Nonprofit
FASB Issues Revenue and Expense Recognition Standard for Nonprofit Grants and Contributions
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contribution Made intended to address the diversity in practice among not-for-profit organizations for grant and contribution accounting. ASU 2018-08 applies primarily to nonprofits, […]
AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand
AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. This webinar was presented and recorded live, May 23rd, 2018 in AAFCPAs’ recording studio in […]
Liquidity Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework
AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective […]
IRS’s Position on Taxability of Qualified Transportation Benefits is Broad Reaching, Adversely Affecting Many Nonprofits
As expected, the IRS has clarified the interpretation of its unrelated business income (UBI) regulations and confirmed the taxation of qualified transportation benefits, whether provided directly by you, through a bona fide reimbursement arrangement, or through a compensation reduction agreement. For-profit entities are no longer able to deduct these qualified fringe benefits programs for their […]
AAFCPAs Provides Guidance on Potential Impact of FASB’s Proposed Changes to NFP Grant and Contribution Accounting
The Financial Accounting Standards Board (FASB) met on February 14, 2018 to redeliberate the amendments in the proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This proposed ASU will primarily affect nonprofits that receive government or foundation grants and contracts, but […]
IRS Proposes Substantial Changes to the Use of Donor Advised Funds
On December 4, 2017 the IRS issued Notice 2017-73 providing proposed regulations under Internal Revenue Code § 4967 and requesting comments on issues involving sponsoring organizations’ Donor Advised Funds (“DAFs”). While these regulations are only being proposed at this time, Taxpayers may rely on the rules regarding fulfillment of donor pledges immediately. Public Support Test […]
AAFCPAs to Present Educational Workshop for Aspiring Board Members on Fiduciary Responsibility & How to Read Nonprofit Financial Statements
AAFCPAs’ Partners Thomas Muldoon, CPA, CGMA and Matthew Troiano, CPA will present an educational workshop on Fiduciary Responsibility of the Board & How to Read Nonprofit Financial Statements to current and aspiring board members and nonprofit leaders serving the MetroWest Boston community. This workshop, scheduled for Friday, March 9th, is organized by the Foundation for […]
Ensuring Sustainability Means Nonprofits Need to Act Now
MassNonprofit News | Although nonprofits cannot control market forces and potential changes in funding, they can take steps to ensure sustainability and greater capacity by broadening the scope of their financial planning process. AAFCPAs Jeffrey Cicolini, CPA, CGMA provides actionable insights to help nonprofits ensure long-term sustainability.
AAFCPAs to Present Educational Workshop on Strategic Budgeting at MNN Annual Conference
AAFCPAs will happily present an educational workshop on Rethinking Your Budget: Leading Your Organization through a More Comprehensive Financial Planning Process at the tenth annual, 2017 Massachusetts Nonprofit Network (MNN) Conference in Framingham, MA on November 1st. This is an exciting, must-attend conference for nonprofit executives, board members and advocates. It provides exceptional professional development […]