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Releasing or Modifying Permanently Restricted Contributions – Is this Allowable?

Recently I was talking to a client of mine about some of their permanently restricted net assets when he blurted out, “I wish I could just get rid of these little, old amounts that have been around...

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What Percent of My Donation Goes to the Cause of the Organization?

I can’t count the number of times friends and family have asked me what percent of their donation goes towards the cause or programs of a charitable organization. There’s a common argument that the...

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Accounting for Joint Activities

Determining whether an organization conducts joint activities and properly accounts for these activities can be challenging at times, as it can be subjective depending on the fundraising activity. In...

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How to Account for Donated Auction Items

Believe it or not, it’s already the holiday season where not only do you begin thinking about what your loved ones want as gifts but also how to properly pull off your annual fundraising gala. Many...

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IRS Tax Exempt Priorities for 2016

A few weeks ago the IRS Tax Exempt & Government Entities Commissioner released a Workplan Briefing for the Government’s fiscal year 2016. She listed five strategic issue areas, below, in which they...

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Form 1023-EZ now available electronically

It is official! The Internal Revenue Service (“IRS”) just announced that Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available online for the public to see for the first...

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Did you remember the changes to debt issuance costs?

In April 2015, as a part of the FASB’s initiative to simplify and improve accounting standards, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Why should we care...

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Reminder: changes to fair value measurement disclosures

As you may recall, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value...

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Is your nonprofit ready for a rainy day?

As stated by Alan Lakein, “failing to plan is planning to fail.” As the government continues to threaten spending cuts, it becomes increasingly important to have the discussion of whether or not your...

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Exchange transaction or contribution?

When your organization receives a grant, determining if it is a contribution or an exchange transaction can be very difficult. Even after reading the rules, it may still require some judgement....

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The Uniform Guidance and required policies

When the Uniform Guidance was issued, it brought with it several changes for entities that receive federal awards. The purpose of the Uniform Guidance was to reduce the risk of fraud, waste and abuse...

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Should you consolidate your nonprofit organization?

Nonprofit organizations sometimes have relationships with other entities that are affiliated in some way. How do you know when you should consolidate two or more nonprofit organizations? Under...

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