Stakeholders had a lot to tell the Financial Accounting Standards Board (FASB) about its exposure draft of not-for-profit financial statement presentation changes in 2015. In the fall, the FASB announced it would be segmenting its proposed changes to financial statements into two phases to make the changes more manageable.
Topics: not-for-profit, FASB, Heather Hernandez
The healthcare and educational sectors brought renewed scrutiny to nonprofits’ unrelated business income activity in recent years. High rates of noncompliance in the IRS College and University Compliance Project Final Report and renewed focus on spending in the healthcare sector have regulators taking an especially close look at the issue of unrelated business income tax (UBIT).
Topics: not-for-profit, Non-profits, NFP, Betty Isler, unrelated business income (UBI), UBIT
By guest contributor: Greg Matusky, President and Founder, Gregory FCA
When information emerged about how much the Wounded Warriors Project spent on fundraising, a ripple effect occurred with nonprofits with similar names. Organizations that also provide support to veterans faced questions about whether they, too, spent that kind of money on fundraising.
Topics: not-for-profit, NFP, Public Relations, PR
Compliance with retirement plan requirements is a moving target. As changes in the law occur, retirement plans are required to comply in operation with the new provisions as of the effective date of the law. Along with these changes, the IRS announces periods during which the plan must adopt interim amendments so that the plan’s language conforms to the plan operation. Retirement plan documents must then be restated in their entirety at set intervals (every five to six years), incorporating the required interim amendments.
Topics: 403(b), Diane Caron, 403(b) Plan Document Restatement