Nonprofit | AccountingWEB



FIN 48-2: FASB upholds FIN 48 for public companies; non-public entities may defer

The Financial Accounting Standards Board (FASB) has decided to allow nonpublic entities to defer implementation of FIN 48 to fiscal years beginning after December 15, 2007. To address this issue, the Financial Accounting Standards Board has issued FASB Staff Position (FSP) FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises.

IRS releases newly designed Form 990 for 2008

The IRS has issued an updated version of Form 990, the return that charities and other tax-exempt organizations are required to file annually, and has provided transition relief so that small exempt organizations will have time to adjust to the new form. "When we released the redesigned draft form this past June, we said we needed a Form 990 that reflects the way this growing sector operates in the 21st century," said Steven T. Miller, commissioner of the IRS' Tax Exempt and Government Entities division.

How can I help? Responsibilities of serving on nonprofit boards

By James D. Cole, CPAPerhaps the following situation is familiar to you or your clients, beginning with one telephone call:"Hello, yes, this is he. Yes, I am a CPA. Oh yes, I have heard of your charity. I think it is a wonderful cause! Why yes, I might be interested in serving on your board of directors (as my mind races to the monthly stipends paid to directors that I read about in proxy statements).

Leveraging philanthropy to new heights

For advisors in philanthropy, the question has always been how to calculate and secure the current and future gift, ideally at the same time and from the same donor but without it having to be a philosophically competitive exercise. When it comes to endowment building, large donors are needed to contribute major gifts and help to continue and grow the philanthropic endeavor. The problem is that large donors are sought after by the entire non-profit world and by and large they are given the same charitable giving choices from development officers.
Education & Careers

"Project Run With It" case competition to be sponsored by Moss Adams

"Project Run With It" is a case competition that will be held on Thursday, August 7, 2008 during the BAP Annual Meeting in Anaheim, CA. The competition will bring BAP students from 60 chapters together to develop solutions to financial and technological problems of actual not-for-profit (NFP) agencies. The NFP agency will provide background information and answer student questions. Students, working in teams of four, will have one day to develop possible solutions and present them to the agency.

Small tax-exempt organizations face new postcard reporting requirement

The Internal Revenue Service has announced that it began mailing educational letters this month to more than 650,000 small tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ."IRS expects to mail the letters over a period of several months, finishing in December.With the enactment of the Pension Protection Act of 2006 (PPA), the majority of small tax-exempt organizations are now required to submit the e-Postcard.

IRS provides online help to tax-exempt organizations

The Internal Revenue Service has launched four new "Life Cycles" - Web-based information tools - to help guide tax-exempt organizations through the federal tax rules and requirements that pertain to them.The new tools, patterned after existing life cycles for public charities and private foundations, provide easy navigation through the IRS Web site for:Social welfare organizations — under Internal Revenue Code section 501(c)(4)Labor organizations — 501(c)(5)Agricultural and horticultural organizations, such as farm bureaus — 501(c)(5)
Community News

Nonprofits benefit from Deloitte's 8th annual IMPACT Day

Tens of thousands of employees of Deloitte & Touche USA LLP set aside their regular work and made their communities their client on Friday, June 8, for the organization's 8th annual IMPACT Day, a one-day example of its year-round commitment to volunteer service.

IRS to Redesign Form 990

The Internal Revenue Service is preparing to redesign its Form 990, “Return of Organization Exempt From Income Tax,” according to reports.The forms filed by nonprofit organizations to allow donors to monitor how a charity handles donations, as well as a tool for the government to verify an organization's tax-exempt status.

Non-Profits Service Fund Software Launched

Kintera Inc. has unveiled its first software as a service fund accounting system for non-profits.Built on its social constituent relationship management platform, Kintera Sphere Fundware will allow non-profit and government organizations to track the flow of funds from end to end, integrating with business applications such as e-commerce, utility billing and management for grants and donors.“One of the things in the back of people’s minds is where is the money going,” said Harry Chiu, senior vice president of product management for Kintera.

Federal Rules Make Reform of Charity Campaign Difficult

The federal government is trying to fix problems in its annual fund-raising drive for charities, but its own rules are blocking progress.Last year, the U.S.

Churches Adopt Business Management Methods

Megachurches with memberships in the thousands and budgets in the millions are hiring more staff and consultants with business experience as they look to implement corporate management and accounting methods for their congregations.Advertisement

Islamic Accounting: Challenges, Opportunities and Terror

Recent events, from the start of Ramadan, to the Pope’s controversial remarks about Islam, to the discovery of a new tape by two of the September 11 attackers, to the release of Bob Woodward’s latest book, have once more made Islam a topic of conversation. Beyond the headlines, however, exists a complex religious and social system that affects far more people than just Muslims.

Philanthropic Capitalism: What the Successful Do Next

“Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.” Andrew CarnegieWarren Buffett’s recent announcement that he was giving away billions of dollars is the latest example of what is coming to be known as “philanthropic capitalism”. Philanthropic capitalism is not a new concept, it’s been around in various forms since the 18th Century.

IRS Reminds Charities to Avoid Political Campaign Activities During Election Season

The Internal Revenue Service (IRS) reminds charities to avoid becoming involved in political campaign activities during the coming election season.

CYMA Announces $2.5 Million Software Grant Program

CYMA Systems Inc. of Tempe, Ariz., has announced a grant program for charitable organizations. Under the grant program, CYMA, a leading developer of not-for-profit accounting software, will provide a grant of over $2,700 in accounting software to qualifying 501(c)(3) organizations.

Seller-Funded Down Payment Assistance Programs are Not Tax Exempt

The Sacramento, California-based Nehemiah Corp., a nonprofit mortgage assistance program, and 184 similar programs around the country, have been accused by the Internal Revenue Service (IRS) of operating a down payment scam and are no longer eligible for tax exempt status, the Sacramento Bee reports.
Community News

Introducing Sage University for Customers, Prospects, & Business Partners

On Monday, Sage Software announced the launch of Sage Software University, a one-stop, all-inclusive resource for Sage Software training products and services, exclusively for Sage Software customers, prospects and business partners.Advertisement

Foundation Tracks Philanthropy’s Response to Gulf Coast Disasters

The Foundation Center, a nonprofit organization that gathers and analyzes information on U.S. philanthropy, has released “Snapshot of Philanthropy’s Response to the Gulf Coast Hurricanes,” an overview of corporate and foundation response to the disasters. Data for this report comes from information provided by the institutional donors through press releases, web postings and other public announcements. The Center will be tracking foundation and corporate giving over the next several years and will publish extensive detailed analysis at the end of 2006 and 2007.


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