Archive: Nonprofit

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Mark Robins and Eric Hittle to Host Webinar on Creating Effective Functional Expense Statements

With the implementation of ASU 2016-14, many nonprofits that did not previously have to present a statement of functional expense are now required to do so. As a result, many organizations have been tasked with determining how to put together and present the required information. Join Aronson nonprofit experts Mark Robins and Eric Hittle for a Lorman live […]

Online Silent Auctions: The “Stay at Home” Alternative for Your Organization’s Summer Fundraiser

COVID-19 is creating a rainy day for many organizations’ summer fundraisers. Online silent auctions and other virtual events can act as an “umbrella” to keep you dry and continue to push your mission forward during these unprecedented times. Over the past two weeks, I’ve had several calls with clients who are concerned about continuing funding […]

Internal Controls in a Remote Workplace Environment

In an effort to #Flattenthecurve of the coronavirus pandemic, many workplaces are going 100% remote. Every business should ensure that changes in workplace environments do not disrupt an organization’s internal controls. Here are five ways to keep internal control processes functioning in a newly remote workplace environment: Consider performing an updated risk assessment for your […]

Top 7 Risks for Independent Schools

Independent schools today face more challenges than ever. You’re under extreme pressure to stay relevant to your supporters while simultaneously navigating new financial and operational complexities. We’re here to help. Below our team of experts has highlighted seven risks that span across an independent school’s risk universe. These Top 7 Risks are just a sampling […]

Mark Robins and Eric Hittle Host Nonprofit Accounting Guidance for Contributions Webinar

With the implementation of ASU 2018-08 the interpretation of an exchange transaction and criteria for conditions have changed. As a result, many organizations have been tasked with reevaluating agreements in order to recognize and classify exchange revenue and contributions. Join Aronson nonprofit experts Mark Robins and Eric Hittle for a Lorman live webinar to understand the differences […]

Nonprofit Parking Tax Repeal: How to Obtain Your Refund or Credit

A new law brings welcome news to the nonprofit community. On December 20, 2019, the president signed an appropriations bill that repeals Section 512(a)(7), the unpopular tax on parking and other transportation fringe benefits provided to employees of most tax-exempt organizations. The provision was repealed retroactively, which means nonprofits can request a refund or credit […]

Parking Tax Repealed – The Ordeal Is Almost Over!

A new law was signed recently that repeals code Section 512(a)(7), the unpopular tax on most tax-exempt organizations, including religious organizations and voluntary health and welfare groups, for parking and various other transportation fringe benefits provided to employees. The provision is repealed retroactively, which means refunds can be requested for all taxes paid for the […]

Sweat the Small Stuff: Key Considerations for Churches

Most people have heard the saying, “Don’t sweat the small stuff.” While this is a sound philosophy in many circumstances, it is not always the case—especially when it comes to seemingly small details that could have a large impact on your church or organization.  In this sense, small stuff can be viewed as tasks that […]

Starting a Private Foundation

Private foundations are independent legal entities that are typically funded by individuals, groups, or businesses. A person might want to start a foundation for various reasons: to be philanthropic, to expand their brand, to expand giving opportunities, and to take advantage of tax laws. When creating a private foundation, the first step is to define […]

Nonprofit Organizations: Accounting for Interest-Free Loans

Nonprofit organizations often receive loans that are interest free. Because these are not normally obtainable through traditional financing options, the American Institute of Certified Public Accountants (AICPA) believes a restricted contribution element should be recognized to reflect the value of an interest-free loan. In addition, interest expense should be recognized over the life of the […]