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Are Donor Disclosure Rules Going to Change?
Posted by Bill Smith on Thu, Sep 26, 2019 @ 03:21 PM

Rules requiring certain not-for-profits to report the names and addresses of major donors will remain in place for the time being. A recent ruling from the U.S. District Court of Montana set aside and declared unlawful the Revenue Procedure that would have exempted some types of not-for-profits from the requirement to report the names of their major donors in their annual information filings.

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Topics: not-for-profit, Taxes, Bill Smith, Donations, donors

5 Things Board Members Need to Know About Their Organization’s Cybersecurity Strategy
Posted by Ray Gandy on Tue, Sep 24, 2019 @ 07:42 AM

Cyber criminals have gotten wise to the fact that not-for-profits sit on a relative goldmine of sensitive data, including employee health information, Social Security numbers, donor information, and billing information.

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Topics: not-for-profit, NFP, cybersecurity, cyber attacks, Ray Gandy, cyber security, Donor Information

Relief Coming for Parking Expenses? Not-For-Profits Hold Out Hope
Posted by Nate Smith on Fri, Sep 6, 2019 @ 05:26 PM

Not-for-profit organizations drew the short end of the stick when the new tax law commonly known as the Tax Cuts and Jobs Act (TCJA) made parking expenses incurred on behalf of their employees a taxable increase to unrelated business taxable income (UBTI). Commercial enterprises were equally affected by this law change, but for many not-for-profits, the change comes as a shock. The UBTI inclusions are likely to lead to tax bills at year-end, which is particularly surprising for organizations that historically had no UBTI. Fortunately, the IRS heard the collective pleas for change, and may be remodeling its approach to give not-for-profits some relief.

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Topics: not-for-profit, NFP, nonprofit, Tax Reform, TCJA, parking expenses

Improve Your Revenue Recognition Assessment Speed
Posted by Mark Winiarski on Fri, Sep 6, 2019 @ 02:04 PM

Not-for-profit organizations, you cleared the biggest hurdle to revenue recognition adoption and busted some of the important myths. Now comes the hard part: a formal, initial impact assessment.

In the race for ASC Topic 606 adoption, your assessment of how revenue recognition affects your organization serves as your course map. It highlights the contracts and arrangements that will experience some of the biggest changes under the new accounting standard, so that you can see other potential barriers between your organization and the finish line.

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Topics: Revenue Recognition Standard, not-for-profit, Mark Winiarski, Revenue recognition, revenue recognition for nonprofits, ASC Topic 606

5 Ways the New ERISA Employee Benefit Plan Audit Standards Will Affect Your Plans
Posted by Hal Hunt on Fri, Sep 6, 2019 @ 01:56 PM

The countdown to revised ERISA employee benefit plan auditing standards officially began this summer when the AICPA’s Auditing Standards Board (ASB) released Statement on Auditing Standards No. 136, Forming an Opinion on Employee Benefit Plans Subject to ERISA (EBP SAS). The new standard takes effect for plan years ending on or after Dec. 15, 2020. Generally, it will affect audits of calendar year 2020 plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) that are performed in 2021.

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Topics: not-for-profit, NFP, employee benefit plan, nonprofit, Form 5500, ERISA, EBP audit

4 Major Takeaways from the 2019 AICPA Not-for-Profit Industry Conference
Posted by Misty Dean on Fri, Aug 2, 2019 @ 08:43 AM

Several members of the CBIZ and MHM Not-For-Profit Practice attended the AICPA’s not-for-profit conference in Washington D.C. this summer. The annual conference covers hot topics in accounting, tax, and financial advisory, and other industry trends that practitioners and their clients should have on their radar.

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Topics: AICPA, not-for-profit, NFP, single audit, nonprofit, liquidity, grant guidance

Are Your Benefit Plan’s Alternative Investments Generating Taxes?
Posted by Lisa Burke on Thu, Aug 1, 2019 @ 05:35 PM

Alternative investments offer attractive features for employee benefit plan sponsors. Investments in real estate, businesses, and partnerships tend to yield higher rates of return when compared to traditional investment vehicles like stocks, bonds, and mutual funds. But those alternative investments could also come with tax consequences. Plan sponsors may not be aware that their plan investments are generating unrelated business taxable income (UBTI), which could lead to compliance issues.

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

New Lease Accounting Standard to be Delayed?
Posted by Heather Winiarski on Thu, Aug 1, 2019 @ 03:12 PM

Not-for-profit organizations, private companies, and smaller reporting companies received welcome news on July 17. The Financial Accounting Standards Board (FASB) voted to issue proposals that would delay the effective date for changes to leasing, current expected credit loss (CECL), and hedge accounting. A second proposal would delay accounting for long-term insurance contracts as well.

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Topics: not-for-profit, NFP, nonprofit, Leasing, leasing standard

How Health Literacy Helps the Not-For-Profit (& Employee) Bottom Line
Posted by Chrissy Hammond on Tue, Jul 30, 2019 @ 06:17 PM

The Institute of Medicine defines health literacy as the “degree to which individuals have the capacity to obtain, process and understand the basic health information and services needed to make appropriate health decisions.”

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Topics: not-for-profit, NFP, Health care, health literacy

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

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