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Tag Archives: NFP Fraternal

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The Importance of Incident Response Plans for Organizations

By: Tom Skoog, Cybersecurity & Data Management Practice Leader Over the years, we have highlighted several steps businesses and nonprofits can take to reduce the risk of a cyberattack. Most of these initiatives previously discussed are designed to prevent or significantly reduce the chance that your organization becomes a victim of a cyberattack. However, no […]

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Lease Standard (ASC 842) Impact on Not-For-Profit Organizations

By: Holly Fields, CPA, Senior Manager In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 – Leases (Topic ASC 842). For non-public not-for-profit entities, this ASU is effective for fiscal years beginning after December 15, 2021 (i.e., calendar year 2022 for entities with a December 31 year-end). Whether your not-for-profit […]

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Unveiling Nonprofit Liquidity

By: Ryan Adams, CPA, Manager Before nonprofit organizations were required to implement Accounting Standards Update No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, uncovering the amount of assets that were both liquid and available from an organization’s financial statements was often an insurmountable task. While it was true that one could ascertain the amount […]

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Accurate Revenue Reporting Consideration Topics for Nonprofits

By: Jason Terwilliger, CPA, CIA, Manager Communication is a cornerstone of any effective team of individuals working together to achieve common goals. This is especially true for the accounting and development departments in nonprofit organizations. When it comes to accurately reporting on an organization’s financial position, both accounting and development have important roles. Development staff […]

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Employee Retention Credit – Calculation Specifics for Nonprofit Organizations

The Employee Retention Credit (ERC) is a refundable payroll tax credit your not-for-profit (NFP) organization may be eligible to claim. The ERC was originally enacted with the CARES Act in March of 2020 and was extended and expanded with the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which passed in December 2020. An […]

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Executive Compensation: Who is Required to be Listed on Part VII of the Form 990?

Part VII of the Form 990 is one of the more closely examined and highly scrutinized sections of an exempt organization’s tax return, both from the public and potential donors as well as other organizations and businesses. This is mainly because this section reports compensation for the listed individuals. For this reason, it is important […]

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Is Your Nonprofit Organization Ready for an Endowment Fund?

Establishing an endowment fund is a big step forward for an organization. It demonstrates that the organization is serious about helping the community through its charitable work well into the future and is taking the necessary steps to ensure that future. An organization with an endowment fund is a beacon to potential donors that want […]

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How Not-for-Profits Should Account for Employee Retention Credits (ERC)

Overview The Employee Retention Credit (ERC) is a refundable payroll tax credit your not-for-profit (NFP) organization may be eligible to claim. The ERC was originally enacted with the CARES Act in March 2020 and was extended and expanded with the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which was passed in December 2020. […]

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On-Demand Webinar: NFP Revenue Sources – Earned Revenue

Blue & Co. and Ashley|Rountree and Associates hosted a webinar on Thursday, June 10 from 12:00 p.m. to 1:00 p.m. EST entitled Not-for-Profit Revenue Sources – Earned Revenue. This is the second webinar in a two-part series. During the second part of the series, we will discuss unique opportunities where not-for-profit organizations can generate earned income, along with […]

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