Not-for-Profits

The New Nonprofit Liquidity Disclosures

nonprofit liquidity disclosures

Accounting Standards Update 2016-14 “Liquidity worries haunt nonprofits,” intoned CFO Magazine in a 2009 headline. At that time, not-for-profit organizations were scaling back, and few were sitting on cash. This lack of liquidity worsened nonprofits’ financial straits during the recession and afterward. Hard times, in turn, made liquidity harder to...

Tax Reform Impact on Nonprofits

Tax Reform Impact on Nonprofits

By Elizabeth Resendes, CPA, MST, Senior Manager The Tax Cuts and Jobs Act enacted in December 2017 marks the most dramatic overhaul to the U.S. income tax code in decades. A number of provisions will have serious operational and tax reporting impacts on nonprofit entities, creating significant challenges for executives...

403(b) Five Things You Should Be Checking

With so many complex and ever-changing rules, nonprofits that provide a 403(b) plan for employees should regularly review their retirement plan compliance responsibilities, including these key areas: Employee contributions — These must be remitted by the earliest date that is reasonably possible to segregate the contributions from the employer’s...

Risk Management Steps You Can Take Today

Risk Management

It is fairly straightforward to manage the risks surrounding your volunteers. In fact, most of what’s involved simply reflects sound management practices. Consider these easily implemented steps: Put policies in place. Develop a risk management policy that clearly establishes proper procedures for volunteers to follow — including appropriate use...

Avoid Fake Charity Websites

Heads-up! Bad guys are exploiting the Las Vegas shooting. There are fake Facebook pages, tweets are going out with fake charity websites, and phishing emails are sent out asking for donations to bogus Vegas, Harvey and Irma Charities.  Don't fall for any scams. If you want to make a...

Delayed Implementation Date for Some

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) which allows for a later adoption of the revenue and lease ASU's. This option is made only to businesses...

An Executive Compensation Checkup

One of the quickest ways for a nonprofit to get in trouble is to pay officers and key employees excessive salaries. To keep on the straight and narrow, consider these five tips for making your compensation decisions: Establish a compensation committee. Designate a group of board members to...

AICPA Addresses Three Revenue Recognition Implementation Issues

-by Andrew de Labry, CPA In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly...