Nonprofit
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) is evaluating 263 comment letters, including feedback from AAFCPAs, as part of their invitation to stakeholders for review and input on the proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. As part of its […]
FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities
AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB). In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, […]
2016 Standard Mileage Rates
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for […]
ALERT: Non-profits are the latest target of Phishing Schemes
AAFCPAs has been alerted by a number of nonprofit clients that they are receiving emails from scammers who are disguising themselves as an internal, senior member of the organization’s management team. These emails look legitimate and are from an email address very similar to the organization’s email, with a slight variation. In the email there […]
New IRS Employer Reporting Requirements Under ACA
AAFCPAs reminds clients that, pursuant to the Affordable Care Act (ACA), the employer information reporting provision for offers of minimum essential coverage, which applies only to applicable large employers, is now in effect. Do you qualify as an ALE? An applicable large employer (ALE) is, for a particular calendar year, any single employer, or group […]
CFOs Embrace the Cloud for Scalability, Reliability, and Independence
CFOs are more commonly migrating services to the Cloud in order to unlock benefits that can help them free up resources and achieve a new level of scalability. They and their management teams are capturing greater reliability, cost-effectiveness, and security through the right Cloud services. The Cloud used to fall mainly under the jurisdiction of […]
AAFCPAs Presents How to Maintain Your Nonprofit Status
The nonprofit clients we serve have a tremendously positive impact on the employees and culture of AAFCPAs. Regardless of the mission, we are inspired daily by our awareness of all the great work that occurs by nonprofits in service to our community. We are happy to share our expertise pro bono through lecturing or speaking […]
Filing Deadline for Data Collections Forms Extended
The Federal Audit Clearinghouse (FAC) website continues to be temporarily offline for maintenance due to an ongoing security investigation. Extended due dates for federal audits due between July 22 and December 30, 2015, are now December 31, 2015. Nonprofit organizations that file an audit performed under OMB Circular A-133, and fall within the previously mentioned due […]
AAFCPAs to Present Financial Changes, Challenges & Opportunities at CAFCA Conference
AAFCPAs Partner Robin Kelley, CPA, CGMA, in collaboration with the Connecticut Association for Community Action, Inc. (CAFCA), will present two interactive, finance best practices workshops for Community Action Agency Finance Directors and staff at CAFCA’s 2015 Connecticut Community Action Agency Conference on October 9, 2015 at the Hartford Marriott Farmington, Farmington, CT. Liquidity and Organizational […]