Featured Articles

Patricia A. O'Malley, CPA
Jul 17, 2020

As anyone who has had to compile information for the Form 990 knows, what the IRS is requesting is exceptionally time consuming to put together.   If your organization is subject to an audit, you have already devoted a substantial amount of time to prepare for it.  And, while a good bit of the information requested during the audit process can be used for the Form 990, there are major areas where the information needed varies between the two activities or additional information is requested.

 

Rebecca Schorling
Jun 25, 2020

Winter is here, and many organizations are preparing for the rush of year-end grants and contributions. The appropriate recording of these grants and contributions will vary based on the terms of the agreements and the donors’ intentions. One instance an organization may encounter is a contribution in which a donor specifies a beneficiary. On these occasions, it may be unclear whose revenue the contribution belongs to, the recipient’s or the beneficiary’s. Is the contribution merely restricted or could it be a contribution held for others?

 

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