Nonprofit Accounting Basics

Recent Articles

IRS Guidance Released for Tax-Exempt Organizations to Claim Credit/Refund for Fringe Transportation Benefits Tax

On January 21, the IRS issued guidance for how not-for-profit organizations can claim a refund or credit for unrelated business income tax related to fringe transportation benefits, for which they

GWSCPA Offers Nonprofit COVID-19 Resource Webinars

The Greater Washington Society of CPAs is the host organization of www.nonprofitaccountingbasics.org.

Nonprofits Are Embracing Enterprise Risk Management

An increasing number of nonprofits have embraced enterprise risk management (ERM), which is a structured and continuous process designed to provide an organization’s board and senior leaders a stra

FASB ASU 2016-14: Liquidity - Organization Liquidity is More than Cash

The new nonprofit financial statement format, ASU 2016-14, is currently being adopted by nonprofit organizations because the standard is generally effective for calendar 2018 and fiscal 2019 year-e

Taxpayer First Act Mandates E-Filing for All 990 Series Returns

On July 1, 2019, the President signed H.R.

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

Accounting Standards Update No.

Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits

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?

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?

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

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