by @nicholasware | Oct 30, 2016 | Uncategorized
With the new guidance from FASB, one aspect of financial reporting that will change for nonprofits is how net assets are classified. Currently, there are 3 categories of net assets – unrestricted, temporarily restricted, and permanently restricted – depending on...
by @nicholasware | Oct 23, 2016 | Uncategorized
The Financial Accounting Standards Board, or FASB, recently issued new guidance for how financial statements for nonprofit organizations should be presented. The new requirements will take effect for fiscal years starting after December 15, 2017, and for interim...
by @nicholasware | Oct 16, 2016 | Uncategorized
Similar to the topic of my earlier post about lobbying, there are also restrictions on nonprofits being involved in political campaigns. Most immediately, nonprofits may not take action on behalf of, or in opposition to, a candidate running for political office....
by @nicholasware | Oct 8, 2016 | Uncategorized
One restriction put on nonprofits is the ability to perform lobbying. Time and money that nonprofits spend on lobbying is reported on Schedule C of their 990s and, if an organization devotes too much of its resources to lobbying, it can lose its nonprofit status with...
by @nicholasware | Oct 2, 2016 | Uncategorized
One annual responsibility of nonprofits is filing a Form 990 with the IRS, detailing the financial activities of the organization in the last fiscal year. Along with the form itself comes a number of schedules to provide supplemental information about specific types...
