When is a Grant Subject to B&O Tax in Washington? New FASB Guidance May be Helpful in Determining

Earlier this year, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. In issuing the guidance, the FASB noted that many not-for-profit organizations have trouble characterizing grants and similar agreements as either exchange contracts or as contributions for purposes […]

Tips to Improve Board Financial Reporting

The ultimate goal of providing an organization’s board with financial reports is to help them understand where the organization is and where it needs to go. Unfortunately, it is a common struggle when reporting to strike the right balance between providing meaningful, comprehensive information and being engaging to your readers. Below are some tips on […]

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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