Archive: non profit

The Impact of Section 889 on Federal Grant Recipients

On August 13, 2020, the Final Guidance added part 2 CFR 200.216 to align regulations for grant recipients with Section 889 of the John S. McCain National Defense Authorization Act (NDAA). What this means is that if your organization is a federal grant recipient, you can no longer use federal funds to procure certain Chinese telecommunication equipment, video surveillance equipment systems, […]
August 20, 2020

BREAKING: Changes to Uniform Guidance Released

On August 13, 2020, Final Guidance was issued in the Federal Register titled Guidance for Grants and Agreements which includes the much-anticipated changes to the Uniform Guidance from the Office of Management and Budget (OMB). The Final Guidance is a lengthy document located here. A large portion of the document relates to defining or redefining terms and adding […]
August 17, 2020

Greg Plotts Co-Moderates Association Peer Group’s Presidential Forum

Aronson partner Greg Plotts co-moderated the Association Executives Peer Group’s Virtual Presidential Forum. The roundtable discussion titled “The Return of In-Person Conferences/Events” covered topics such as: What is your association doing for the remainder of 2020 and in 2021? Legal, insurance, and financial considerations. Each Association Executive in attendance was able to contribute regarding the […]
July 30, 2020

Audit Preparedness and You

Audit season is starting up for organizations with December 31st year ends. Nothing really rings in the New Year like rolling forward those net asset schedules. It is never easy for each side of an audit to understand what it is like from the other perspective unless you’ve been on both sides of the table. […]
August 3, 2018

Tuition and Housing Revenue Recognition

In the blog Revenue from Contracts with Customers we talked about some of the guidance for revenue recognition for nonprofits. One of the first issues addressed by the American Institute of Certified Public Accountants (AICPA) Not-for-Profit Revenue Recognition Task Force is Tuition and Housing Revenue. This is primarily addressed to institutions of higher education but […]
November 15, 2017
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Revenue Recognition from Contracts with Customers

Most people are aware by now that the generally accepted accounting principles (GAAP) model on revenue recognition is changing. ASU 2014-09, which covered Revenue from Contracts with Customers, was issued in 2014 and it represents—along with leases—one of the most significant GAAP changes in some time. The standard applies to all types of entities that […]
November 15, 2017
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  • Aronson

Can Your Nonprofit Convert into a For-Profit?

There are occasions where a 501(c)(3) nonprofit may wish to convert into a for-profit entity. This typically occurs for nonprofit organizations that exist primarily on program service revenue, as opposed to contributions, who one day find that most of its “competitors “ are for-profit businesses. Is this the right move for your nonprofit organization? Additional reasons […]
October 11, 2017
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  • Aronson

Staying on Top of the Standards

Association and nonprofit financial teams have a never-ending stream of work comprised of budgets, monthly and annual closes, annual audits, and constant interruptions from people wanting information. The ability to stay current on financial accounting changes is often relegated to updates from an organization’s public accounting firm of record. Often times because those seeking the information […]
May 22, 2017
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The Aronson Foundation Supports Childhelp

  The Aronson Foundation recently gave a generous gift to Childhelp in support of the 2nd Annual Childhelp Shining Stars Gala at the recommendation of Partners Jack Koniszewski, Lexy Kessler, and Tim Cummins. The 2nd Annual Childhelp Shining Stars Gala took place on April 22, 2017 at the Ritz-Carlton Tysons Corner. All proceeds benefited the Childhelp Alice […]
April 28, 2017
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  • Aronson

Mitigating Risk from Your Third-Party Vendors

A third-party vendor is an ancillary process outside the control of your organization, which performs a function or provides a service that isn’t central to your operating purpose, for example, a third-party payroll company. Although your exempt organization may rely on third-party service providers, your management team carries the ultimate responsibility for maintaining an effective internal control system […]
September 8, 2016