Accounting and Reporting
6 Things to Consider When Choosing Your Nonprofit’s Year-End
Running a nonprofit organization is a rewarding process. But, just like any other business venture, there are decisions to be…
The Most Common Mistakes Nonprofit Organizations Make When Filling Out Form 990 (And How to Avoid Them)
Most organizations that have been approved for nonprofit status from their state are also able to obtain tax-exempt status from…
How To Disclose the Impact of Covid-19 on your Organization’s Financial Reporting
Nonprofit organizations exist to serve their communities, members, and neighbors. Local churches, schools, shelters, humane societies, and kids’ clubs are…
Best Practices for E-Filing the Form 990 Series
An unavoidable responsibility of running a nonprofit organization is complying with IRS regulations, including filing the informational return, Form 990,…
Regulatory Requirements for Contribution Revenue of Nonprofit Organizations
Nonprofits earn income from a number of sources so that the revenue can be used to fund the organization’s mission.…
The Basics of Unrelated Business Income Tax (UBIT) and What Nonprofit Organizations Need to Know
One benefit of being designated a nonprofit organization is being exempt from paying income taxes. Many nonprofits that have approved…
Healthcare Accounting Model for Government Grants
Healthcare accounting applies to for-profit and nonprofit healthcare businesses as well as government-run healthcare facilities. While governmental and nongovernmental entities…
A Guide to a Nonprofit Organization’s Form 990 Obligations
Many nonprofit organizations receive tax-exempt status from the Internal Revenue Service (IRS). While this means that the organization does not…
Updates on the Presentation and Disclosures of Gift-in-Kind Transactions
The FASB issued Accounting Standards Update (ASU) 2020-07 in September of 2020. The purpose of the update is to provide…
Updates on FASB’s Lease’s Standard and How to Implement It
Introduction The FASB issued Accounting Standards Update (ASU) No. 2016-02, Topic 842, on February 25, 2016. The update on FASB…
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