Last week, we announced the much-anticipated arrival of the biggest change to nonprofit financial reporting in over twenty years. As our readers know, the Financial Accounting Standards Board (FASB) issued an updated not-for-profit accounting standard, ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, on August 18, 2016. Continue reading
The Financial Accounting Standards Board (FASB) has just released the Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-for-Profit Entities, which you can find here. If you’ve been following our blog, you’ll know this marks the biggest change to nonprofit financial reporting in more than two decades. Continue reading
Retirement plan excessive fee litigation surrounding 403(b) plans was a hot topic in the employee benefit plan world this past week. Several universities that sponsor 403(b) plans were added to excessive fee litigation filed by the law firm of Schlichter, Bogard & Denton, bringing the total to eight universities having to defend their decisions for their retirement plans. These suits are the first of their kind in the 403(b) plan industry, while these lawsuits have been occurring for the past decade for 401(k) plans.
International risks for nonprofits took center stage in recent headlines, and as organizations increasingly expand beyond domestic borders, it’s clear the conduct of foreign employees can have a real impact on an organization’s ability to carry out its mission and maintain its reputation.
The IRS recently released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations. Continue reading
Time is running out! For organizations that receive federal funding subject to Uniform Guidance (UG), 2 CFR 200, the time to update procurement standards is rapidly approaching. Continue reading
Join us for our sixth session in the 2016 BDO Knowledge Nonprofit and Education Webinar Series, the Annual Nonprofit Accounting and Auditing Update . Participants will hear the latest from Tammy Ricciardella on the key changes issued by the FASB and AICPA to auditing and accounting guidance that will impact the nonprofit industry, as well as transition and implementation considerations for nonprofit organizations.
Recently, our team attended the 2016 AICPA Not-For-Profit Industry Conference in Washington, D.C. During the two-day event, we heard from industry experts and thought leaders on a variety of topics. Here are our top five take aways from the conference: Continue reading
While a slim summer schedule has the House and Senate on extended recesses through much of July and August, legislators continue to introduce and vote on bills addressing noteworthy concerns in the nonprofit industry, with consequences both long and short-term. Continue reading