On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details.
Gifts in Kind: New Reporting Requirements for Nonprofits

Posted by Lesley L. Price, CPA on Oct 08, 2020
Posted in Not For Profit
President Signs Protecting Nonprofits From Catastrophic Cash Flow Strain Act Into Law.

Posted by Lesley L. Price, CPA on Oct 05, 2020
August 3, 2020, President Trump signed the legislation to assist nonprofits and government entities into law.
Posted in Not For Profit
Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its impact and uncertainty around what the future holds.
Posted in Not For Profit
Nonprofits: Are You Ready For the New Contribution Guidance?

Posted by Lesley L. Price, CPA on Jan 07, 2020
When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts.
Posted in Not For Profit
Posted in Not For Profit
IRS Focused on Charitable Donation Substantiation Compliance

Posted by Allison Moore on Aug 14, 2017
Recent Tax Court cases have demonstrated the Internal Revenue Service’s (IRS) increase in strict compliance with the substantiation requirements for charitable donations. For example, a $64.5 million charitable contribution was recently disallowed because there was no written acknowledgment from the recipient at the time the return was filed.
Posted in Not For Profit
FASB Issues ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities

Posted by Allison Moore on Oct 19, 2016
The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on Aug. 18, and you can read the full ASU here.
Posted in Not For Profit
Posted in Not For Profit