Not-for-Profits

Helpful Tips for Collecting Pledged Donations

Pledged Donations

Both Art and Science A pledge to a nonprofit is generosity without cash up front, making it a popular option for donors. The organization benefits too, because an unconditional pledge becomes an asset the moment the donor agrees to give it. Pledged receivables enable robust planning and spending. But they...

Clarifying Donor Restrictions

Donor Restrictions

New Reporting of Net Assets Starting Soon New rules set to take effect for the fiscal year beginning after Dec. 15, 2017 (with early adoption permitted) will change the way nonprofits report and describe their net assets. These changes will reduce the number of net asset classes from three...

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...