While Changing Little, Executive Order Highlights Rules on Political Speech by Exempt Organizations

Wednesday, May 10, 2017

President Trump, who promised in February to “totally destroy” the law prohibiting churches from engaging in campaign activities, signed an executive order May 5 instructing the IRS to not penalize any house of worship or religious organization for speaking about political issues from a religious perspective, where similar speech has not previously been considered campaign […]

Private Foundation Lessons from the Election

Wednesday, May 10, 2017

Private Foundations affiliated with certain political aspirants were a key point of criticism during the fall 2016 election cycle. A significant number of accusations arose from public inspection of the Forms 990 and 990-PF associated with these foundations. Windes derived several lessons for private foundations to take away from these political allegations. Lesson 1: Avoid […]

403(b) Plans: IRS Announces New Document Window

Wednesday, May 10, 2017

A new era has finally arrived for 403(b) documents with the announcement of the adoption period for pre-approved plan documents. The IRS has issued Revenue Procedure 2017-18, which sets March 31, 2020 as the date by which plan sponsors must restate their plans to a pre-approved document. After the first regulations in forty-three years were […]

Revisiting the New Revenue Recognition Standard and Practical Steps for Implementing It

Wednesday, May 10, 2017

Background on the New Standard After a long period of relative stability, nonprofit organizations find themselves in the position of implementing several new pieces of accounting guidance over a short period of time. It began with the recent implementation of the new OMB Uniform Guidance rules and continues with the eventual adoption of the new […]

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 […]