Implementing ASU 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
Charles J. Burke
The Financial Accounting Standards Board has recently issued Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This new ASU provides additional guidance to determine whether a transaction is a contribution or an exchange transaction. This determination is significant because it will identify which revenue recognition guidance is applicable.
Implementing ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
The time has come to begin implementing the new not-for-profit financial statement presentation standard. ASU 2016-14 is effective for all not-for-profit entities with calendar years ended December 31, 2018 or fiscal years ended in 2019. Do not let the name of the standard mislead you, there are more to these new rules than wording changes. […]
Siloing Your Social Media Strategy
Your social media efforts should not exist as an island apart from your organization’s other strategies. Be sure to incorporate social media into your overall strategic planning and align your social media tactics with the organization’s mission and goals.
Raffles: Follow the Rules of the Game
If your organization anticipates raising big amounts with a raffle at your next fundraising event, you might want to step back and consider what this might mean from a tax compliance standpoint. State laws vary, but the IRS has rules related to unrelated business income (UBI) that need to be followed, and raffle income may be subject to UBI tax. Here is what you need to know before you place all your bets on this event.
ASU 2016-14: Liquidity and Availability Disclosures
In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (the ASU), which is effective for not-for-profit organizations with a calendar year-end of December 31, 2018 or a fiscal year-end in 2019. While the ASU focuses on five main areas that are changing, this article will highlight just one: liquidity and availability disclosure.
Common Finance-Function Mistakes You Should Avoid
Most not-for-profits are understandably laser-focused on their mission, and other less-critical matters may fall between the cracks, such as managing the finance function. However, if the finance function does not receive the attention it deserves, you run the risk of IRS penalties, reputational damage and lost revenue.
Net Asset Reporting Under the New ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
Sarah G. Widlock
In an effort to provide more useful information to donors, grantors, creditors, and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one—net assets.
The Effects of Tax Reform on Charitable Donations
In December 2017, the Tax Cut and Jobs Act became law. This law, which represents the biggest overhaul of the tax code in over 30 years, does not, at first glance, seem to have a big impact on charitable donations. In fact, in one area, the limits on charitable donations became more liberal. However, when […]
How Will the Tax Cuts and Jobs Act Affect Your Not-For-Profit?
Caitlin G. Gibbs
As you are likely aware, Congress recently passed sweeping tax reform. While individual and corporate tax cuts are not something you immediately think about when budgeting for your not-for-profit organization, some of the new changes could potentially have an impact on donor giving. After much debate, the Tax Cuts and Jobs Act was passed by […]
All Eyes on Performance: How to Make Data Analytics Work for You
Kelly H. Buchheit
Your not-for-profit organization is accountable to many constituents, including donors, volunteers and the people you serve. A surefire way to demonstrate your effectiveness is through the use of data analytics. With facts at your fingertips, your organization can show the world how you are meeting your goals in community outreach, program activities, fundraising and more. […]