Non-Profit
The Office of Management and Budget (OMB) introduced substantial updates to the Uniform Guidance (2 CFR Part 200) in 2024, marking the most significant changes since 2013. These revisions, which took effect for federal awards issues on or after October 1, 2024, aim to simplify compliance, enhance financial transparency, and improve oversight of federal grant…
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Key Changes Effective December 3, 2024 Massachusetts is updating its financial reporting requirements for non-profits and public charities as part of the Economic Development Bill. The new law raises the audit threshold from $500,000 to $1,000,000 in gross support and revenue and the review threshold from $200,000 to $500,000, easing compliance for smaller non-profits. Under…
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Written with contributions from Kathy Rizzo and Rich Eagleston Like public companies, private companies and non-profits are also impacted by the updated lease accounting standard found in ASC 842. What does this change mean for you? We’ve outlined: • When the updated standard goes into effect • Why the change was needed • What it…
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Nonprofits increasingly are taking on big issues, such as global warming and economic development. Some are turning to a relatively new approach known as “collective impact.” Such cross-sector coordination may help nonprofits achieve greater change than isolated interventions by individual groups. More than collaboration Collective impact is more than just collaboration. Its originators describe it…
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We have assembled some information relevant to tax-exempt organizations regarding the provision in the TCJA addressing the treatment of certain transportation fringe benefits provided by tax-exempt organizations. To learn more, read our communication on Nonprofit Transportation Fringe Letter. And as always, should you have any questions, please reach out to your tonneson + co tax…
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Nonprofit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes. Recording gifts in kind Gifts in kind generally…
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What are you doing November 28? If that date doesn’t ring a bell, your nonprofit probably hasn’t made plans to participate in National Giving Tuesday. Considering the opportunities it can provide, it’s worth a closer look.. What is Giving Tuesday? Giving Tuesday, or National Day of Giving, was created to encourage Americans to contribute to…
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Annual financial statements that have been audited by a professional auditor can help assure funders and lenders that your nonprofit is financially sound. Here are three critical audit issues to understand when preparing financial statements: 1. The auditor’s role Auditors are responsible for expressing an opinion on financial statements. Beyond that, they’re responsible for obtaining…
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Selecting a new chief executive or other senior staffer is one of the most important decisions your nonprofit board is likely to face. Even if there’s no immediate hiring need, it’s smart to prepare for the process. 1. Form a search team Forming a search team allows participating board members to stay abreast of compensation…
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More and more nonprofits are joining forces to better serve their clients and cut costs. But such relationships can come with complicated financial reporting obligations. Starting with the simplest For accounting purposes, the simplest relationship between nonprofits may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active…
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