The latest view on not-for-profit accounting issues

Have you completed an internal risk assessment?

If an auditor were to ask you, “What is your opinion of your internal controls,” how confident would you be in your answer? Do you really know how strong your internal controls are for your organization? The best way to find out for yourself is to perform an internal risk assessment on your controls. This …

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Reminder: changes to fair value measurement disclosures

As you may recall, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) in May 2015. This ASU was issued as a continuation of the FASB’s ongoing initiative to simplify and improve accounting standards. This …

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Henry+Horne volunteers at Ryan House

On Saturday June 24, six other Henry+Horne team members and I had the privilege of volunteering at a local organization, Ryan House. If you have never heard of Ryan House, please take the time to read this and go to their website, because it truly is an amazing organization. Ryan House partners with families to …

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Did you remember the changes to debt issuance costs?

In April 2015, as a part of the FASB’s initiative to simplify and improve accounting standards, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Why should we care about an Accounting Standards Update issued two years ago? Because for privately held companies and not-for-profit organizations, ASU 2015-03 is effective for financial …

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Changes to the Form 990 extension process

The due date for exempt organizations to file their Form 990 returns is the 15th day of the 5th month after the organization’s year-end. With the May 15th due date for organizations having a calendar year-end this week, you may have filed for an extension. If you did, you may have noticed that the 990 …

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Form 1023-EZ now available electronically

It is official! The Internal Revenue Service (“IRS”) just announced that Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available online for the public to see for the first time. “The new online availability of Form 1023-EZ data is an important step forward and will allow taxpayers to more easily research information on …

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How does your nonprofit qualify to receive tax credit donations?

The holiday season is usually one associated with giving as the nationwide Giving Tuesday recently passed. This day has become a major revenue raiser for charities, bringing in over $117 million in charitable donations in 2015, according to NBC. If your organization didn’t participate in Giving Tuesday or it didn’t qualify, don’t fret as a …

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Henry+Horne’s October community service

Henry+Horne’s October community service event took place on Sunday, October 23rd. If you were in Tempe you may have seen us in our green shirts along with hundreds of other people as we participated in the Autism Speaks Walk. This walk was either a 5k or 1 mile walk that took place Sunday morning starting …

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Henry+Horne September community service

On Wednesday, September 21, several Henry+Horne employees and family members gathered at Ben’s Bells studio in downtown Phoenix to get crafty for this month’s community service event. Together, they painted over 200 ceramic pieces which the organization will use to assemble wind chimes (“Ben’s Bells”) to be placed around the surrounding community. The only way …

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Who Will the IRS Choose for Form 990 Audits?

The Exempt Organizations Division of the IRS has recently made a change in how they select nonprofit organizations for audits of the Form 990. Previously, audit selections were made based on specific types of organizations. For example, after the IRS conducted a study of nonprofit hospitals, those organizations were audited in higher numbers than other …

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