Current Tax Proposals and the Impact on the Not-for-Profit Community

The proposed tax legislation is still far from law, but the not for profit community may be negatively impacted by the current proposals. Simply put, many taxpayers who currently itemize, may take the standard deduction under the proposed legislation thereby reducing the benefit of making a charitable contribution.

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Challenges Facing the Not-for-Profit CFO of the Future

The role of CFO in not-for-profit organizations (NFPs) is evolving and becoming increasingly complex. Especially in smaller NFPs, the CFO is now expected to assume key managerial responsibilities (in addition to traditional fiscal ones), and to thoroughly understand issues of strategic planning, compliance, communications, governance and information technology (IT), among others.

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FASB's New Standard Aims to Improve Not-for-Profit Financial Reporting

ASU 2016-14 Replaces the Reporting Model That Has Existed for 20 Years
(From AICPA Not-for-Profit Section - Published August 18, 2016)

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016. The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements.

 

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