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 […]

Financial Accounting for PPP Loans

Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide certain small businesses with loans to support their operations. These loans are intended to be forgiven if certain requirement (discussed here) are met.  The following summaries PPP loan and forgives accounting for Not-For-Profit (NFP) […]

SBA Loan guidance on Single-Audits for Nonprofits

The nonprofit community got some good news today regarding Paycheck Protection Program (PPP) loans. The AICPA Governmental Audit Quality Center released the following: “In response to the COVID-19 pandemic, Small Business Administration (SBA) PPP loans, administered under the 7(a) guaranty loan program, are being provided through local financial institutions. While these loans have been made […]

Nonprofit Organizations: Accounting for Interest-Free Loans

This blog and referenced guidance is not applicable to loans obtained under the Payroll Protection Program (PPP). See this blog for further guidance. 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 […]

IRS Automatically Extends Tax-Exempt Organization Deadlines

To provide additional help to taxpayers, the Internal Revenue Service (IRS) issued Notice 2020-23 on April 9, 2020 to extend additional key tax deadlines for individuals and businesses. Among those groups that will benefit from this extension are tax-exempt organizations who file a 990 series form. Some of the forms extended by this notice are: […]

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 […]