Topics: Nonprofits

IRS Issues 2017 Work Plan for Tax Exempt Organizations

By: BDO Author

The Tax Exempt and Government Entities division of the IRS issued its FY 2017 Work Plan at the end of September 2016, which builds upon the agency’s 2016 priorities

January 20th, 2017 | Nonprofits

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

By: BDO Author

There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should: a) Take care of the nonprofit by ensuring prudent

January 20th, 2017 | Nonprofits

How Tax Law Changes May Impact Charitable Giving

By: BDO Author

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

January 20th, 2017 | Nonprofits

A Deeper Dive Into ASU 2016-14 Implementation Issues

By: BDO Author

Our Fall Insights for Nonprofits newsletter outlined the financial reporting areas for nonprofits that will be impacted by the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14,

January 20th, 2017 | Nonprofits

No Need to Worry About New Tax Law Changes

By: Adam Repasy, CPA

While many organizations finished 2016 calling for donors to contribute before year-end “while the contributions still matter,” you should be reassured that all hope is not lost in 2017 because

January 20th, 2017 | Nonprofits

New Deferred Compensation Regulations: What Nonprofits Need to Know

By: BDO Author

The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the

October 17th, 2016 | Nonprofits

What is MY Fiduciary Responsibility as a Plan Sponsor?

By: Susan Hill, CPA

According to public information, an Ivy League research university was recently accused of mismanaging its retirement plan in a federal civil lawsuit claiming $100 million in damages. While

October 17th, 2016 | Nonprofits

FASB Issues ASU 2016-14, Presentation of Financial Statements of Nonprofit Entities

By: BDO Author

The Financial Accounting Standards Board (FASB) released the Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on Aug. 18. You can read the

October 17th, 2016 | Nonprofits

Lawsuits Target Higher Education: What Retirement Plan Sponsors Need to Know

By: BDO Author

Retirement plan excessive fee litigation surrounding 403(b) plans was a hot topic in the employee benefit plan world this past week. Several universities that sponsor 403(b) plans were added to

October 17th, 2016 | Nonprofits

Uniform Guidance Procurement Rules Are Coming… Is Your Organization Prepared?

By: BDO Author

Time is running out! For organizations that receive federal funding subject to Uniform Guidance (UG), 2 CFR 200, the time to update procurement standards is rapidly approaching. The UG provided

October 17th, 2016 | Nonprofits