Nonprofit
Updates on Excess Tax-Exempt Organization Executive Compensation
The Tax Cuts and Jobs Act of 2017 added a 21 percent excise tax on tax-exempt organizations, including associations, that…
Revenue Recognition for E-Learning Tools
Many nonprofits offer electronic learning tools to members and nonmembers. These can include items such as electronic textbooks, on-demand learning…
IRS Issues Guidance on LLC Tax Exemption
The IRS released guidance on how a Limited Liability Company (LLC) can obtain tax exempt status. Notice 2021-56 states that…
Agency Transactions
According to US GAAP, an agency transaction is a transaction in which the reporting organization acts as an agent, trustee…
Not-For-Profit GAAP: Defining Equity Transfer and Equity Transaction
An equity transfer is a nonreciprocal transfer between related not-for-profit (NFP) organizations, where one of the not-for-profits owns the other…
What are Donor-Imposed Restrictions?
Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. Donor-imposed restrictions are determined…
What are Donor-Imposed Conditions?
Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. While donor-imposed restrictions specify…
Nonprofit Revenue Recognition: Contribution Vs. Exchange Transaction
In order to apply the correct revenue recognition accounting, nonprofits must consider if a transaction is a contribution or an…
Increase in Micropurchase Threshold Available Under Certain Qualifications
Under Uniform Guidance procurement guidelines, there is a concept of a micro-purchase threshold under which price analysis or comparison is…
Common Functional Expense Mistakes
It is important for nonprofits to ensure that the data they present in their functional expense statement or schedule is…