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Nonprofit Insights

Accounting Standards Updates for Nonprofits When Reporting and Allocating Expenses, Classifying Net Assets and Reporting Board-Designated Assets

In August 2016, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The new update streamlines and simplifies requirements related to several aspects of financial reporting to improve consistency among not-for-profit organizations. Among other changes the following areas draw additional attention: reporting…

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Restricted Assets and How They Affect Non-Profit Organizations

  For some non-profits, contributions from donors are a major source of revenue. Proper accounting for these contributions is key and includes tracking, monitoring and reporting of restricted funds. What type of restrictions can there be in the non-profit industry? Contributions from donors may have temporary or permanent restrictions which limit the use of the…

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Non-Profit Seminar Hosted by bgr CPAs

Join us for a seminar detailing the key differences between GAAP and IRC reporting and we will answer the most common questions received from the nonprofit industry. By the end of the seminar you will have a clear understanding of the Form 990 as it relates to: Accounting for Special Events Reporting Board of Directors Reconciliation to…

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Top Questions CPA Firms Receive from Non-Profits

Special Events Why did my special event produce a profit but report a loss on Schedule G of Form 990? Why do I need to identify donor direct benefits from my special event costs? Isn’t the selling price of an event ticket the same as the fair market value of an event ticket? Board of…

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Special Events – GAAP vs IRC!

Nonprofits face unique challenges with financial statement and tax reporting.  There are a number of items that are treated differently for financial statement purposes prepared under generally accepted accounting principles and tax reporting which is dictated by IRS regulations. One particularly challenging item is the treatment of special events.  There is confusion among nonprofits surrounding…

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