Nonprofit Newsletter Summer 2017

In this edition:

Are You Ready For Changes to Procurement Standards under Uniform Guidance?

By Jack Murray, CPA, HoganTaylor Lead Nonprofit Partner

If you receive federal grant funding, you have no doubt heard of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, also known as Uniform Guidance. One of the most profound changes in this revision relates to procurement. Read more

Form 990 IRS Audit Trends

By Sarah Knight, CPA, HoganTaylor Tax Manager

Last year, the Internal Revenue Service announced that publicly available data on electronically filed Forms 990 will become available for the first time in machine readable format. Since implementing this new methodology, the IRS is claiming a 90 percent+ change rate on examinees selected through this process. Read more

New Partnership Regulations Could Affect Your Exempt Organization

By: Denise Felber, CPA, Tax Partner, and Ashley Cooper, CPA, Tax Manager

In recent years, we have seen exempt organizations participating in more complex investments including alternative investments, publicly traded partnerships, and hedge funds.  Exempt organizations participating in these investments may receive a Schedule K-1 from any fund that is organized as a partnership. Read more

Opportunity Knocks: A Deeper Dive in To Net Asset Changes of NFP Financial Reporting

By Richard Wright, CPA, Assurance Partner

As we approach the impending adoption of the new financial reporting model for nonprofits, it was no surprise that ASU 2016-14 was a hot topic at the recent AICPA Not-For-Profit Conference in Washington D.C.  While the industry faces challenges beyond financial reporting, several sessions were dedicated to a deeper dive into implementation of key provisions of the new standard. Read more

Unrelated Business Income (UBI): The Nonprofit Curse Word

By Corey Pless, Tax Senior

As nonprofit organizations attempt to find additional avenues for revenue, we should always be aware of those streams of revenue that could potentially lead to Unrelated Business Income (UBI).  But, there are sources of revenue that are excluded from UBI. Read more

What’s Your Rating?

By: Crystal Stasyszen, CPA, HoganTaylor Tax Senior

There are several charity watch organizations that rate charities to help prospective donors make informed decisions.  Below is a discussion of the rating systems of three  of these charity watch organizations and how charities can use them to promote their charitable purpose. Read more