…Many non-profits have multiple types of fixed assets, such as vehicles, equipment, buildings, building improvements, and furniture. While many non-profit organizations use a single threshold for a one-size-fits all policy,…
…Accounting for Government Grants and Disclosure of Government Assistance or FASB Accounting Standards Codification (ASC) 958-605, Not-for-Profit Entities – Revenue Recognition, leading to inconsistent reporting and limited comparability. ASU 2025‑10…
Tax Exempt Organizations Expecting Refunds Due to the Nonprofit Parking Tax Repeal On December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”), was signed…
…with results that may portend future changes to US accounting standards. The Not-for-Profit Advisory Council The Not-for-Profit Advisory Council (“NAC”) was established in October 2009 and serves as an advisory…
Single Audit Update for Not-for-Profit Organizations Background of OMB A-133 Compliance Supplement Each year, the Federal Government provides over $400 billion in grants to State, local and tribal governments, colleges,…
…endowments made up of held-to-maturity investments. CECL is effective for non-profits for fiscal years beginning in 2023. Background In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards…
…scared to revisit the conversation. Endowments can be daunting, but we are here to help. Contact your Opportunity Advisor or Email | Call: 804.747.0000 Additional Resources Not-for-Profit Accounting Insights …
…accounting and financial reporting matters, and regulatory compliance. Richard leads the Firm’s Not-for-Profit team and is a member of the Healthcare and Medical Practices industry team. Prior to joining Keiter,…
Jayme is dedicated to high level client service and partners with not-for-profit organizations to assist them in reaching their program goals. Jayme leverages her over 20 years of not-for-profit tax…
…non-profit organizations Movie theater operators Talent representatives – defined as an agent or manager who operates a for profit or non-profit activity that is primarily engaged in representing artists and…
…provisions of ASC 842 that a not-for-profit organization might see only occasionally, which may make the organization uncertain of the appropriate guidance. Free rent If an organization is fortunate enough…
…profit organizations as part of its “A Bright Future Serving the Community” campaign. The donations mark the conclusion of a year-long celebration honoring the firm’s 40th anniversary of serving clients…