As many of you may know, the Financial Accounting Standards Board (FASB) issued a new standard ASU 2016-14, Presentation of Financial Statements. One effect this standard has is that it creates consistency on how expenses are presented in the financial statements for all nonprofit organizations. Functional expenses can be disclosed in three different ways: 1. …
In the accounting profession, work can get busy. So much so, that many of us have probably caught ourselves saying, “I was so busy at work today, but feel like I got nothing done.” In general, one minute of focused time equals four and a half minutes of unfocused time, and while people can switch …
After almost five years of talking about it, the long-anticipated revenue recognition standard is now being employed by the public filers. Private companies still have some time, but don’t procrastinate. There is a lot you need to do in 2018 to be able to apply the standard and the full or modified retrospective application. How …
One type of distribution your 401(k) may allow for is a hardship distribution, and while the criteria can vary from plan to plan, most are generally similar. A hardship distribution is used to satisfy the immediate and heavy financial need of the participant, the participant’s spouse or the participant’s non-spouse, non-dependent beneficiary. Common examples of …
If you have contributed to a 401(k) at a former employer or think that you may have done so, you probably want to find your account. Maybe you switched jobs or moved and lost track of your funds. Not to worry. Your money is protected and should still be out there. Here are several steps …
After four years of memorizing tax law, formulas, thresholds and acronyms, I can finally vouch that there is no way school can prepare you for your first tax season as an accountant. Although I can appreciate the four years of all-night study sessions and Starbucks runs, these are the things school just could not teach …
You’ve got your process figured out – 401(k) benefit packages are given to employees the date they’re hired, or maybe it’s when they become eligible to participate or perhaps you rely on your TPA to communicate to the employee how to enroll when eligible. You collect all the necessary enrollment forms and get participating employees’ …
Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …
Accounting standards are constantly evolving, with new ones issued from the Financial Accounting Standards Board (FASB) every year. Many times, they have no impact to most private companies. However, the FASB’s new revenue recognition standard is expected to have one of the most far-reaching impacts seen in quite some time. Even if it doesn’t change …
Is your nonprofit involved in activities in foreign countries? This includes operating an orphanage, conferences, mission work or any other type of program activity. If so, your organization may find it necessary to open a bank account in that country. Once you decide to do that, Form 114 may be required for you to file …