Nonfinancial assets, new reporting requirements for nonprofits On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about nonfinancial assets. Or…
Nonprofits: Are you ready for the new contribution guidance? When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to…
Medical expenses: What it takes to qualify deductible expenses Are your medical services and prescription drugs deductible expenses? You may be able to deduct some of your expenses on your…
Nonprofits: New accounting alternatives for reporting goodwill and other intangibles Did you know that the Financial Accounting Standards Board (FASB) recently extended the simplified private-company accounting alternatives to not-for-profit organizations?…
Nonprofits Now Subject to Tax on Parking-Related Expenses If your nonprofit organization provides parking benefits to your employees pre-tax, or otherwise provides parking for your employees, than your organization may…
A new accounting standard goes into effect starting in 2018 for churches, charities and other not-for-profit entities. Here’s a summary of the major changes: Net asset classifications The existing rules…
Having a policy can thwart fraud When it comes to fraud in any organization, credit cards are frequently a fraudster’s tool. Because the use of credit cards is so commonplace…
Nonprofit Life Cycle Challenges and opportunities mark growth stage Nonprofits generally mature along a standard life cycle. An organization’s first steps are typically followed by a period of growth, which,…
Founder’s Syndrome and Not-for-Profits By Mike Klein, CPA Founder’s Syndrome is a term that describes the challenge a not-for-profit organization could encounter when the time comes to transition its leadership…
Not-for-Profit Donations and Tax Savings By Mike Klein, CPA, Ciuni & Panichi, Inc. Partner-In-Charge of the Not-for-Profit Group The best scenario for not-for-profit organizations is when they have the revenue…