Happy Holidays from the Nonprofit & Education Team! – Top Posts of the Year

With the New Year approaching, we’ve taken time to reflect on what has been an exciting year for the nonprofit sector. Here are a few of our top posts from 2014, in case you missed them: At the start of this year, Sandra Feinsmith discussed several focus areas for nonprofit organizations in the year ahead: attracting and retaining donors, social media, changes to reporting standards and new regulations. Well ahead of this December’s revised guidance deadline, our team created this infographic to explain the changes brought on by the OMB’s new Uniform Guidance, as well as what organizations can do to prepare to comply with these updated regulations. Our team came out with this initial notice of the OMB issuing its new Uniform Guidance, providing a background article from BDO’s Eric Sobota and Rachel Conway of Save the Children. Laurie De Armond provided an update this past Spring on the FASB’s Not-for-Profit Financial Reporting – Financial Statements project. In March, Laura Kalick provided this in-depth overview of the Tax Reform Act of 2014 and how it could affect nonprofits nationwide if its numerous provisions were enacted. Laurie De Armond and Nidhi Rao discussed ways in which smaller nonprofits can work to protect themselves from instances of fraud, even with more limited resources at their disposal. Our Higher Education Practice Leaders put together this graphic ahead of the 2014 EACUBO Annual Workshop to offer colleges and universities several helpful tips for properly utilizing their nonprofit financial statements. Matt Cromwell and Sofia Blair reflect on the shortcomings of overhead metrics, as discussed at the BDO, UBS and Wells Fargo jointly-sponsored event, “Summit to End the Overhead Myth.

Our own Mike Sorrells, who also serves as president of the Greater Washington Society of CPAs, discusses the AICPA’s announcement surrounding its new Not-For-Profit Member Section. Stay tuned in the weeks ahead, as Jeffrey Schragg will be providing further updates about the initiative.

From the entire Nonprofit & Education team at BDO, thank you for your ongoing readership, and we want to wish you all happy holidays and joyous New Year.