Nonprofit & Government

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Uniform Guidance: Cost Allowability Changes

The Office of Management Budget (OMB) released the new Uniform Guidance in December of 2013, and it became effective on December 26, 2014. The Uniform Guidance combines previous federal cost principles OMB Circular A-21 (Colleges and [...]

November 9th, 2015|Higher Education, Nonprofit & Government|

Proposed Changes for Not-for-Profit Accounting

The Financial Accounting Standards Board (FASB) has developed guidance that it believes will improve the information provided in financial statements and disclosures for non-for-profit entities. The proposed guidance is Accounting Standards Update 2015-230 Presentation of [...]

September 21st, 2015|Healthcare, Higher Education, Nonprofit & Government|

Federal Audit Clearinghouse Still Offline

In late July 2015, the Census Bureau (the Bureau) experienced an attack on the Federal Audit Clearinghouse (FAC). The FAC is used to collect single audit packages from state and local governments, non-profit organizations, and Indian [...]

August 17th, 2015|Nonprofit & Government|

Joint Venture Options for Non-Profits

Many tax exempts face the difficult task of trying to raise enough capital to fund programs, without the risk of losing exempt status, when traditional lending opportunities are increasingly less available. Joint venturing with for-profit corporations [...]

July 23rd, 2015|Healthcare, Higher Education, Nonprofit & Government|

GASB Statement 72 – Fair Value Measurement and Application Sample Disclosures

Part 2 of 2 Part 2 in our series on GASB Statement 72 provides two example footnote disclosures; Example 1 is for a General Purpose Government and Example 2 is for a Defined Benefit [...]

June 9th, 2015|Higher Education, Nonprofit & Government|

Updated A-133 Requirements – Super Circular

The U.S. Office of Management and Budget (OMB) issued Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards in December 2013. In December 2014, the Joint Interim Final Rule was issued for implementation [...]

May 15th, 2015|Higher Education, Nonprofit & Government, Uncategorized|

Latest FASB Proposed Changes to Not-for-Profit Reporting

The format of the financial statements of not-for-profits is about to undergo significant changes. Implementation will undoubtedly require planning and early communication with your accounting firm. We will keep you updated regarding the latest proposals and implementation [...]

April 24th, 2015|Nonprofit & Government|

Governor Beshear Signs House Bill 440 Which Updates Laws for Nonprofits

Yesterday, Governor Beshear signed House Bill 440, which updates the laws for nonprofit organizations in Kentucky. Specifically, House Bill 440 was signed which brings Kentucky law in line with more than 15 other states by [...]

April 2nd, 2015|Nonprofit & Government|

FASB to Propose New Not-for-Profit Reporting Requirements

As we mentioned at our December 4, 2014 Dean Dorton Annual Accounting & Ethics Update, the Financial Accounting Standards Board (FASB) has voted to propose new not-for-profit reporting requirements (please see the link to the Journal of [...]

March 17th, 2015|Higher Education, Nonprofit & Government|