Accounting and Reporting
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…
New Statements on Auditing Standards and How It Affects Nonprofit Audit Reports
Auditing standards do not generally affect an organization when it comes to daily operations. However, it is important for nonprofit…
Allocation of Functional Expenses (A Nonprofit’s Guide)
Nonprofit entities differ from for-profit companies because they must focus on accountability, rather than profitability. With accountability comes regulations about…
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