News Category: Nonprofit

Photo of nonprofit determining donation date
September 13, 2019

Determining the Proper Date to Recognize Donations

Determining the proper date to report on a donor receipt can be difficult. Ordinarily, a contribution is considered “made” at … Read more…

Photo of printed financial reports
July 2, 2019

Financial Reporting and the 4 Levels of Service

When asking a Certified Public Accountant (CPA) for a report and financial statements, it is important to know what type … Read more…

Image of person at desk preparing for financial statement audit
May 14, 2019

Five Tips on Preparing for a Financial Statement Audit

Financial statement audits are a great way to add value to an organization, by ensuring accurate annual reporting to donors, … Read more…

Donor Acknowledgment for Donations
February 22, 2019

Donor Acknowledgment for Donations

Donations are essential to non-profit organizations and donor acknowledgment is vital for tax deductibility of charitable donations. All donors are required … Read more…

Graphic of the IRS Form 990
February 20, 2019

What Story Does Your Organization’s Form 990 Tell?

The IRS Form 990 is a publicly available document and is posted on various charity rating websites such as Guidestar and Charity Navigator. … Read more…

Implementation Tips - New Reporting Requirements for Not-for-Profit Entities
January 25, 2019

Implementation Tips – New Reporting Requirements for Not-for-Profit Entities

The effective date for ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities is for fiscal years beginning after December 15, 2017. … Read more…

Clarifying Accounting for Nonprofit Grants and Contracts
November 29, 2018

Clarifying Accounting for Nonprofit Grants and Contracts with ASU 2018-08

In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Clarifying the Scope of the Accounting … Read more…

Photo of nonprofit volunteers unloading non cash donations from truck
October 30, 2018

Recognizing Non-Cash Donations to Your Nonprofit

In addition to cash donations, nonprofit organizations receive non-cash gifts and donations, which must be recognized in the organization’s financial … Read more…

Graphic of the IRS Form 990
August 29, 2018

Board Review of the Form 990

The IRS requires nonprofit organizations to disclose whether the Form 990 was provided to all members of the Board of Directors prior to filing and to describe the review process used. Board review of the Form 990 is not statutorily required, but the IRS believes such review is important; it is certainly a best practice to have the Board, Finance Committee, or a subset thereof, review the Form 990 prior to filing…

Photo showing a nonprofit board meeting
August 25, 2018

Rights, Roles, and Responsibilities of Board Members

The Charitable Activities Division of the Oregon Department of Justice provides valuable information regarding the rights, role, and responsibilities of nonprofit board members…