Nonprofit Accounting Basics

Recent Articles

Lease Means More: The Impact of ASC 842, Part Two

Originally Posted: July 22, 2019

Accounting Standards Update No.

Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits

Originally Posted: June 19, 2019

Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM).

Is Your Data Protected for Phishing Attack?

Originally Posted: May 24, 2019

No matter what kind of organization you run, if you use the internet, you are at risk of a cyberattack.

Does Your Organization Own Collections?

Originally Posted: May 10, 2019

To align its definition of “collections” with that used by the American Alliance of Museums, the FASB issued Accounting Standards Update (ASU) 

Lease Means More: The Impact of ASC 842, Part One

Originally Posted: April 22, 2019

The Financial Accounting Standards Board (FASB) released Accounting Standards Upda

Changes to Fair Value Disclosure requirements - What You Need to Know

Originally Posted: April 8, 2019

The FASB’s new guidance in ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, impacts the fair value d

IRS Announces Important Filing Changes for Nonprofits with Group Tax Exemptions

Originally Posted: March 26, 2019

As part of a broader shift in reducing its administrative burdens, the Internal Revenue Service (IRS) will no longer send "central" organizations that hold group tax exemptions a yearly roster of e

Accounting Standards Updates (ASU) 2018 Effective Date Reminder

Originally Posted: March 20, 2019

This Effective Date Reminder lists only those pronouncements issued as of November 1, 2018, which became effective on or after January 1, 2018 for most entities or have not yet become effective for

New Revenue Recognition Standard Will Impact Nonprofit Financial Statements

Originally Posted: March 11, 2019

During 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).

New Requirements for Renewal of Exemption Status in Washington, DC

Originally Posted: March 4, 2019

Organizations exempt from income and franchise, sales and use and/or personal property taxes in the District of Columbia are subject to a new requirement to renew tax exemptions every five years.

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