Archive: Nonprofit

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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 The provision was repealed retroactively, which means nonprofits can request a refund or credit […]

Parking Tax Repealed – The Ordeal Is Almost Over!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 The provision is repealed retroactively, which means refunds can be requested for all taxes paid for the […]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 […]

IRS Issues Guidance on Parking Benefit Expenses to Be Included as UBTI for Nonprofits

The Internal Revenue Service (IRS) has issued Notice 2018-99, Parking Expenses for Qualified Transportation Fringes Under Section 274(a)(4) and 512(a)(7) of the Internal Revenue Code, which provides some clarity to nonprofits for determining the amount of increase to unrelated business taxable income (UBTI) for parking benefits provided to employees. This new UBTI is a result […]

How Mobile Apps Can Benefit Your Association

For most people, mobile apps have become a major part of everyday life. People use mobile apps to do just about anything we can imagine, including to read news, chat, connect with friends and colleagues, and plan events. Associations can take advantage of many of these functions by getting their own custom-branded app. There are […]

Do You Know the Laws Governing Unclaimed Property in Your State?

It is not uncommon for nonprofit organizations to have uncashed checks, such as refunds from clients or customers or payments to vendors. These are only just some of the most common examples of unclaimed properties that could occur. By definition, unclaimed properties are intangible or tangible property that has been abandoned or lost by its rightful owner […]

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. […]