Not-For-Profit Notebook

Practical insight and analysis on the accounting, audit and tax issues impacting not-for-profit organizations.

Posts about Not For Profit Group

The New Lease Standard (ASC 842): How to Prepare for Implementation

Posted by Melissa Dunn Sep 29, 2022 5:08:49 PM

The Financial Accounting Standards Board (“FASB”) has issued a new lease standard (ASC 842) to increase transparency and comparability among organizations with leasing activities. Below are some key facts related to this new standard and its impact on your organization.

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About That IRS Notice: Do You Need To Respond?

Posted by Melissa Dunn Feb 18, 2022 3:22:09 PM

BBD has seen many of our nonprofit clients experience an uptick in IRS notices, but, unfortunately, there has been no correlating rise in the IRS’ ability to manage responses.

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Hurricane Ida- Important Tax Relief Information for Pennsylvania and New Jersey Nonprofits

Posted by Melissa Dunn Oct 25, 2021 4:43:05 PM

The IRS is continuing to update the list of Pennsylvania and New Jersey counties that qualify for an additional extension of time to file returns until January 3, 2022 as a result of the impact of Hurricane Ida.

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Update for Nonprofits on the American Rescue Plan Act’s Employee Retention Credit

Posted by Melissa Dunn Jul 13, 2021 7:13:00 PM

The American Rescue Plan Act (the Act) was signed in March and expanded the eligibility for the Employee Retention Credit (ERC), as well as extending the credit period through the end of 2021. While the 2020 credit was limited to 50% of $10,000 in qualified wages per employee, the Act increased this amount to 70% of qualified wages paid per employee per quarter. That’s a potential credit of $28,000 per employee for 2021!

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Nonfinancial Gifts-in-Kind: Impact of ASU Update 2020-07 On Your Nonprofit Organization

Posted by Melissa Dunn Jul 6, 2021 8:30:00 AM

As you receive gifts-in-kind, it's important to keep these new reporting requirements in mind.

The term “gifts-in-kind” is used broadly to refer to all noncash gifts, both tangible and intangible. Tangible gifts-in-kind include contributions of items such as stock, land and supplies. Intangible gifts-in-kind include contributions of items such as advertising and other professional services. While greatly appreciated by an organization, it can be challenging to account for these gifts.

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Pennsylvania Nonprofits: Don't Forget to File Your Decennial Report

Posted by Melissa Dunn Jan 5, 2021 4:00:00 PM

Beginning January 15, 2021, the Pennsylvania Department of State will begin notifying all corporations, including nonprofit corporations, of their need to file a Decennial Report. 

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COVID Update: Consolidated Appropriations Act of 2021

Posted by Melissa Dunn Jan 4, 2021 12:29:00 PM

On December 27, 2020, the Consolidated Appropriations Act of 2021 (Act) was signed into law. The Act affects several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The largest of these relates to the Paycheck Protection Program (PPP) loans.

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