October 29, 2018
The Complete Guide to In-Kind Gifts – Part 2
This is the second article in a two-part series on gifts in kind. Click here to read Part 1 where we discuss types of in-kind gifts and how they should […]
Read MoreOctober 9, 2018
The Complete Guide to In-Kind Gifts – Part 1
This two-part series will provide information about in-kind gifts, including the definition and recognition of such gifts and in the second article, the documentation best practices and impact on tax […]
Read MoreSeptember 18, 2018
FASB ASU NO. 2018-08 – Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
During 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made to clarify […]
Read MoreJuly 25, 2018
Kentucky Sales Tax Hits Nonprofit Organizations
Recently, Kentucky House Bill 487 passed, which contained significant changes to Kentucky tax laws. For purposes of this communication, we would like to highlight one major change regarding Kentucky Sales Tax […]
Read MoreJuly 12, 2018
Qualified Transportation: An Initial Look At What Needs To Be Included In Unrelated Business Income
Provisions in the Tax Cuts and Jobs Act (TCJA), passed late in December 2017, eliminated the deductibility of qualified transportation expenses incurred by business employers. After December 31, 2017, amounts […]
Read MoreJuly 5, 2018
#metoo Movement Impacts Nonprofits
The #MeToo Movement, which is an international movement against sexual harassment and assault, has spread across nearly every major industry like wildfire. People might assume that this problem would be […]
Read MoreMay 23, 2018
How To Ensure Effective Internal Controls As A Nonprofit
In addition to the “tone at the top,” an important part of having an effective internal control is segregation of duties. Adequate segregation of duties requires certain key functions to […]
Read MoreMay 2, 2018
How To Decipher Between Contributions And Exchange Transactions
Nonprofit organizations have various sources of revenue, and one of the trickiest areas of financial reporting for a nonprofit organization is distinguishing an item as a contribution or an exchange […]
Read MoreApril 11, 2018
The Basics: Intermediate Sanctions And Excess Benefit Transactions
Intermediate sanctions sound fairly scary. In reality, regulations and penalties are equally scary, so the name is appropriate. Intermediate sanction regulations and penalties exist to stop abuses by disqualified persons […]
Read MoreMarch 21, 2018
What documents should your organization be keeping?
A nonprofit entity is required to maintain proper records to ensure the organization complies with tax rules and regulations. If an organization is unable to provide supporting documentation proving qualification […]
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