Segregating Unrelated Trades or Businesses

Beginning in 2018, unrelated business taxable income (UBTI) must be computed separately for each unrelated trade or business. Net operating losses (NOL) from one unrelated trade or business may not be used to offset income from another unrelated trade or business. The unused NOL may be carried forward to future years but may only reduce […]

Uniform Guidance: Changes to the Micro-Purchase Threshold

Typically, the annual release of the Office of Management and Budget’s (OMB) Compliance Supplement is something that excites only auditors. However, this year’s edition offers guidance that auditees (grantees) are also likely to find valuable—additional information on changes to the Uniform Guidance’s micro-purchase threshold. The changes presented in the 2018 OMB Guidance Supplement are best […]

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 the overall system of internal control. 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 […]

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