Updated Guidance for Private Schools Publishing Nondiscrimination Policies

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 […]

Contributions Received and Contributions Made – Applying a New Lens

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 […]

Small Not-for-Profits: 10 Roles for the Board of Directors in Internal Control Oversight

An organization’s board of directors plays a unique and important role in providing the internal control oversight. Internal control is defined by COSO1 as a “process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.” It is […]

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