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Not-for-Profit Financial Statement Presentation Changes Update
Posted by Michelle Spriggs on Sun, Nov 15, 2015 @ 11:00 AM

For the past three years, the FASB has been evaluating how to streamline the financial reporting model used by not-for-profits and health care entities. In 2015, the FASB published the long-awaited exposure draft that included the following proposed changes to the NFP Financial Reporting Model: reducing the number of net asset classes from three to two, modifying the statement of activities including a requirement to present an intermediate measure of operating performance, and changing the presentation of cash flows. The Exposure Draft also called for enhanced disclosures by not-for-profit organizations about their liquidity.

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Topics: financial statements, Non-profits, FASB, Michelle Spriggs, NFP

Preparing for Subpart F of the Uniform Grant Guidance
Posted by Michelle Spriggs on Fri, Nov 13, 2015 @ 03:00 PM

The final phase of the Office of Management and Budget’s Uniform Grant Guidance is nearly here, which means nonfederal agencies should be gearing up for the changes coming to their Single Audits.

OMB released 2 CFR 200: Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Grant Guidance) in December 2013. The Uniform Grant Guidance affects all nonfederal entities that receive grants and replaced rules in eight OMB Cost Circulars, including the A-133. Nonfederal entities began applying the changes to administrative requirements and cost principles to new federal awards received after December 26, 2014, and to additional funding to existing awards made after that date. For more information, please see, Implementing the Uniform Grant Reform Guidance.

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Topics: Non-profits, Michelle Spriggs, OMB, NFP, Uniform Grant Guidance

Substantiation Changes Proposed to Charitable Contribution Returns
Posted by Brenda Booth on Fri, Nov 13, 2015 @ 10:20 AM

Proposed changes were reported in the Federal Register on September 17, 2015, that relate to the substantiation of charitable donations. The rules, if approved, would create an alternative to the current requirement that an organization provide a contemporaneous written acknowledge (CWA) to the donor that contains certain information related to the donation. Organizations could instead provide an information return that includes the CWA information to both the donor and to the IRS.

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Topics: tax, Brenda Booth, not-for-profit, IRS, Charitable Contribution Returns

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