Update published on June 5, 2020: FASB issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective Dates for Certain Entities, as part of its efforts to support and assist stakeholders as they cope with the many challenges and hardships related to the COVID-19 pandemic. Update published on December […]
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By: Shawn Williams, CPA, FHFMA, Audit Senior Manager As a current board member for several not-for-profit organizations, my fellow board members and executives seek my advice when reviewing and dissecting financial reports. CPAs are highly preferred during annual board recruitment due to their knowledge of finances, taxes, and accounting standards; however, the non-finance volunteers serving […]
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By: Annmarie Novotney, CPA, Senior Accountant In an age of social media, online fundraising, and increased volume of organizations in the market, nonprofit entities in the United States are fighting for fundraising dollars that, twenty years ago, flowed more easily into their organizations. As the number of nonprofits in the United States now exceeds 1.5 […]
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By: Marcus Frank, CPA, Senior Accountant Not-for-profit organizations often find themselves short on adequate resources to implement the ideal internal control environment, especially regarding segregation of duties. Adequate segregation of duties exists in larger for-profit entities but is difficult to achieve in some smaller not-for-profit organizations. Even for those not-for-profit organizations that have adequate resources […]
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By: Ashley Jones, CPA , Senior Accountant Many businesses, including not-for-profits, are taking advantage of social media to promote marketing and solicit donations. Social media has proven to be an effective new method for businesses to use. However, along with the benefits of this new tool, it also creates some additional concerns for companies, mainly […]
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By: Ashley Jones, Staff Accountant When creating a marketing strategy, not-for-profits (NFPs) need to identify their target audience for soliciting donations. “The 2011 Study of High Net Worth Women’s Philanthropy and the Impact of Women’s Giving Networks” sponsored by Bank of America Merrill Lynch and performed by The Center on Philanthropy at Indiana University identifies […]
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By: Robert Moreland, CPA,Tax Manager and Kara Clark, CPA, Staff Accountant In 2004, the Internal Revenue Service, through the Exempt Organizations Office of the Tax Exempt and Government Entities Division, commenced the Executive Compensation Compliance Initiative. This project was divided into three parts. In the first part, compliance check letters were sent to 1,223 organizations […]
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By: Shawn P. Williams, CPA, Audit Senior Manager Note: This article concludes a three-part series discussing issues that may jeopardize an organization’s tax exempt status. Part one provided an overall discussion of the issues while part two discussed detailed issues regarding political and lobbying activities. This article will address the consequences of private inurement and private benefit. Even […]
Read MoreBy: Bob Moreland, CPA, Manager Note: This article is part two of a three-part series discussing issues that may jeopardize an organization’s tax exempt status. Part one provided an overall discussion of the issues. This article discusses detailed issues regarding political and lobbying activities. The series will conclude with an article addressing the consequences of private […]
Read MoreBy: Chad Robinson, CPA, Senior Accountant Note: This article begins a three-part series discussing issues that may jeopardize an organization’s tax exempt status. Part one will provide an overall discussion of the issues while Parts two and three will provide a more detailed discussion related to political activity and inurement issues. Every year nonprofit organizations […]
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By: Angela Crawford, CPA, Senior Manager The recently enacted Senate Enrolled Act (SEA) 382 (2022) makes significant changes in the way not-for-profit organizations purchase and sell items exempt from sales tax. Sales tax information Bulletin 10 has been revised to reflect these changes. While sales tax-specific changes are detailed within the bulletin, here are the […]
Blue & Co. has performed many Emergency Department Leveling Reviews for hospitals. The two most utilized leveling criteria are “points-based” or “intervention-based.” In either case, each hospital must determine which facility resources (or attributes) to include within its criteria, and how these resources crosswalk into ED visit levels (99281-99285). This can create significant reimbursement differences […]
By: Tom Skoog, Cybersecurity & Data Management Practice Leader Cybersecurity for the construction industry is a growing challenge. The industry is moving towards digital connectivity, not only across the supply chain, but also ‘on site’ as more metrics related to performance, progress, and health & safety are monitored in ‘real time’. This increase in connectivity […]
