Article Archives: 2019

Posted by: Cheryl R. Olson

This article originally appeared in the Journal of Accountancy ©2019 Association of International Certified Professional Accountants. In a way, board oversight has the same impact on a not-for-profit organization that parenting has on a child. Performed effectively, board oversight provides the framework for the organization to grow and prosper. But when the board is dysfunctional […]

Posted by: Joe Haberzetle

Updated 9/18/2019, 9:15 PM What Changed? The Washington legislature recently enacted legislation that dramatically changes aspects of the state’s Real Estate Excise Tax (REET). Unless real property is classified as timberland or agricultural land, the REET rate structure will be changing on January 1, 2020. The current flat rate of 1.28% for the state portion […]

Posted by: Kelly Rancourt

Each year, the Office of Management and Budget (OMB) issues a 2 CFR Part 200, Appendix XI Compliance Supplement (Compliance Supplement). The Compliance Supplement provides a road map auditors should follow when performing a Single Audit (established under the Single Audit Act of 1984) and explains how to test the various applicable compliance requirements. Each […]

Working for a not-for-profit organization puts mission and meaning front and center for employees every day. However, there can be limiters associated with working at a not-for-profit. A charitable not-for-profit is prohibited from intervening in any political campaign, an act known as electioneering. What does this mean for the not-for-profit’s employees? Can they break free […]

Posted by: Megan Ryan

The Taxpayer Advocate Service (TAS), an independent organization with the Internal Revenue Service, recently produced and submitted its Annual Report to Congress, and the separate Objectives Report to Congress. TAS exists to protect taxpayers’ rights, help taxpayers resolve problems, and recommend systematic changes at the IRS or in tax law. Over the past two decades, […]

Posted by: Vincent J. Stevens

There are now several new accounting standards that not-for-profits will need to implement over the next few years. With more likely coming down the pipeline, many not-for-profits are asking for advice to follow when implementing new standards. Here are steps to consider: Getting Started: Designate an internal champion to perform an assessment of the new […]

Posted by: Rene Schaefer

Manufacturers, distributors, and retailers take note: the Tax Cuts and Jobs Act (TCJA) provides substantial tax incentives for small businesses with average gross receipts of $25 million or less for the three prior years.  These incentives are especially applicable to small businesses with inventories. The three incentives the TCJA allows for these types of companies […]

Posted by: Megan Ryan

In late May, the IRS released great news for private schools operating under Code Sec. 501(c)(3). In recognition of the many ways the Internet is a part of everyday lives, the IRS will now allow private schools to use their websites to satisfy the requirement that they publish nondiscrimination policies in a manner intended to […]

Posted by: Deby MacLeod

When the new revenue recognition standard came out, Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), it specifically excluded contribution revenue and investment returns. It appeared there would be little effect on many not-for-profit organizations. However, ASU 2014-09 resulted in renewed focus on certain revenue streams of NFPs, particularly U.S. Federal […]

Posted by: Christie Streit

Franchisors, it’s not too late to start assessing and evaluating the impact of a new accounting guidance. ASU 2014-09, “Revenue from Contracts with Customers” (ASC 606), provides new guidance for recognizing revenue for contracts with customers. The guidance under ASC 606 is effective for public entities with annual reporting periods beginning after December 15, 2017. […]

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