Nonprofit Newsletter Fall 2017

In this edition:

How Ready are You for the New Revenue Recognition Standards?

By Andy Gorham, CPA, HoganTaylor Assurance Senior Manager

In May 2014, FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASC 606).  ASC 606 applies to any entity that enters into contracts with customers to transfer goods or service. For most nonprofits, the new guidance is effective for annual reporting periods beginning after December 15, 2018. Read more

Lobby, But Be Careful

By Jack Murray, CPA, HoganTaylor Lead Nonprofit Partner

When it comes to lobbying, there are a myriad of perceptions, rightly or wrongly, about what a 501(c)(3) organization can or cannot do.  Because of the lack of clarity, many organizations simply avoid lobbying altogether.  However, nonprofit organizations have a right to express their positions. Read more

Nonprofit Fraud: Ramifications Extend Beyond the Actual Fraud

By Shawn Richardson, CPA, HoganTaylor Assurance Senior Manager

The risk of fraud occurring in nonprofits does not only extend to the actual fraud itself, but also to the perception and reputation of the entity.  Fraud can lead to the loss of donors who fund the mission of the entity as well as grant revenue. Read more

Board Fund Raising Responsibilities

By Jack Morrow, CPA, HoganTaylor Assurance Staff

A key role of the board of directors at any nonprofit organization is to contribute to that organization’s fundraising efforts. While the board also has other responsibilities, such as determining the nonprofit’s mission and determining how best to succeed at that mission, a board that fully commits to its fundraising responsibilities can make the difference between an effective organization and an ineffective one. Read more