Nonprofit Webinar: Annual GAAP Update for Not-for-profit Organizations
The Jones & Roth Nonprofit Team provides an overview of recent accounting standards updates and key accounting principles for not-for-profit organizations. We will share best practices and requirements for ensuring compliance with reporting standards and walk through the recent updates … Read more…
When Should Your Executive Director Think Like a CEO?
Nonprofit leaders are known as “executive directors” and for-profit leaders are known as “CEOs.” Is there a difference between the two? Both are leaders of their organizations; both strive to meet the expectations of their board of directors; and both … Read more…
Impact of New Lease Accounting Standards on Not-for-profit Organizations
The long-awaited accounting standard update (ASU) for leases is finally at our doorsteps. ASU 2016-02, Leases is effective for private companies and not-for-profit organizations with annual reporting periods beginning after December 15, 2021. Early implementation is permitted. The core principle … Read more…
Dashboard Reporting – Three key metrics
The not-for-profit sector is an ever-growing and evolving industry and with that comes various challenges and opportunities. With good financial reporting and analysis, not-for-profit organizations can prepare for these challenges and take advantage of opportunities that arise timely and with … Read more…
Accounting Standard Update for Gifts in Kind
A recent accounting standard update (ASU) for nonprofits has been issued by the Financial Accounting Standards Board (FASB). ASU 2020-07 Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets will be effective for nonprofits with annual reporting periods beginning … Read more…
A Closer Look at Donor-Restricted Contributions
A contribution is an unconditional transfer of assets or settlement of liabilities in a voluntary, nonreciprocal transfer. Contributions are recognized at fair value when the contribution is made/promised. Revenue from unconditional contributions is recognized by the nonprofit in the period received/promised … Read more…
Update on Provider Relief Funds (PRF) and Single Audit Implications
The delay in the live rollout of the U.S. Department of Health and Human Services (HHS) Provider Relief Funding (PRF) Reporting Portal posed questions for nonprofit organizations and auditors alike. Since compliance requirements of the PRF program include reporting elements, … Read more…
Tax Brief: Differences Between Form 990 and U.S. GAAP Financial Statements
Reporting Entity In accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), some organizations are required to be consolidated for financial statement presentation. However, consolidated Form 990 filings are not allowed unless there is a … Read more…
A Nonprofit’s Guide to Financial Statement Services: Audit, Review, Compilation, and Preparation
Financial statements are a critical component used by management and boards of nonprofit organizations (NPO) to gauge how well the organization is performing, determine the strength of financial position, and to make informed decisions for the future of the organization. … Read more…
Tax Brief: Form 990, Schedule M – Noncash Contributions
From donated clothing to medical supplies to securities, non-cash contributions are a vital form of support of many non-for-profit organization. The IRS Form 990 Schedule M is used to report information about non-cash contributions received by a not-for-profit organization. The … Read more…
