First, what is an audit (and what is it not)? The purpose of an audit, as defined by the American Institute of Certified Public Accountants (AICPA), is “to provide financialRead More →
On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU), 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed NonfinancialRead More →
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novelRead More →
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 andRead More →
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 toRead More →
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 toRead More →
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.
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,Read More →
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IRS Proposes Excise Tax Relief for Exempt Organization Executive Compensation Under Code Section 4960
/in Blog, Nonprofit /by Templeton CompanyBy Marc Berger, CPA, JD, LLM, Alex Lifson, MBA, MST, Norma Sharara, JD, and Joan Vines, CPA
In June 2020 the IRS proposed regulations under Internal Revenue Code (IRC) Section 4960 that, among Read More →
Is Your Organization Audit Ready?
/in Assurance, Advisory & Review, Blog, Nonprofit /by Templeton CompanyBy Barbara Finke, CPA
First, what is an audit (and what is it not)? The purpose of an audit, as defined by the American Institute of Certified Public Accountants (AICPA), is “to provide financial Read More →
FASB Issues ASU On Contributed Nonfinancial Assets
/in Blog, Nonprofit /by John TempletonBy Tammy Ricciardella, CPA
President Trump Signs into Law CARES Act – Tax Impacts for Business, Charities and Individuals
/in Blog /by Templeton CompanyOn March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel Read More →
Gift Acceptance Policy
/in Blog, Nonprofit /by John TempletonBy 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 Read More →
Challenges with Gifts-In-Kind
/in Blog, Nonprofit /by John TempletonBy 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 Read More →
1 Year After Wayfair: What Nonprofits Need To Know
/in Blog, Nonprofit /by John TempletonBy 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 Read More →
Don’t Turn Your Back on CECL
/in Blog, Nonprofit /by John TempletonBy 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 Read More →
Governmental Accounting Standards Board Statement No. 91, Conduit Debt Obligations
/in Blog, Nonprofit /by John TempletonBy 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 Read More →
IRS Expands Self-Correction and Determination Letter Programs for Retirement Plans
/in Blog, Nonprofit /by John TempletonBy 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, Read More →
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