Nonprofit Advisor

President Trump, who promised in February to “totally destroy” the law prohibiting churches from engaging in campaign activities, signed an executive order May 5 instructing the IRS to not penalize any house of worship or religious organization for speaking about political issues from a religious perspective, where similar speech has not previously been considered campaign […]

Private Foundations affiliated with certain political aspirants were a key point of criticism during the fall 2016 election cycle. A significant number of accusations arose from public inspection of the Forms 990 and 990-PF associated with these foundations. Windes derived several lessons for private foundations to take away from these political allegations. Lesson 1: Avoid […]

A new era has finally arrived for 403(b) documents with the announcement of the adoption period for pre-approved plan documents. The IRS has issued Revenue Procedure 2017-18, which sets March 31, 2020 as the date by which plan sponsors must restate their plans to a pre-approved document. After the first regulations in forty-three years were […]

Background on the New Standard After a long period of relative stability, nonprofit organizations find themselves in the position of implementing several new pieces of accounting guidance over a short period of time. It began with the recent implementation of the new OMB Uniform Guidance rules and continues with the eventual adoption of the new […]

In August 2016, after spending over a year deliberating upon its preliminary release, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14 “Not-for-Profit Entities (Topic 958).” This update is the culmination of the work of the FASB Not-for-Profit Financial Statements Project and comprehensively addresses the accounting model utilized for nonprofit entities for […]