Not-for-Profit Blog

Blogs January 14, 2020 Private Foundations: Change in Excise Tax Rate

A discussion of the provision in the 2020 spending bill that changes the current excise tax rate from a two-tiered structure to a single flat-tax rate and how it applies to private foundations.

Blogs December 26, 2019 Law Taxing Nonprofits on Transportation Benefits Repealed

A discussion of the spending bill recently signed by the president that includes a provision reversing the 21% unrelated business income tax (“UBIT”) on qualified transportation.

Blogs September 26, 2019 Cybersecurity for Not-for-Profit Organizations

An examination of how cybersecurity can be one of the most valuable assets an organization can have -- if it is secured and regularly monitored by the organization.

Blogs August 02, 2019 Be Audit-Ready

There are steps controllers and audit committees can take to make the audit process run more smoothly and make their organizations more ‘audit-ready.’

Blogs March 29, 2019 FASB’S ASU 2018-08: How Will the New Pronouncements Impact Your Organization?

In June 2018, the FASB issued Accounting Standards Update (ASU) 2018-08, “Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made” which will have a profound impact on not-for-profit organizations.

Blogs February 11, 2019 The Importance of Separation of Duties

Separation of duties is a crucial part of any organization’s system of internal controls. Organizations should strive to have some separation and these strategies should be implemented so that the controls will be strengthened with new personnel.

Blogs February 04, 2019 Purpose of an Independent Audit for Not-for-Profits

People are more likely to donate money to an organization they trust, and having a financial statement audit is one way not-for-profit organizations can build trust as an independent audit of a not-for-profit entity provides integrity.

Blogs January 25, 2019 Updated Guidance on Determining Nondeductible Amount of Parking Fringe Expenses and Unrelated Business Taxable Income

After the Treasury Department and the IRS received many questions regarding how to determine the amount of parking expenses that is nondeductible as well as treated as unrelated business taxable income (UBTI), the IRS has issued Notice 2018-99.

Blogs January 22, 2019 Is Your Not-for-Profit Ready for ASU 2016‐14?

By providing more detailed information regarding liquidity, financial performance and cash flows, the new ASU 2016-14 standards to improve the transparency of not-for-profits as well as make their financial statements more valuable for users.