Not-for-Profits

Rethinking Nonprofit Financial Reporting

Clarity crp

The Financial Accounting Standards Board (FASB) has issued new accounting standards for nonprofit financial reporting. The update, Presentation of Financial Statements of Not-for-Profit Entities, is designed to help nonprofits present their financials in a way that tells their story more transparently. A Clearer Picture, Inside and Out Both internal...

FASB Proposes to Simplify the Classification of Debt

long-term goal

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

Businessman working on logistic inside stock room with touchscreen tablet.

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...

Discover the Power of the Crowd

Nonprofit fundraisers know they have to “go where the money is.” And these days, it seems like a lot of the money is in crowdfunding. We all witnessed the incredible success of all the recent “ice bucket challenges” and high-profile Kickstarter campaigns. Here’s how crowdfunding works: Organizations create a specific...

Get the Most From Giving Tuesday

-by Elizabeth Resendes, CPA, MST Giving Tuesday, November 29, 2016, is the official kick-off to the annual charitable season when people are encouraged to donate to their favorite nonprofit organizations. While most individuals are not focused on the tax benefits of their donations, there are ways...

Does Your Board Really Know the Numbers?

Nonprofit board members have a legal obligation to the organization's fiscal health. Yet, many struggle to fulfill their fiduciary duties related to budgeting, finance and oversight. The culprit is often a fundamental disconnect between the nonprofit and for-profit worlds. Where the Disconnect Occurs Unlike a for-profit business, no one...

Why Do Nonprofits Get Sued?

A Look at Liability Nonprofits get sued for many of the same reasons that for-profit organizations find themselves in court. However, as the Nolo Legal Network notes, there are some unique characteristics of nonprofits that make them especially vulnerable to liability in three specific areas. 1. Contract disputes — To...

Potential Payroll Tax Savings for RI Employers

-by David Gobeille, Tax Partner It appears that Rhode Island will have a sufficient level of reserves in our unemployment insurance trust fund as of September 30, 2016 that (under the new law) the state will be able to move to a lower tax schedule beginning January 1,...