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Clarifications Coming to Not-For-Profit Accounting for Nonfinancial Assets
Posted by Allan Klose on Mon, Mar 2, 2020 @ 04:24 PM

By Allan Kose, CPA and David Miller, CPA

The Financial Accounting Standards Board (FASB) recently released a proposed accounting standard update that would affect how not-for-profit organizations account for their nonfinancial assets. Not-for-profit organizations would present contributed nonfinancial assets as a separate line item from contributions of cash or financial assets in their statement of activities.

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Topics: not-for-profit, Audit Committee, NFP, Allan Klose, David Miller

The SECURE Act – 9 Key Takeaways for Employers
Posted by Chrissy Hammond on Mon, Mar 2, 2020 @ 10:54 AM

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law on Dec. 20, 2019 by President Trump, is the most expansive piece of retirement legislation since the Pension Protection Act of 2006. Effective Jan. 1, 2020, the law will have some impact on nearly every retirement plan and participants with numerous provisions intended to increase retirement security, expand plan coverage, encourage retirement savings and decrease plan costs. It offers small businesses tax incentives to set up automatic enrollment in retirement plans for its workers, or allows them to join multiple employer plans, where they can band together with other companies to offer retirement accounts to their employees in the first place.

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Topics: not-for-profit, 403(b), NFP, the SECURE Act, retirement planning

Biggest Stories in 2020 for Not-For-Profit Risk Management
Posted by Chrissy Hammond on Mon, Mar 2, 2020 @ 10:30 AM

No one wants to be surprised by a risk that suddenly becomes a reality. The risk landscape is constantly changing for not-for-profit organizations, so we set out to learn more about hot topics in risk management to help guide your 2020 risk planning.

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

Only a Few Months to Go Until the 403(b) Restatement Deadline
Posted by Diane Caron on Fri, Jan 31, 2020 @ 05:26 PM

With only a few months left, the countdown to the mandatory 403(b) plan document restatement deadline is officially underway. All organizations that sponsor 403(b) retirement plans must restate their plan documents by March 31, 2020, using either the IRS’s pre-approved document or an individually designed plan document.

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Topics: not-for-profit, IRS, 403(b), NFP, 403(b) Plan Document Restatement

2020 Not-For-Profit Accounting Preview
Posted by Mark Winiarski on Fri, Jan 31, 2020 @ 04:58 PM

Complex standards and organizations’ implementation efforts related to those standards will continue to dominate the accounting conversations for not-for-profits throughout the year. Organizations that follow a fiscal year-end should now be putting the finishing touches on their revenue recognition and contribution accounting adoption efforts. Not-for-profits that follow a calendar year-end will soon be tackling the leasing standard. Below is a preview of what organizations can expect from their 2020 accounting.

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

Mapping the Risk Landscape for Not-For-Profits and Higher Ed
Posted by Chrissy Hammond on Thu, Nov 21, 2019 @ 08:00 AM

It is not possible for not-for-profit organizations and higher education institutions to prepare for all the risks they could face in the coming year. At some point, you have to make decisions about which risks have the highest chance of occurring or would have the highest monetary or operational impact if the risks happened.

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

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

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