Nonprofit organizations are managing transformational change at every level. From reactions to the new administration's plans, to responding to new requirements for financial reporting, post-employment benefit plans, and employment tax issues, to guiding an organization through succession planning - nonprofits will need resilience and diligence to further their missions in 2017.
Read full post | Posted by on 04.04.17
With year-end fundraising well underway, the nonprofit sector has turned its attention to the challenges and opportunities that lie ahead in 2017. On the brink of the new year, the latest edition of the Nonprofit Standard discusses how potential tax reforms could impact nonprofit's day-to-day operations and highlights the IRS' Fiscal Year 2017 priorities for tax-exempt organizations. Dive into the full issue for further guidance on the nonprofit financial reporting ASU and a comprehensive examination of foreign income tax considerations for nonprofit employees.
Read full post | Posted by on 12.14.16
As summer turns to fall, many nonprofits are entering their biggest fundraising season of the year. But along with the challenges fundraising activity can spur, organizations are facing a host of complicated developments in the industry. On the accounting side, the Financial Accounting Standards Board (FASB) recently released Phase 1 of its Nonprofit Financial Reporting Project, which has been hailed as the "biggest change to nonprofit accounting in two decades." Regulatory activity also abounds, with new regulations around deferred compensation poised to impact the way many nonprofits structure their compensation and benefits plans. In the latest edition of BDO's Nonprofit Standard newsletter, our thought leaders offer comprehensive advice for nonprofits as they navigate these challenges.
Read full post | Posted by on 10.03.16
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 excessive fee litigation filed by the law firm of Schlichter, …
Read full post | Posted by on 08.16.16
Philanthropic donations reached a record-high of $373.25 billion in 2015, according to Giving USA's latest report. As the sector expands, so do the hurdles and complexities nonprofit organizations face in achieving their missions. Read the latest issue of BDO's Nonprofit Standard Newsletter for comprehensive insights on new regulations and current trends in the sector. In this issue, we discuss tips on enhancing nonprofit cybersecurity and review pending tax legislation designed to protect the charitable deduction.
Read full post | Posted by on 07.07.16
While a slim summer schedule has the House and Senate on extended recesses through much of July and August, legislators continue to introduce and vote on bills addressing noteworthy concerns in the nonprofit industry, with consequences both long and short-term.
Read full post | Posted by on 06.30.16
May 16 is the deadline for calendar year-end nonprofit organizations to file annual information reports (such as Form 990) for 2015.
As watchdog groups and other stakeholders continue to expect increased transparency from nonprofits, it’s become all the more important for organizations to prepare Form 990 as accurately and completely as possible. These publicly available forms can expose organizations to public scrutiny, but they can also leave the door open for preventable penalties from the IRS and state and local taxing authorities. Read the list below to learn about some of the hidden pitfalls in your Form 990 that you may never have noticed, but need to address.
Read full post | Posted by on 04.25.16
Back in November 2015, the FASB released a proposed accounting standard update (ASU) designed to increase transparency about government assistance to businesses for comment. This proposed ASU,Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance, was developed in response to increasing levels of monetary assistance from both the federal government and state and local governments as well. In the proposed ASU, nonprofits have been initially scoped out.
Read full post | Posted by on 04.14.16
Spring is here, and it's time for nonprofit organizations to "clean house" by examining their management and overall performance. To learn more on the latest developments and trends in the nonprofit industry, take a look at the latest issue of BDO's Nonprofit Standard. It includes:
Read full post | Posted by on 04.07.16