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Nonprofit Newsletter Summer 2015

In this edition:

Preamble to Success

By Jack Murray, CPA and HoganTaylor Assurance Partner

Preamble to Success was the title of the keynote speaker’s presentation at the AICPA National Not-for-Profit Industry Conference in June of 2015 that was attended by several of HoganTaylor’s Nonprofit Practice leaders. Read more

AICPA’s Not-For-Profit Member Section Part II

By Dmitry Volfson, HoganTaylor Assurance Manager

We first wrote to you about the AICPA’s unanimous approval of a new Member Section specifically devoted to Not-for-Profit sectors and followed that up with an update regarding more specific objectives of this program. We are now pleased to announce that the Not-for-Profit Certificate Program is officially available. Read more

Business Model Thinking for Nonprofit Boards

By Jack Murray, CPA and HoganTaylor Assurance Partner

One of the sessions I attended at the AICPA National Not-for-Profit Industry Conference was conducted by Jeff de Cagna, founder of Principled Innovation LLC. Jeff is an author, speaker, and advisor to associations across North America and around the world. He founded PrinciplAIed Innovation to challenge association boards, CEOs, and executives to build their organizations to thrive in an uncertain future. Jeff also delivered the best sound bite I heard at the conference, “Nonprofit is a tax status, not a business model”. A variation of this phrase has been discussed with a number of nonprofit CEOs and board members for several years but emphasizes the need for nonprofits to operate with a business mentality for sustainability over the long-term. Read more

Revenue Recognition Update (and Reprieve)

By Richard Wright, HoganTaylor Assurance Partner

In recent newsletters we have been introducing the new revenue recognition standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, (Topic 606), and discussing how the standard will impact not for profit (NFP) organizations. I recently attended the AICPA’s Not-for-Profit Industry Conference in Washington DC where ASU 2014-09 continues to be an important topic of conversation. In this article we want to bring you the most recent news regarding the standard along with more specific application guidance for NFP organizations. Read more

FASB’s New Guidance and the Possible Impact on Financial Reporting – Net Asset Values

By Dmitry Volfson, HoganTaylor Assurance Manager

In May 2015, the FASB issued an Accounting Standards Update (ASU) 2015-07 with the objective to aid in the current diversity in practice related to how certain investments measured at net asset value (NAV) with redemption dates in the future are categorized within the fair value hierarchy. Read more

IRS Audits – Think Outside the Box

By Lyndel Lackey, HoganTaylor Tax Partner

As an exempt organization, receiving that initial letter or phone call from the IRS notifying you that your organization has been selected for examination definitely gets your attention. Your mind immediately starts thinking about where your organization may be at risk. Read more