Managing the ‘excess compensation’ tax
Highly paid employees require some exempt organizations to pay an excise tax.
Not-for-Profit
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.
6 tips for not-for-profit board members to improve volunteer retention
Board members can help retain volunteers by making sure they are onboarded effectively, recognized and given a chance to advance.
5 tips for effective not-for-profit board oversight
These tips can help boards perform their duties of care, loyalty, and obedience to help not-for-profits thrive.
Tips for effective not-for-profit governance
A not-for-profit’s survival depends on high-quality oversight from its board. In this episode, learn how using the right governance strategy can help your not-for-profit thrive.
Revenue recognition tips for not-for-profits
Not-for-profits have their own specific concerns related to the Financial Accounting Standards Board’s new revenue recognition standard. Find out in this episode how the new standard applies to not-for-profits.
Liquidity, regulation among not-for-profits’ top challenges
Not-for-profits are facing restrictions on funding that have lingered for more than a decade, growing requirements from regulations, and an increased demand for their services, according to a BDO USA LLP survey.
FASB extends GAAP alternatives to not-for-profits
The new FASB standard allows not-for-profits to use alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination.
New developments in UBIT for not-for-profits
Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.
4 key tax reform provisions for not-for-profits
With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, explains four key provisions in the new tax law that have a significant effect on not-for-profits.
Simplifying adoption of NFP financial reporting standard
Tax-exempt organizations are working through the biggest change to not-for-profit financial reporting in 25 years. Smaller organizations with limited resources can smoothly implement FASB’s new rules by following some best practices.
