How Employers Can Comply with the DOL’s New Overtime Rules
After more than four years in the draft proposal stage and federal lawsuits, Congress recently enacted new overtime rules for white-collar workers.
Recording Contributions with Donor-Imposed Restrictions
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
New Revenue Recognition Standards are Now Effective
Everything has changed with FASB’s new revenue recognition standards and it’s time for all remaining organizations to implement the new revenue recognition standards that originated in May 2014.
Revenue Recognition Guidance for Not-for-Profits
Not-for-profits are finally able to make sense of the confusion over the Financial Accounting Standards Board’s (FASB) new revenue recognition, Topic 606, thanks to a new standard issued June 21.
Top 5 Issues Lenders Have With Nonprofit Financials
I continue to see and hear about issues that our clients and others in the nonprofit industry are having with their lenders with respect to financial statements. It is becoming more evident that many lenders do not understand nonprofit financial statements due to their unique financial reporting requirements. Below are the top 5 issues that nonprofits have with their lenders.
Fiduciary Responsibility: An Expectation of Trust
The IRS, through its revisions to Form 990, requires reporting by not-for-profits on a range of governance issues including board member “fiduciary duty” and their ability to gain the trust of their organization. What is fiduciary responsibility and what does it mean to the board of a not-for-profit?
Changes to Not-for-Profit Revenue Recognition
As the implementation deadline of the new revenue recognition standards (ASU 2014-09) approaches, there are many companies and organizations scrambling to grasp the impact that [...]
Considerations When Revising Nonprofit Bylaws
Considerations when revising nonprofit bylaws Bylaws are the rules and principles that govern your not-for-profit organization so being familiar with what they contain, and what [...]
The Basics of Temporarily Restricted Contributions
For some nonprofit organizations, contributions are a significant source of revenue. Proper accounting treatment for those contributions is key, which include tracking and monitoring restricted [...]
How to Engage Board Members in Fundraising
The old cliché for nonprofit Board members is “give, get, or get out.” This adage may be appropriate for your organization, but each nonprofit and [...]