Not-for-Profits

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...

Not-for-Profit Financial Reporting Guidance issued by FASB

By Linda Marie Pearson, CPA, CFE, Principal After 20 years, FASB has finally addressed expressed concerns about the complexity and limited usefulness of the current not-for-profit financial reporting model by issuing Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. The ASU, which affects substantially...

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,...

Good Governance

How Many Policies Do You Really Need? Well … it depends. The IRS lacks formal authority to require specific governance policies of nonprofits.  Yet, IRS officials have indicated that nonprofits that fail to adopt certain policies have a greater chance of being audited. Just as important, your organization’s...

Accounting for Goodwill to Change

By Linda Marie Pearson, CPA, CFE Does your entity have goodwill on its balance sheet? If so, a change simplifying the accounting for goodwill impairment proposed by the Financial Accounting Standards Board (FASB) may affect your entity. The Financial Accounting Standards Board (FASB) is proposing changes to accounting...

Not-for Profit Organizations and The Overtime Rule

If you work for a not-for-profit organization, most likely it will be impacted by the new overtime law. On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt from overtime. The new rule (aka The Final Rule) updated the salary and compensation levels...