Nonprofit Newsletter Summer 2016

In this edition:

Fundraising With Your Eyes Wide Open:  Regulatory Compliance

By Lyndel Lackey, HoganTaylor Tax Partner

With the current economic environment in our region, non-profits are considering ways to expand charitable fundraising efforts, which can bring additional regulatory considerations, specifically in the area of state registration and compliance.  States may regulate types of fundraising activities that are monitored (i.e., solicitation), entities subject to charitable solicitation rules, registration obligations and exemptions, disclosures that must be a part of any solicitation, and internet solicitation compliance.  We will try to navigate this maze at a high level in the following comments that hopefully provide some takeaways. Read more

Common Financial Reporting and Disclosure Errors for Nonprofits

By David Stiles, HoganTaylor Assurance Manager

Each year our firm participates in the American Institute of Certified Public Accountants (AICPA) national nonprofit conference, which brings over 1500 professionals together and covers a variety of hot topics from new accounting standards and changes to the Uniform Guidance to common pitfalls for nonprofits. One of the popular sessions this year related to the most common errors encountered when conducting nonprofit audits. Over the next few minutes, I’ll cover the top two financial reporting and disclosure deficiencies: contributions and net assets. Read more

The Three W’s (and an H) of Document Retention Policies

By: Christie Forbes, HoganTaylor Director of Assurance Operations

According to the National Federation of Independent Businesses (NFIB), a document retention policy provides for the systematic review, retention, and destruction of documents received or created in the course of business. Read more

Highlights from the IRS Regulations for Type III Supporting Organizations

By: Crystal Stasyszen, HoganTaylor Tax Staff

On December 23, 2015, the IRS issued the final regulations regarding the changes to reporting requirements for supporting organizations that originated in the Pension Protection Act of 2006.  Additional guidance for Type III supporting organizations can be found in the proposed regulations the IRS released on February 19th, 2016. Type III supporting organizations are required to pass a responsiveness test, an integral part test, and meet a notification requirement or they could be classified as a private foundation. Read more

Uniform Grant Guidance

By Andy Gorham, HoganTaylor Assurance Senior Manager

The Uniform Grant Guidance (UGG) (Title 2 CFR 200) was issued December 26, 2013, and is effective one year from publication.  The UGG streamlines and consolidates governmental requirements for receiving and using federal awards in order to reduce administrative burden and improve outcomes.  The final guidance supersedes and streamlines requirements from OMB Circulars A-21, A-87, A-110, A-122,  A-89, A-102, and A-133, and the guidance in Circular A-50 on Single Audit Act follow-up.  This final guidance is located in Title 2 of the Code of Federal Regulations. Read more