Rising costs, threats to data security and decreasing enrollment are just a few of the concerns many higher education institutions are facing today. That is why it’s important for professional services providers to add value to every engagement. While ever-changing regulations challenge even the best organizations, today’s preparatory schools require sound, professional advice to help them manage and mitigate risks and keep management up-to-date on various trends and practices to help avoid penalties, maintain tax-exempt status and assure credibility with stakeholders.
Hosted at Albany Institute of History & Art |
Tuesday October 31 2017 | 8:00AM—10:00AM
On June 29, President Obama signed into law two major trade bills: (1) the Trade Preference Extension Act of 2015 (TPE); and (2) and the Trade Priorities and Accountability Act of 2015 (TPA).
In order to deduct charitable contributions on your personal return, you must adhere to the following guidelines.
The FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) issued Revenue From Contracts With Customers, ASC 606 and IFRS 15, the converged standard for revenue recognition. This news will affect most entities: public, private and nonprofit.
In September 2015, the IRS issued a proposed regulation that would have provided charitable organizations an alternative method for substantiating charitable donations. The proposed regulation was going to permit, but not require, charitable organizations to complete and file a new, optional form in order for a donor to receive a deduction.
In 2015, the Financial Accounting Standards Board (FASB) drafted an updated lease accounting standard to recognize lease liabilities on the balance sheet with corresponding right-of-use assets. In May 2013, The FASB issued a proposed Accounting Standards Update, Leases (Topic 842). Since the proposed standard was issued, FASB deliberated proposals in the May 2013 Exposure Draft. Recently, the Board updated the Standard for two items: an exception to the lease classification test and an effective date for adoption of the standard.
Mass shootings that make headlines similar to what we saw as a result of the Orlando tragedy not only generate a nation-wide flood of donations for the victims and their families, but also a spike in scamming activities including attempts to gain money or private taxpayer information.
The FBI has issued a threat advisory to charitable organizations and nonprofits in the US and Canada. A Nigerian criminal network has already targeted more than two dozen organizations with a sophisticated, multi-step wire fraud scheme.
It only took 10 years, but this summer the Department of Labor (DOL) announced sweeping changes to the federal overtime rules. The most significant change is raising the standard salary level by which salaried employees are now eligible for overtime pay. The new rules will go into effect December 1, 2016 and apply to both for-profit and non-profit entities.
Many accountants and users find that certain areas of the current NFP financial reporting framework are often difficult to navigate and interpret. This becomes especially apparent in the board room and at management meetings where financial statement literacy may not always be a core skillset for all members. In an effort to address some of these concerns among users, on August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not for Profit Entities (Topic 958): Presentation of Financial Statements of Not-For-Profit Entities.
New §501(c)(4) exempt organizations and their advisors need to be mindful of a requirement added to the Code under the PATH Act, enacted December 18, 2015. Under newly-enacted IRC §506 such organizations must electronically submit Form 8976 - Notice of Intent to Operate Under Section 501(c)(4) - within 60 days of formation. This form does not exist on paper and thus will not be found by searching at the IRS website. An individual desiring to electronically submit this form needs to establish an account at the IRS website and pay a user fee of $50 through www.pay.gov. Late filing can be penalized. (Rev. Proc. 2016-41).
On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was decreased from $400 to $275 (Rev. Proc. 2016-32).
US not-for-profits encompass a wide variety of industries that include health care, higher education, credit unions and public authorities, to name a few. Andrea Murad speaks to the individuals who ensure they maintain their nonprofit status.
When auditors of not-for-profit organizations can provide the optimal level of assurance on an organization's financial statements, the report will say “the financial statements present fairly, in all material respects, the financial position of the organization and the changes in its net assets and cash flows.” The question naturally arises, then: what is meant by “material”? Auditing standards define materiality as something that could influence “the judgment of a reasonable person relying on the information.” Thus, materiality is not only quantitative but qualitative as well.
There are several reasons for which a public charity can loss its tax-exempt status – and the most common is also the most easily avoidable. Each year thousands of nonprofits loss their tax-exempt status for failure to fulfill annual filing requirements. More specifically, they fail to file the Form 990, Return of Organization Exempt From Income Tax.
Hosted at UHY’s Training Center in Farmington Hills
Thursday August 17 2017 | 8:00AM - 10:30AM
The change of administration in Washington, as well as state and local initiatives, makes this a hard time for nonprofit boards and management to predict and determine the best strategies for sustainability -meeting the needs of its stakeholders and financial viability becomes ever more challenging.
Consider the fact that potential donors often have only the organization’s audited financials and Form 990 to evaluate the organization’s financial strength and how efficiently it would use a potential donation. Evaluating a nonprofit organization’s financial statements is different than evaluating statements of for-profit entities because having large amounts of revenue over expenses is not the main goal of the nonprofit organization and many organizations are budgeted to have zero excess revenues over expenses.
Hosted at the Scarab Club
Wednesday September 13 2017 | 4:30PM—6:30PM
Recent court decisions and the Internal Revenue Service (IRS) Chief Counsel Memorandum (CCM) reinforce the need to keep accurate records and adequately disclose all charitable contributions as well as gifts made to others.