Not-for-Profit

IRS Issues High Alert for Mass Data Thefts Targeting Schools and Not-for-Profits

Posted in Not-for-Profit on February 15, 2017

The W-2 phishing scam alert recently issued by the Internal Revenue Service (IRS) and state tax agencies has extended beyond the scope of the corporate world, and is becoming a serious threat to organizations, including school districts, tribal organizations and not-for-profits. [More]

Important Update - Overtime Pay Mandate Halted by Federal Judge

Posted in Not-for-Profit on November 29, 2016

The U.S. Department of Labor’s new overtime pay mandate – slated to go in effect on December 1 – was recently halted following a preliminary injunction by a federal district judge. As you may recall  from our September eAlert on the new overtime ruling implementation considerations for NFPs (found here), the new requirement would have extended eligibility for overtime t... [More]

New ACA Reporting Due Dates Provide Temporary Relief for NFPs, Public and Private Entities

Posted in Accounting, Audit and Tax | Employee Benefit Plan Audit | Not-for-Profit on November 29, 2016

Here is an important alert on the extension of ACA due dates for 2016 reporting requirements applicable to employers, health insurers and other coverage providers - specific to furnishing statements and good-faith transition relief reporting. [More]

FASB Issues New Standard to Improve the Reporting of Restricted Cash on the Statement of Cash Flows

Posted in Not-for-Profit on November 21, 2016

New Standard Addresses Diversity in Practice on How Changes in Restricted Cash are Reported On November 17, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-18 Statement of Cash Flows (Topic 230: Restricted Cash) (“Update”).  This ASU is intended to address the diversity in practice that exists in the classification and presentat... [More]

The New Overtime Ruling and Implementation Considerations for NFPs

Posted in Accounting, Audit and Tax | Not-for-Profit on September 16, 2016

With an effective date of December 1, 2016, the new and final overtime ruling issued by the Department of Labor (DOL) leaves organizations with merely a few months to prepare for the impact of this revision to the rules and to develop a plan to address them. [More]

FASB Issues New Standard to Improve Not-for-Profit Financial Reporting

Posted in Accounting, Audit and Tax | Not-for-Profit on August 23, 2016

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities (Topic 958). [More]

Proposed Accounting Standards Update - How NFP General Partners Should Apply the Consolidation Guidance to For-Profit Limited Partnership or Similar Entity

Posted in Accounting, Audit and Tax | Not-for-Profit on August 9, 2016

On August 3, 2016 the FASB Board issued a proposed Accounting Standards Update (ASU) that would amend the consolidation guidance in Subtopic 958-810. [More]

Financial Statements of Not-for-Profit Entities

Posted in Accounting, Audit and Tax | Not-for-Profit on June 8, 2016

At its June 1, 2016, Financial Accounting Standards Board (FASB) meeting, the staff reported on various issues identified during the drafting and external review process of the forthcoming final Accounting Standards Update, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. [More]

10 Facts Not-for-Profits Should Know About Penetration Testing

Posted in Not-for-Profit | Technology on May 10, 2016

Penetration testing is one of the most effective forms of cybersecurity for not-for-profit (NFP) organizations. It can simulate a real-world attack and uncover areas of vulnerability within a network. As prime targets for cyber attacks, below are 10 facts about how NFP organizations can gain insight and secure their systems with penetration testing. [More]

The Story Behind the Numbers: How Financial Information Showcases Your Impact

Posted in Accounting, Audit and Tax | Not-for-Profit on April 8, 2016

Your organization’s financial story is fundamental to achieving your mission and showcasing your accomplishments. It demonstrates impact, increases transparency, and builds trust. It helps you maintain a strong donor base, obtain additional funding, and thrive – even during tough economic times. [More]

Financial Statements of Not-for-Profit Entities (Phase 1) Continued FASB Redeliberations

Posted in Accounting, Audit and Tax | Not-for-Profit on March 29, 2016

On March 23, 2016, the Financial Accounting Standards Board (FASB) met to continue redeliberations on the proposed Accounting Standards Update... [More]

New FASB Standard Eliminates Fair Value of Financial Instruments Disclosures for NFPs

Posted in Accounting, Audit and Tax | Not-for-Profit on March 11, 2016

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2016-01, Financial Instruments-Overall (Subtopic 825-10 Recognition and Measurement of Financial Assets and Financial Liabilities). [More]

Final Accounting Standards Update on Leases Issued

Posted in Accounting, Audit and Tax | Not-for-Profit on March 3, 2016

On February 25, 2016 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations, including not-for-profit organizations that lease assets such as real estate and equipment. [More]

A Board Member’s Checklist for Succession Planning

Posted in Accounting, Audit and Tax | Advisory | Succession Planning | Not-for-Profit on February 3, 2016

There has been an increase in demand for business succession planning services as the baby boomer generation retires and ownership of business interest transitions. Many of the planning issues that are important to for-profit businesses also applies to not-for-profits (NFP) and trade associations. [More]

Redeliberations on Phase 1 of FASB NFP Financial Statement Exposure Draft Project

Posted in Accounting, Audit and Tax | Not-for-Profit on December 16, 2015

On December 11, 2015, the Financial Accounting Standards Board (FASB) discussed the following issues in Phase 1 of redeliberations of the proposed FASB Accounting Standards Update, Not-for-Profit Entities (Topic 958) [More]



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Disclaimer: This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.