The Impact of Tax Reform on Nonprofit Organizations

Thursday, December 14, 2017

On December 2, members of the Senate joined their House counterparts in passing a new tax plan. As a result, the competing tax plans went into a reconciliation process with a tentative agreement on a reconciled tax plan announced on December 13, which increased the likelihood that the new tax plan will be signed into law by […]

IRS Announces 2018 Retirement Plan Cost of Living Adjustments and Work Plan

Thursday, December 14, 2017

The IRS has announced cost of living adjustments (COLA) applicable to qualified plans along with the issues they will be focusing on in plan examinations during the coming year. The limit on elective deferrals to 401(k), 403(b), and 457 plans will increase from $18,000 to $18,500. Catch-up contributions will remain limited to $6,000. The limitation on contributions to participants […]

FASB Proposes Changes to Nonprofit Grant and Contribution Accounting Aiming to Resolve a Longstanding Diversity of Practice

Thursday, December 14, 2017

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contribu-tions received and made primarily by nonprofits. Stakeholders were asked to review and provide comment on the proposed ASU and the comment period was completed on November 1, 2017. This new standard […]

Cybersecurity Risk Management

Thursday, December 14, 2017

While organizations today enjoy the benefits from having systems connected to cyberspace, they must contend with the significant risks of theft, fraud, and abuse. Therefore, organizations must take an active role in mitigating these risks. As potential threats become more sophisticated and frequent, cybersecurity has become a top issue for management, boards of directors, and audit committees. There is an interest […]

The Benefits of Developing (and Updating) Policies and Procedures for Nonprofits

Thursday, August 24, 2017

Summer typically means time to enjoy activities like family vacations, beach trips, and backyard barbecues. However, for some people in the nonprofit accounting world, summer also means the closing out of the old fiscal year and preparing budgets for the upcoming fiscal year. Between the juggling of making year-end journal entries, getting prepared for the year-end […]