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UPDATES&INSIGHTS: NONPROFIT – September 2018

UPDATES&INSIGHTS: NONPROFIT is designed to help you keep up with the accounting, tax, and business issues affecting nonprofits. Most of the articles in the September 2018 issue outline how the recently passed Tax Cuts and Jobs Act of 2017 (the TCJA) will impact exempt organizations. You’ll also learn more about ASU 2016-02, accounting estimates, functional expense allocations, recent changes to donor disclosure requirements, revenue recognition and audit committee charters.

In this edition:

Private Foundations on the Radar: An Update from the 2018 AICPA Private Foundation Summit

By Lyndel Lackey, HoganTaylor Tax Partner
A HoganTaylor partner recently attended the 2018 AICPA Private Foundation Summit. Read this article to hear his detailed account of the two-day examination of the challenges facing the specialized world of private foundations. Read More

The Tax Cuts and Jobs Act Impacts Unrelated Business Income

By Michelle Mann, HoganTaylor Tax Senior Manager
The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, has made several changes to the reporting of unrelated business income that will affect many tax-exempt organizations. This article outlines the major changes. Read More

The Tax Cuts and Jobs Act Brings Changes for Universities

By Michelle Mann, HoganTaylor Tax Senior Manager
The Tax Cuts and Jobs Act of 2017 (the TCJA) affects universities with several provisions; generally effective in 2018. Several of the provisions with a broad impact are outlined in this article. Read More

ASU 2016-02: What to Know About the New Lease Standard

By Shawn Richardson, HoganTaylor Assurance Senior Manager
The new lease standard, ASU 2016-02, will begin to take effect in December 2018. In this article, learn what you need to know about the new standard and how to prepare for it. Read More

Accounting Estimates and Functional Expense Allocation: What You Need to Know

By Barrett Belew, HoganTaylor Assurance Manager
It might surprise you to learn that, according to the FASB, your organization’s functional expense allocation is considered an accounting estimate. Read this article for more information about how to determine an estimate and what requires allocation. Read More

IRS UPDATE: Non-501(c)(3) Donor Disclosure Change Requirements Changed

By Michelle Mann, HoganTaylor Tax Senior Manager
The IRS has issued a revenue procedure that removes the requirement for organizations other than 501(c)(3) organizations to report their donors of $5,000 or more on Schedule B. Read about the impact in this article. Read More

BDO Podcast: 7 Steps to Revenue Recognition Readiness

By Lee Klumpp, CPA, CGMA and Carla DeMartini, CPA
The Financial Accounting Standards Board’s (FASB) new revenue recognition standard (ASC 606) is a significant change that affects nonprofits of all types and sizes. In this article, and the podcast it links to, you’ll learn what prompted the new guidelines, and how can nonprofits prepare. Read More

5 Suggestions to Perfect Your Audit Committee Charter

By Lewis Sharpstone, CPA
The quality and completeness of most audit committee charters typically range from very good to great. However, regardless of how good your audit committee charter is, there is almost always room for improvement. This article contains five suggestions for strengthening even a great audit committee charter. Read More