To get the most out of their technology spending not-for-profit leaders need to develop a strategy, consider cybersecurity, and recruit tech experts for the board.
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Not-for-profit
Amish Mehta, CPA
“I saw accounting wasn’t just about numbers — it was about getting to know different clients as well as their businesses and industries,” says Amish Mehta, CPA.
Sorting out tax exempts’ UBTI painlessly
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
Tips for lease accounting amid financial uncertainty
Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.
The board’s role in not-for-profits’ post-pandemic success
Not-for-profits have experienced huge challenges during the coronavirus pandemic. Careful oversight of policies related to people, cash flow, and fraud can smooth the path to long-term sustainability for the mission.
How a church can prevent fraud without compromising its values
Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.
Tips for for-profits applying NFP accounting rules for PPP funds
For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
PPP and tax advice for not-for-profits; honoring pioneering CPAs
Hear advice for not-for-profits related to tax and PPP applications, along with why one pioneering CPA’s own role model was her sister.
FASB provides goodwill triggering relief for private companies, not-for-profits
Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
Managing the ‘excess compensation’ tax
Highly paid employees require some exempt organizations to pay an excise tax.
President of not-for-profit organization denied passthrough losses
The Tax Court held that the taxpayer had no ownership interest that would generate passthrough losses.
FASB approves private company and NFP goodwill triggering event alternative
Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
Not-for-profit auditors face new challenges amid pandemic
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
FASB proposes goodwill evaluation relief for some private companies, NFPs
FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.
FASB pursues impairment-triggering relief for certain private companies, NFPs
FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
COVID-19 lessons for not-for-profits
When services are needed most and when revenue is likely dropping, not-for-profit leaders face big challenges. A finance leader at an NFP shares adaptation advice.
FASB alters not-for-profit accounting rules for gifts-in-kind
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
PPP and pandemic-related tips for not-for-profits
Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
Fed expands Main Street Lending Program to more not-for-profits
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
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