Entries by John Templeton

Gift Acceptance Policy

By Tammy Ricciardella, CPA Many nonprofits receive contributions of both cash and non-cash gifts and are often hesitant to refuse any donations offered. However, there are certain non-cash gifts that can cause issues and at times even cost the nonprofit money. To prevent these situations, nonprofits should have a gift acceptance policy to standardize this […]

Challenges with Gifts-In-Kind

By Tammy Ricciardella, CPA Many nonprofit organizations receive a variety of gifts-in-kind (GIK) that provide them with resources to supplement their programming. GIK represent a wide variety of non-cash items donated to nonprofits. Nonprofits must follow Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement, to account for the GIK. This means that GIK must […]

1 Year After Wayfair: What Nonprofits Need To Know

By Marc Berger, CPA, JD, LLM and Katherine Gauntt It’s been more than a year since the Supreme Court announced the landmark decision in the South Dakota v. Wayfair case, opening the door for states to require organizations to collect and remit sales tax even if the organization has no in-state physical presence. The impact […]

Don’t Turn Your Back on CECL

By Amy Guerra, CPA As calendar year end nonprofits have worked through the implementation of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and turned their attention to implementing ASU 2014-09, Revenue Recognition, it’s important they don’t turn their back on another ASU. ASU 2016-13, Financial Instruments […]

Governmental Accounting Standards Board Statement No. 91, Conduit Debt Obligations

By Susan Friend, CPA The Governmental Accounting Standards Board (GASB) issued Statement No. 91, Conduit Debt Obligations, in May 2019 to attempt to eliminate diversity in practice related to the accounting for conduit debt issues. This Statement aims to improve the existing guidance for conduit debt that exists in GASB Interpretation No. 2, Disclosure of […]

IRS Expands Self-Correction and Determination Letter Programs for Retirement Plans

By Norma Sharara, JD, and Joan Vines, CPA The IRS recently expanded two existing programs for tax-qualified retirement plans—the Employee Plans Compliance Resolution System (EPCRS) and the determination letter (DL) program for individually designed plans. Generally, an individually designed plan is a retirement plan drafted to be used by only one employer. A DL expresses […]

Don’t Be a CF-No: How Nonprofit CFOs Can Collaborate with Senior Leadership

By Laurie De Armond, CPA, and Adam Cole, CPA In a recent insight, we explored the concept of “Nonprofit Heart, Business Mindset”–which, put simply, is the belief that nonprofit organizations must pursue business-oriented management practices to thrive long-term, without losing sight of their core mission. Nonprofit chief financial officers (CFO) are uniquely positioned to embody […]

ASU 2016-14 – Liquidity and Availability Disclosure Issues

By Tammy Ricciardella, CPA As calendar-year-end nonprofits have worked through the implementation of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, we have seen quite a bit of diversity in the preparation of the liquidity and availability disclosure required by the ASU. To improve the ability of […]

From Idea to Impact: 4 Fundamental Elements for Sustainability

By Laurie De Armond, CPA, and Adam Cole, CPA The world needs nonprofits to continue striving for meaningful impact on a wide range of social, economic and human rights issues, and it needs them to remain financially healthy. To do so, organizations need to balance a nonprofit heart with a business mindset. Your mission is […]

Presentation of Restricted Cash and Cash Equivalents in the Statement of Cash Flows

By Amy Guerra, CPA Historically there has been diversity in practice among nonprofits with regard to presentation of restricted cash and cash equivalents in the statement of cash flows. To address this diversity, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash. As […]