Understanding and Applying the New Rules for Nonprofits

Thursday, February 2, 2017

In August 2016, after spending over a year deliberating upon its preliminary release, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 “Not-for-Profit Entities (Topic 958).” This update is the culmination of the work of the FASB Not-for-Profit Financial Statements Project and comprehensively addresses the accounting model utilized for nonprofit entities for […]

Nonprofit Tax: In-Kind Contributions

Thursday, February 2, 2017

We often find that nonprofit organizations struggle with certain concepts related to donated items or services. In-kind donations are non-cash gifts that may take a variety of forms: new or used goods to use or sell, vehicles or real estate, services like marketing and website hosting, interest-free or below-market loans, debt forgiveness, remainder interests, and […]

Excessive Fee Lawsuits Target Large Nonprofit Retirement Plans

Thursday, February 2, 2017

The retirement plans of three large universities were recently hit with lawsuits charging the plan fiduciaries with a breach of their duties and for maintaining plans with excessively expensive investment options. The class action lawsuits are primarily the work of one New York law firm (Schlichter, Bogard & Denton), who have filed 20 such complaints […]

FASB GAAP Update for Nonprofit Organizations

Tuesday, August 16, 2016

Accounting rules never stand still. In the nonprofit accounting world, an extended period of minimal changes is giving way to a succession of new rules and requirements that will govern nonprofit accounting for years to come. This new period of nonprofit accounting rules and regulation changes began in earnest this year, as the new Office […]

403(b) Plans: Accounting for Part-Time Employees

Tuesday, August 16, 2016

One of the requirements for sponsoring a qualified 403(b) retirement plan is that the plan offer “universal availability.” Essentially, that means that all employees must be offered plan participation, and 403(b) plans cannot exclude groups or classes of employees from participation as is allowed under 401(k) plans. The IRS has been active in examining plans […]