Happy New Year From Our Team & Top Posts of 2015

As we gear up for the year ahead, we’ve taken a moment to reflect on the events of the past year in the nonprofit and education industry. Here are a few of our top posts from 2015, in case you missed them:

Proposed Changes to the Nonprofit Financial Statement Model – What You Need to Know
Over the past year, we’ve focused extensively on the FASB’s financial reporting project, which marks the biggest shift in nonprofit accounting in two decades. Well ahead of the deadline for comments on the proposed changes, Lee Klumpp outlined all the need-to-know’s for nonprofits.

Updates on the New AICPA Not-For-Profit Member Section
Last January, the AICPA announced its new Not-For-Profit Member Section, the first section devoted to a specific industry. Jeff Schragg, who participated in the section’s planning meeting, discussed important updates and objectives from the section.

Reviewing the IRS Form 990: Five Tips and Best Practices
As 2015 filing season kicked off, Becky Eley shared five tips to help nonprofits brush up on best practices for preparing and reviewing their Form 990s.

Going Concern: What Nonprofit Organizations’ Management Teams Need to Know
In February, Lee Klumpp gave important background on going concern, a financial reporting consideration that’s historically lacked clarity and guidance for both for-profit and nonprofit organizations.

Nonprofit Planning Considerations for Selecting a Fiscal Year End
In June, Laurie De Armond shared factors to consider when selecting a fiscal year end that works with your organization’s current operations.

Infographic: The FASB’s Not-For-Profit Financial Reporting Project Exposure Draft – What You Need to Know
Our team developed this infographic outlining the background, goals, impact and timing of the FASB’s proposed Accounting Standards Update, which is poised to substantially affect all nonprofits, creditors, grantors and users of nonprofit financial statements.

Wire Transfer Fraud: It Could Happen To You
In the second installment of a two-part cyber fraud spotlight series, Jesse Daves shared investigative steps for nonprofits who learn they’ve been hit by wire transfer fraud.

New Tax Act Has Much For Nonprofits Shortly after the Protecting Americans From Tax Hikes Act of 2015 (the Act) was signed by the president in mid-December, Mike Sorrells delved into its implications for tax-exempt organizations.

Thank you for your ongoing readership, and from the entire Nonprofit & Education team at BDO, we wish you a happy and prosperous New Year!