essentially tweaks to ensure organizations are following standards with consistency rather than having the diversity in practice that can sometimes arise. Despite not having any major changes to report, we encourage all organizations to pay close attention to all new accounting rules as they may find themselves in a special or unique circumstance that could affect their reporting. 

Read More

Topics: accounting, Federal OMB Grant, Non-profits, OMB, NFP, A-133, lease accounting changes, Mike Burns

Five Ways to Improve Governance and Risk Management Practices
Posted by Mike Burns on Tue, Aug 25, 2015 @ 10:40 AM

Over the last few years, we have seen some clear trends and evolving practices on governance and risk management. This summary will allow you to assess some best practices we have observed so you can evaluate ideas and opportunities for possible improvement or evolution within your own not-for-profit organization.

Read More

Topics: Non-profits, NFP, Mike Burns, risk management, Governance

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.

Read More

Topics: Revenue Recognition Standard, FASB, Mike Burns

2015 Preview: Not-For-Profit Accounting and Tax Changes
Posted by Mike Burns on Thu, Dec 18, 2014 @ 09:06 AM

Not-for-profits experienced relatively few changes impacting accounting and tax reporting in 2014. It seems 2015 will not be as quiet based on items proposed and those expected to be proposed for the future. With the consolidation of the OMB Circulars, new revenue recognition standards and FASB’s financial statement project, not-for-profits and educational organizations should keep an eye on how these items may impact measurement, management and disclosures. Some of the key items that should be on your radar are as follows:

ASU 2013-06, Services Received from Personnel of an Affiliate

This accounting update affects fiscal year ends ending June 30, 2015 and later. It requires not-for-profits to recognize services provided by their affiliated entities effectively at the cost of those services. If recognizing at cost will significantly overstate the value of the services received, then the not-for-profit may elect to recognize at either the cost recognized by the affiliate for the personnel providing the service, or the fair value of the service. While this will not affect the bottom line, it will provide more transparency relative to dependence on such services and their magnitude. While many organizations have long billed for such services, this requires those who did not book such to reflect the economics.

Most entities getting such services will increase contribution revenue and a corresponding expense with healthcare organizations taking a somewhat different approach.  

See the following for more information:

Read More

Topics: Accounting and tax changes, Mike Burns, 2015 Tax Changes

Popular Posts

Browse by Tag

see all