Regulatory Alerts (All)
Investment Return 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. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) […]
Educational Podcast: Keynote Marylou Sudders
Listen to PodcastClick here to listen to podcast or use the above media player. At the time of this post, Marylou Sudders leads the largest executive agency in state government, overseeing a $22 billion state budget, twelve agencies and 22,000 public servants. EOHHS services directly touch the lives of slightly more than 1 in 4 […]
Educational Podcast: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know
Listen to PodcastClick here to listen to podcast or use the above media player. The Tax Cuts and Jobs Act, known officially as H.R. 1, (The Act) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. AFCPAs Joshua England, JD, LLP, Trust, Estate, Tax and […]
Underwater Endowment 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. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) […]
Expense Reporting 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. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) […]
Treasury, IRS Relieves Regulatory Burden for Certain Tax-Exempt Organizations, Protects Personal Donor Information
AAFCPAs would like to make clients aware that the Treasury Department and IRS announced on July 16th, 2018 changes to donor disclosure requirements for certain tax-exempt organizations. This new revenue procedure does not affect the statutory reporting requirements that apply to tax-exempt groups organized under section 501(c)(3) or section 527, but it relieves other tax-exempt […]
Educational Podcast: 2018 Accounting Standards Update
Listen to PodcastClick here to listen to podcast or use the above media player. AAFCPAs Nonprofit Assurance Practice leader Matt Hutt, CPA, CGMA, Partner and Amanda Pelcher, CPA, provide attendees with specific implementation guidance for new major standards, including: Matt and Amanda provide operational insights and best practice recommendations on these complex technical accounting areas, allowing clients to […]
OMB Clarifies Applicability Date for Micro-Purchase and Simplified Acquisition Thresholds Increase
The Uniform Guidance (UG) was issued in 2013 by the U.S. Office of Management and Budget (OMB) and effective on December 26, 2014 for all nonprofit entities. OMB granted a grace period of three full fiscal years for the implementation of the UG procurement standard. Nonprofit entities with a June 30th fiscal year end must […]
MTRS Issues Final GASB 68 Report, Providing Charter Schools with Their Portion of Pension Expense and Revenue
AAFCPAs would like to make Massachusetts Charter School clients aware that the Massachusetts Teachers’ Retirement System (MTRS) has issued its GASB 68 “Schedule of Nonemployer Allocations and Schedule of Collective Pension Amounts” report for the year ended June 30, 2017. The Schedules are available here. >> AAFCPAs reminds clients, per Governmental Accounting Standards Board (GASB) […]