In the first two blogs in this series, we explained guidance found in this new ASU regarding contributions vs exchange transactions, and conditional vs unconditional contributions

Our first blog in this series, “Accounting for Grants and Contributions (ASU 2018-08) – Part I”, explained the guidance related to determining a contribution from an exchange transaction.

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to the communication of information on not-for-profit financial statements.

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, it amended Section 274 and Section 512 of the Internal Revenue Code (Code) and opened the door for the potential of nonprofit organizations generating unrelated business taxable income (UBTI) due to the parking they provide to their employees.

The 2018 Report to the Nations shows there has been an increase in the per-incident losses among nonprofits over the past two years. According to the 2016, report religious, charitable, … Continued

The City of Atlanta has gotten a great deal of unwanted publicity since it fell victim to a ransomware attack in March 2018.

In early May 2018, the Internal Revenue Service (IRS) introduced a new tool called the Tax Exempt Organization Search.

Many people think that nonprofit organizations (NPOs) are immune to changes in regulations affecting income tax.