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Nonprofit and Government
Our nonprofit and government sub-industry expertise includes (but is not limited to): arts and culture organizations, associations and membership organizations, educational institutions (charter schools, universities, K-12 education), foundations, government agencies, housing organizations, religious organizations, and social service organizations.
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Audit and Accounting Standards White Paper Available
Access our white paper to learn how the new audit and accounting standards may impact the audit process at your nonprofit or governmental entity. The following standards are addressed: SAS 104-111, SAS 114, FASB 157, FASB 159, FIN 48, EITF 06-2, and alternative investments.
IRS Wants Your Feedback on New 990 Draft Instructions
The IRS issued draft instructions for the redesigned 990 and they are requesting input from the nonprofit field. The new form will require extensive preparation and goes into effect for the 2008 tax year. The deadline to submit comments to the IRS is June 1, 2008. More
Frequently Asked Questions About SAS 70
Does your organization provide evidence of information safeguarding controls and security practices? Many industries are now requiring vendors present this evidence by obtaining a SAS 70 audit. View answers to the commonly asked questions we’re receiving from leaders of organizations in all of the industries we serve.
Volunteering in Your Retirement Years
by Bruce Braunewell
This first round of Baby Boomers is not only concerned about whether they have the financial resources to stop working, they are also looking for ways to maintain an active lifestyle, their health, and their mobility. In addition, they want to remain productive members of their communities. More
Redesigned 990 Requires Extensive Preparation
Nonprofits need to begin preparing for the revised Form 990, which goes into effect for the 2008 tax year (returns due May 15, 2009 or after). Because the reporting requirements have increased substantially, many organizations will have to build accounting systems and practices to gather the information now required. More
Small Nonprofits Must File
e-Postcard in 2008
Small tax-exempt organizations with annual gross receipts of $25,000 or less may be required to file Form 990-N (e-Postcard) in 2008. What happens if you don’t file your e-Postcard? You risk losing your tax-exempt status. More
Upcoming Changes to 403(b) Plans Require Foresight—Don’t Risk Noncompliance
Organizations need to begin preparing to ensure compliance with the first major regulation changes to 403(b) plans in four decades. They generally become effective on January 1, 2009. Revisions to the Form 5500 filing requirements also go into effect at the same time—making certain 403(b) plans subject to an audit—similar to
401(k) plans. More
SAS 104-111: Preparing for Your Auditors Can Minimize Fee Increases
Eight new risk assessment standards (SAS 104-111) go into effect for financial statement audit periods beginning on or after December 15, 2006. The new standards widely expand and change the audit process for nonprofit and government organizations. Are you prepared for your auditors? It’s not too late to begin preparing for June year-end audits. More
Court Orders Nonprofit to Pay Property Taxes—Signifying a Trend
In a majority ruling (four-to-three), the Minnesota Supreme Court (the Court) reversed a nonprofit organization’s property tax exemption. The Court’s decision stated that the nonprofit is not a “purely public charity” because it doesn’t provide goods and services free or at a significantly reduced rate. More
UPMIFA to Impact Nonprofits
The 2006 Uniform Prudent Management of Institutional Funds Act (UPMIFA) will likely replace the Uniform Management of Institutional Funds Act (UMIFA) of 1972. UPMIFA may offer more flexibility for nonprofit organizations to spend endowments, and to meet donors’ obligations while also meeting their missions. More
Using Volunteers to Improve Internal Controls
by Harold Parsons
By carefully selecting volunteers and thoroughly training them, many
nonprofits can draw on their dedicated supporters to help them strengthen
their internal controls and their organization as a whole—at little or no
cost. More
Is Your Organization Ready for
SAS 104-111?
Eight new risk standards (SAS 104-111) go into effect for audits beginning on or after December 15, 2006. Nonprofit leaders can identify specific ways to address the AICPA standards with boards, management, and auditors. Learn more in a Finance & Administration Roundtable presentation given by John Langan.
New Audit Standards Directly Impact Associations
SAS Nos. 103-112 will require improved financial governance and oversight by associations and auditors. “The new AICPA standards are the next step toward transparency,” explains John Langan, principal-in-charge of LarsonAllen’s nonprofit and government group. “They affect the timing, risk assessment, documentation, and reporting requirements for all financial statements.” Read more in an article published in Associations Now magazine.
Public Inspection of Form 990-T
Nonprofit organizations that file unrelated business income tax returns (Form 990-T) must make them available for public inspection and copying, according to interim guidance from the IRS. More
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