Category: Nonprofit

Filing Changes for Nonprofits with Group Exemptions

By: Janna Goudarzi, MST | Nonprofit Tax Manager When similar nonprofit organizations can demonstrate a defined relationship, they may qualify for a group exemption by the IRS. Under this scenario, a “central organization” is the parent organization that has one or more subordinates under its general control and is also sometimes referred to as an…

Read more ›

Foreign Filing Requirements for Exempt Organizations

By: Janna Goudarzi, MST | Nonprofit Tax Manager Exempt organizations (EOs) may be required to provide information on its activities conducted outside the United States on a number of information forms, including Form 990. These reporting requirements don’t just apply to EOs with foreign offices or overseas programs, and penalties for failure to comply can…

Read more ›

UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas

By: Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…

Read more ›

Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance

By: Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…

Read more ›

The EU’s GDPR is Applicable to US Companies. Is Your Organization in Compliance?

By: Darren Hulem | Network Administrator Auditor GDPR, also known as General Data Protection Regulation (EU) 2016/679, was a regulation passed by the European Union (EU) in 2016 aimed at data protection and privacy for individuals within the EU. Enforcement, which began on May 25, 2018, has the potential to affect companies outside of the…

Read more ›

Forensic Auditing and Artificial Intelligence Help Detect Fraudulent Activity

By: Mac Lillard, CPA, CFE, CITP, CISA, PCIP | GRF Audit Supervisor Fraud prevention is one of the most important aspects of an effective organizational risk management strategy. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, there were 2,690 cases of occupational fraud, resulting in $7+ billion in total…

Read more ›

Best Practices for Nonprofits Implementing ASU 2016-14

By: Alison Albrecht, CPA | Nonprofit Audit Supervisor The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, to enhance the presentation of financial statements and provide more meaningful information to the readers of the financial statements. One of the changes included in the ASU 2016-14…

Read more ›

Internal Audit is a Critical Investment for Nonprofit Organizations

By: Mark Tessar, CPA, CIA | Nonprofit Audit Supervisor By their nature, tax-exempt entities are under extraordinary scrutiny. With the IRS, external auditors, donors, watchdogs and stakeholders all analyzing their finances, nonprofit organizations must implement effective internal controls that decrease the likelihood of fraud, accounting mistakes or other inappropriate accounting practices that could impact the…

Read more ›

A Revised Fundraising Strategy Can Help Nonprofits Reduce the Impact of TCJA on Charitable Giving

By: Jorge Estrada, CPA | Nonprofit Audit and Tax Senior Manager The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 made the most far–reaching changes to the tax code since 1986. While many in the nonprofit industry believe the changes in the tax law are creating a more challenging environment for…

Read more ›

Identifying Contributions vs. Exchange Transactions Clarified with ASU 2018-08 (Topic 958)

By: Lindsay Dean, CPA | Nonprofit Audit Senior Manager In June 2018, FASB issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. Nonprofit organizations with fiscal years that begin after December 15, 2018 and make or receive contributions should be prepared to…

Read more ›