Category: Industry Updates

Deep Dive into Conditional vs. Unconditional Contributions: Understanding Through Examples (FASB ASC 958-605) In nonprofit financial management, accurately classifying contributions as conditional or unconditional is crucial for compliance …

Navigating Fiscal Sponsorship Due to the negative effects of the pandemic on many not-for-profit entities (NFPs), fiscal sponsorship has become a practical solution to keep essential programs running. …

Federal Audit Clearing House Update The Federal Audit Clearing House (FAC) transitioned from the U.S. Census Bureau to the U.S. General Services Administration (GSA) on October 1, 2023. …

Extension of time to file for those in federally declared disaster areas May 15 is the due date for filing Form 990-series returns for calendar-year tax-exempt organizations, however …

Implementation of Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments FASB Accounting Standards Update (ASU) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses …