Blog Archives: 2016

Not-for-Profit Organizations Aren’t Exempt From Fraud

Posted December 19th, 2016 & filed under newsletter.

One requirement in the auditing standards is to ask our clients, point blank, if they are aware of any fraud within the company. This requirement is for all entities undergoing a financial statement audit, whether they are a large publicly traded corporation, a small family-owned business, or even a not-for-profit (NFP) organization. To me, the […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 6: Reporting on Expenses

Posted December 8th, 2016 & filed under newsletter.

Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial statements of NFPs. These changes will be effective for fiscal years beginning on or after December 15, 2017. This article […]

Post-Trump Era for Federal and Washington Estate Tax

Posted November 22nd, 2016 & filed under newsletter.

With the incoming new administration comes changes in tax law. The news media has been sharing bits and pieces of the potential changes, which vary by day and speaker. One expected modification, as espoused by the GOP, is the repeal of the federal estate and gift tax. While this may be welcome news to many […]

Big Changes Coming for Financial Reporting of Not-for-Profit Organizations – Part 5: Accounting for Donor Restrictions on Gifts of Property and Equipment

Posted November 3rd, 2016 & filed under newsletter.

Updated June 12, 2018: Content changed to include the impact of this change on capital campaign activities and capital fundraising. Recap On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  ASU 2016-14 requires a number of changes to the financial […]

Washington Carbon Emission Tax Initiative 732: What You Need to Know

Posted October 25th, 2016 & filed under newsletter.

Among the issues Washington will vote on in the November election is whether the state should enact the Carbon Emission Tax Act via Initiative 732. The Initiative proposes a tax on the sale or use of carbon. If it passes, Washington will be the first state in the nation to impose a carbon tax. Overview of […]