Community Lending Institutions
Guidance: CECL Standard for CDFIs
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]
Affordable Housing Sponsors Approaching LIHTC Property Transitions
The Low-Income Housing Tax Credit (LIHTC) program, enacted in 1987, has been paramount for financing the construction and rehabilitation of properties in low-income communities. The credits are claimed by the investor over a period of 10 years, with a 15-year Federal compliance period. Additionally, there is an overall 30-year restricted use-period with the state housing […]
Guidance on New Lease Accounting Standard
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]
Year-End Bill Impacts Community & Economic Development Industry
AAFCPAs would like to make clients aware that the Consolidated Appropriations Act, 2021 (The Act), signed by the President on December 27th, contains several provisions impacting the Community & Economic Development Industry. We have outlined the key provisions below, for your convenience. Low-Income Housing Tax Credit 4% Permanent The Act makes permanent the floor rate […]
IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]
Cancelled Fundraising Events, Written Notice Requirements
On March 10, 2020 MA Governor Charlie Baker declared a state of emergency for the Commonwealth of Massachusetts in response to the spread of the Coronavirus. The Governor’s administration offered guidance to the public to limit or eliminate attendance at large gatherings. As a result, several of AAFCPAs’ nonprofit clients have made the difficult decision […]
Educational Podcast: CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO
Listen to Podcast Click here to listen to podcast or use the above media player. AAFCPAs, in collaboration with The Boston Chapter of Financial Executives International (FEI-Boston), conducted a survey of over 250 Chief Financial Officers in an effort to capture what issues are currently ‘top of mind’ for senior financial executives in the Northeast […]
Educational Podcast: How to Right-Size Your Finance Function
Listen to Podcast Click here to listen to podcast or use the above media player. Over one third of CFOs surveyed report human resource limitations and team bandwidth as the PRIMARY challenge in meeting the expectations of their CEO. Nonprofit finance departments are often juggling the day-to-day accounting and bookkeeping responsibilities alongside more complex and […]
Educational Podcast: Cybersecurity in 2018
Listen to Podcast Click here to listen to podcast or use the above media player. Techniques of cyber-criminals continue to evolve. A recent study shared by InfoSecurity Magazine reports “Cyber-criminals have adopted an organizational shift in how they carry out their work, implementing corporate best practices and establishing professional businesses to increase the efficiency of their attacks […]