New Standard Changes How Leases are Treated Effective Late 2019
Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016 For most non-public entities this update is effective for fiscal years beginning [...]
10 Habits to Keep Your Medical Practice in Good Financial Shape
Everyday you give patients advice on how to stay in shape, how to avoid chronic diseases and how to recover from an unexpected health crisis. [...]
Accounting for Gift Certificates
Many establishments sell gift certificates which help enhance their overall revenue. However, many of these organizations do not know how to properly account for them [...]
Fraud Disclosure Requirements on Form 990
In a previous news brief, Nonprofit fraud isn’t worse – but it’s different, we commented on how fraud that occurs in a Nonprofit is different [...]
10 Things You Should Know About Form 990
If you are a board member or volunteer for a local non-profit, you should be aware of Form 990 Return of Organization Exempt from Income [...]
Not-For-Profit Financial Reporting Standards Are About to Change
The Financial Accounting Standards Board (FASB) has been working on refreshing the financial reporting model for nonprofit organizations for some time. The FASB first announced [...]
Save Money on Catered Events in Virginia
Nonprofit organizations, state and local governmental entities, and churches may be able to save money on future catered events. Effective April, 22, 2016, organizations can [...]
Contributed Use of Land and Facilities
Nonprofits receive in-kind contributions that can range from professional services to inventory and advertising. Some nonprofits also receive the right to use and/or lease land [...]
Navigating Long-Term Contract Tax Reporting Options
The tax reporting options for long term construction contracts can be perplexing. The rules are complex, sometimes counter-intuitive, and a bad decision or poor advice [...]
How Does the Overtime Rule Impact Employers?
If you have employees who earn less than $23,660 a year, then you are currently paying time-and-a-half when those employees work more than 40 hours [...]