Affected organizations will no longer be required to report the names and addresses of their reportable contributors on the Schedule B of their Forms 990 or 990-EZ. This change affects all organizations that are tax-exempt under Section 501(c), other than charitable organizations described under Section 501(c)(3). This includes labor unions, trade associations, social welfare groups, issue-advocacy groups, local chambers of commerce, and veteran groups.
What are the 7 steps to revenue recognition readiness for nonprofits? Did you know that transportation fringe benefits are now classified as unrelated business income? Explore these topics and others in our Summer 2018 issue of the Nonprofit Standard.
What are the top six tax reform-related issues nonprofits will need to address as a result of the Tax Cut and Jobs Act? Find out this important topic, along with FASB changes and tips on how to read and navigate your NFP financial statements, in the latest Spring 2018 issue of the Nonprofit Standard.
Explore the Winter 2017 Nonprofit Standard. Topics covered will include the use of blockchain for nonprofit organizations, the IRS release of the 2018 work plan for tax-exempt organizations, a year-end accounting update summary, what organizations should do to maintain exemption and public charity status, data privacy considerations, 6 strategies under $6 to exponentially improve organizational performance, priority guidance, and the use of pay.gov.
Each of the 1.5 million nonprofits registered in the U.S. is a unique entity with a specific mission, but they all face a common set of dynamic challenges. Although the country at large has entered a period of economic recovery, times are still trying for nonprofit organizations. Developed in conjunction with The Nonprofit Times, BDO’s benchmarking survey is designed to provide nonprofit organizations with a barometer to measure performance across a variety of areas.
Explore the Spring 2017 Nonprofit Standard. Topics covered will include how boards can manage transformational change, the difference between charities and foundations, a deeper dive into ASU 2016-14, how supporting organizations can put their charity designation at risk, new processes for exempt organizations, and best practices for an effective investment committee.
Explore the Winter 2016 Nonprofit Standard. Topics covered will include how tax law changes may impact charitable giving, analysis of ASU 2016-14 implementation issues, foreign income tax for employees, 2017 work plan for tax exempt organizations, and the difference between nonprofit and for-profit accounting and how it impacts the fiduciary duties of board members.
Explore the Fall 2016 Nonprofit Standard. Topics covered will include the new FASB release of ASU 2016-14, tax implications for tax-exempt telemedicine providers, an increase in lawsuits targeting higher education, international grantmaking issues, uniform guidance procurement rules, new deferred compensation regulations, and philanthropic planning.
The Financial Accounting Standards Board (FASB) has released the Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities. The standard aims to improve presentation of financial information, ultimately making nonprofit financial reporting statements more informative, transparent and useful to readers. Key qualitative and quantitative requirements covered in the final ASU include net asset classes, investment return, expenses, liquidity and availability of resources, and presentation of operating cash flows.
Explore the Summer 2016 Nonprofit Standard. Topics covered will include the 10 steps not-for-profits should take for cybersecurity, new GASB pronouncements, recruiting and engaging great board members, common self-dealing mistakes of private foundations, and revenue recognition of grants and contracts.