Print Friendly, PDF & Email

Nonprofits and the “Bucket system”: from cash management to investment returns

It can be tempting for nonprofits to focus solely on near-term strategy.  The grant environment is challenging, and competition for donor dollars has never been fiercer.  Keeping a plan on track that supports financial health is often a year-by-year exercise. That exercise, though, varies widely depending on how the organization brings in revenue. Those that receive significant funding in waves can take a different approach than those that are solely... continue reading

FASB’s Technical Agenda for NFP Financial Statements Project Organized in Two Phases

AAFCPAs would like to make you aware of the two phases that comprise the technical agenda for FASB’s Nonprofit Financial Statement Project.  On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. This ASU is intended to improve existing standards for financial statement presentation by... continue reading

The MA Attorney General Launches Online Payment System (ePay) to Accept Fees from Charities

The Massachusetts Office of the Attorney General (AGO), Division of Public Charities office has announced the launch of its statewide, online payment system to accept annual filing fees from registered charities.  Any public charity that is registered with the AGO and has an Attorney General Number may now use the ePay site to remit their filing fee for Annual Filings. The online system will accept payment via electronic fund transfer... continue reading

AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project

The Financial Accounting Standards Board (FASB) is evaluating 263 comment letters, including feedback from AAFCPAs, as part of their invitation to stakeholders for review and input on the proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.   As part of its current Technical Plan, the FASB is deliberating these comments, and has separated the project into... continue reading

AAFCPAs to Present Educational Workshops on Fraud Prevention, Revenue Recognition at National Business Officers Conference in L.A. Benefiting Independent Schools

AAFCPAs has been selected to present complimentary educational workshops on two important topics at the National Business Officers Association’s 2016 Annual Meeting in Los Angeles on February 21-24th.  This is a must-attend conference for business officers and other independent school leaders, providing exceptional professional development programming and networking opportunities for over 1,000 independent school professionals from across the country. Conducting a Fraud Risk Assessment and Developing Your Fraud Risk Management... continue reading

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

2016 Standard Mileage Rates

The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for... continue reading

New IRS Employer Reporting Requirements Under ACA

AAFCPAs reminds clients that, pursuant to the Affordable Care Act (ACA), the employer information reporting provision for offers of minimum essential coverage, which applies only to applicable large employers, is now in effect. Do you qualify as an ALE? An applicable large employer (ALE) is, for a particular calendar year, any single employer, or group of employers treated as an Aggregated ALE Group, that employed an average of at least... continue reading

CFOs Embrace the Cloud for Scalability, Reliability, and Independence

CFOs are more commonly migrating services to the Cloud in order to unlock benefits that can help them free up resources and achieve a new level of scalability. They and their management teams are capturing greater reliability, cost-effectiveness, and security through the right Cloud services. The Cloud used to fall mainly under the jurisdiction of IT departments. However, as CFOs participate more and more in the technology shift across the... continue reading

The Required Charter School Management’s Discussion & Analysis (MD&A)

Is Your MD&A Living Up to the Valuable Document It Was Intended to Be? As you close the books on another fiscal year, and begin to prepare for your annual audit, AAFCPAs advises our Charter School clients to take some time now to review the content of your Management’s Discussion and Analysis (MD&A).  In order to satisfy the principal objectives of the MD&A, management must communicate the most meaningful short-... continue reading