Today, the Financial Accounting Standards Board (FASB) issued clarified guidance on accounting for contributions. To help nonprofits understand the changes, the Nonprofit Standard blog outlines a practical example of how to classify a grant and explains how the updated guidance could reduce the administrative burden of implementing revenue recognition for some organizations.
The tax reform bill included several important changes to charitable giving and is predicted to cause a $12-$20 billion decline in donations. But a new bill introduced in the House could help bridge that gap and grant a long-standing wish for the nonprofit community: a...
How can you determine if your nonprofit is financially fit? Liquidity is an important part of the equation. Learn more about liquidity and new disclosure changes in our latest blog.
What makes an effective nonprofit data privacy program? One that aligns with an organization’s business, involves key stakeholders, and includes ongoing monitoring and controls, among other factors. Read the Nonprofit Standard’s latest blog post for best practices on how to...
What prompted the FASB to release its new revenue recognition standard, and how can nonprofits prepare? BDO’s Lee Klumpp and Carla DeMartini answer these questions and more in a recent New York Nonprofit (NPN) Media podcast.
A nonprofit mission statement is more than just words – it represents everything an organization stands for. But what are the ingredients for a strong mission statement that communicates impact?
A recent Q&A issued by the Financial Accounting Standards Board (FASB) indicates that nonprofits can apply guidance from the Securities and Exchange Commission (SEC) for applying Topic 740, Income Taxes, as it relates to tax reform.
The new tax law profoundly impacts tax-exempt organizations. What are the top six tax reform-related issues nonprofits will need to address? Find out in BDO’s latest Nonprofit Standard blog post.
The internal audit function is vital to the health of any nonprofit, regardless of mission or scope, but often deals with challenges from regulations to resources. This is part two in our series on what keeps internal audit up at night. This part 2 highlights additional areas...
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