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2019 Not-For-Profit Accounting Preview
Posted by Mark Winiarski on Thu, Jan 31, 2019 @ 02:08 PM

Even though the pace of new standard setting has appeared to have slowed, not-for-profit organizations will have no shortage of accounting considerations in the next year. Entities with fiscal year ends will be implementing the changes to their financial statement presentation for the first time, and all organizations will be tackling changes to contribution and revenue recognition accounting. On the horizon are the changes to the leasing standard, which will require analysis of all existing lease agreements. It’s never too early to start working on accounting changes. Getting a jump start on these and other updates may make year-end reporting significantly easier.

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Topics: Mark Winiarski, Financial Statement, not-for-profit

How to Prepare for a Successful Implementation of the New Not-For-Profit Reporting Standards
Posted by Michelle Sylvia Spriggs on Fri, Jan 25, 2019 @ 08:35 AM

Now is the time for not-for-profit organizations to begin implementing the new changes to their financial statements. Changes issued under the Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities is effective for calendar year-end entities in 2018, and fiscal year-end entities in 2019.

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Topics: not-for-profit, NFP, Michelle Spriggs, nonprofit, Financial Statement, Not-for-profit financial statement

IRS Relaxes Hardship Withdrawal Rules for Not-For-Profits
Posted by Diane Caron on Wed, Dec 19, 2018 @ 12:42 PM

Recently, the IRS made several changes to the rules related to hardship withdrawals for not-for-profit organizations. The changes may be adopted by plan sponsors as early as Jan. 1, 2019 or, if later, the first day of the plan year beginning after Dec. 31, 2018.

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Topics: not-for-profit, NFP, nonprofit, IRS, 403(b), hardship withdrawals

4 Things Not-For-Profits Can Do in 2018 to Make Adopting the Leasing Standard Easier
Posted by Heather Winiarski on Wed, Oct 31, 2018 @ 02:19 PM

The effective date for the new leasing standard under ASC Topic 842 will be here before you know it. Not-for-profit organizations that issue or are conduit bond holders for securities that are traded, listed, or quoted on an exchange or over-the-counter market begin adoption for fiscal years beginning after Dec. 15, 2018 (and interim periods within those fiscal years), and all other organizations must adopt the standard for fiscal years beginning after Dec. 15, 2019 (Jun. 30, 2021 financial statements).

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Topics: not-for-profit, NFP, tax-exempt, IRS, nonprofit, Leasing, asc topic 842, GAAP, Lease Standards

The Form 990 Roadmap Continued: Navigate the Alphabet of Supplemental Schedules
Posted by Lisa Burke on Thu, Oct 25, 2018 @ 11:43 AM

In the spring, we did a deep dive into the core Form 990 and provided compliance tips for Part I through Part XI. Keeping your supplementary schedules up-to-date is also critical to your compliance. Below are some tips for the Form 990 Schedule A, Schedule R and everything in between. If these schedules are applicable to your organization, the following information can help ensure that you are filing a complete and accurate Form 990 that presents your not-for-profit in the best light and helps avoid IRS scrutiny.

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Topics: not-for-profit, NFP, Lisa Burke, Form 990, tax-exempt, IRS, Form 990 Roadmap, Form 990 Schedules, nonprofit

Does Your Not-For-Profit Have an Effective Audit Committee?
Posted by Allan Klose on Mon, Sep 24, 2018 @ 05:08 PM

Not-for-profit organizations should take a page from the public company playbook when it comes to their governance. The Sarbanes-Oxley Act of 2002 (SOX), makes it a requirement for public companies to have an audit committee that follows several key mandates for reporting annual financial statements. Regardless of size, all not-for-profit organizations can benefit from having an audit committee as well, that can help with governance strategies and, ultimately, provide the best chance to ensure the organization’s success.

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

5 Tips for Not-For-Profits in a Tight Labor Market
Posted by Jay Meschke on Fri, Sep 7, 2018 @ 04:25 PM

It’s a tough time for any organization looking to hire right now. The unemployment rate in July was at its lowest level since 1969, and all signs indicate that the trend will continue. Baby boomers will also continue to retire, leaving a massive void in the workforce.

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Topics: not-for-profit, NFP, nonprofit, CFO, not-for-profit talent, Jay Meschke, competing for talent, retain talent, recruiting, not-for-profit recruitment

New Charitable Contribution Regulations May Require Not-For-Profits to Step-Up Their Game
Posted by Bill Smith on Thu, Sep 6, 2018 @ 06:30 PM

The 2017 tax reform law gives donors more of an incentive to make charitable contributions, increasing the deduction allowed for cash contributions to public charities from 50 to 60 percent of adjusted gross income. Substantiating that deduction, however, may be more challenging due to recently finalized IRS regulations.

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Topics: Charitable contribution planning, charitable giving, not-for-profit, Charitable Contribution Deductions, Tax Reform, Taxes, Bill Smith, Nate Smith

Donor Information Requirement Going Away for Some Not-For-Profits
Posted by Brenda Booth on Tue, Jul 31, 2018 @ 11:24 AM

Tax-exempt organizations other than those organized under 501(c)(3) or political organizations (under Section 527) will soon be able to leave off donor names and addresses from their Form 990s. The change to the annual tax filings will apply to tax years ending on or after Dec. 31, 2018, according to IRS Rev. Proc. 2018-38. Requirements for 501(c)(3) and Section 527 organizations remain the same. These organizations will continue to report the names and addresses of donors that meet certain threshold requirements as part of their Form 990, Schedule B.

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Topics: not-for-profit, NFP, Brenda Booth, Donor Information, tax-exempt organizations, Section 527, 501(c)(3), Form 990

Should My Not-For-Profit Accept Cryptocurrency?
Posted by Brenda Piazza on Wed, Jul 25, 2018 @ 11:42 AM

By now you have probably heard of Bitcoin and other cryptocurrency – the virtual money traded online using encrypted peer-to-peer software. But, until now, you may not have thought about how the technology could benefit your not-for-profit organization.

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Topics: not-for-profit, NFP, nonprofit, Bitcoin, Cryptocurrency, Brenda Piazza, Mark Winiarski, Blockchain

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