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Nonprofit Newsletter Winter 2017

In this edition:

Changes to Reporting Expenses by Nonprofit Organizations

By Jack Murray, CPA, HoganTaylor Lead Nonprofit Partner

Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, represents the first significant change in nonprofit financial reporting since the 1990’s.  We have previously discussed the highlights of this standards update in summary form.  We will be discussing specific aspects of the changes in more detail in the next few newsletters. Read more

Simple Transactions That Cause Big Problems for Your Private Foundation

By Ashley Cooper, HoganTaylor Tax Manager

There are several types of transactions that seemed to be routine and simple transactions that could also cause issues for your private foundations. One of the biggest areas of prohibited transactions deals with self-dealing. Read more

How Tax Law Changes May Impact Charitable Giving

By Laura Kalick, JD, LLM in Taxation

Whether we look at the blueprint for tax reform put forth by Republican House Ways and Means Committee members, the deliberations of the Senate Finance Committee’s bipartisan tax reform working groups or the tax proposals of President-elect Trump, there is a very real possibility that tax rates will be lowered in the near future. While the Internal Revenue Code (IRC) hasn’t seen a major overhaul since 1986, the tax law as we know it today may not be the tax law next year. Read more

What’s the Difference Between Nonprofit and For-Profit Accounting, and How Does it Impact the Fiduciary Duties of Board Members?

By Lee Klumpp, CPA, CGMA

In light of several nonprofit failures in recent years, it has become even more vital for members of nonprofit boards to exercise the duty of due care by understanding how their organization communicates its financial results and operations. Members of nonprofit boards tend to come from the for-profit world, where financial reporting is quite different. In this article, we have highlighted some of the financial reporting differences between nonprofit and for-profit entities to help board members understand and fulfill their fiduciary responsibilities. Read more