Behavioral Health
Biggest Improvement of Financial Reporting Guidance in Two Decades for Not-for-Profit Entities
On August 18, 2016, the FASB issued a final ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, to improve financial reporting guidance for not-for-profit entities (NFPs). The existing financial reporting guidance was established in 1993 when the FASB issued the Statement of Financial Accounting Standards (AFAS) No. 117, Financial Statements […]
Guidance on How to Comply with Procurement Standards Under the Uniform Guidance
In December 2013, the Office of Management and Budget (OMB) issued the new Uniform Guidance (UG), which includes comprehensive reform rules affecting all nonprofits receiving federal grants and contracts. One of the areas of significant change under the UG is the procurement standards, a component of Subpart D, Post-Award Requirements, contained in Sections 200.317 through […]
Massachusetts to Issue Changes to Surplus Revenue Retention Regulations
AAFCPAs is pleased to report that there will be changes to the Massachusetts regulations regarding Surplus Revenue Retention, which appear favorable to human & social service providers. The 20 percent lifetime cap on Surplus Revenue Retention will be eliminated. Additionally, the 5 percent annual cap on Surplus Revenue Retention will be changed to a 20 […]
Form SF-SAC Submission for Single Audits Deadline Extended
The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG). Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse […]
New Cost Report for FQHCs Published by CMS
On April 22, 2016, the Centers for Medicare and Medicaid Services (CMS) published the new Federally Qualified Health Center (FQHC) Cost Report, Form CMS-224-14. This form replaces the current Form CMS 222-92 for FQHC entities, and is effective for cost reporting periods (which typically coincide with the year-end) beginning on or after October 1, 2014. […]
Josh England, Esq. to Present Nonprofit Legal Seminar on Online Fundraising
AAFCPAs Nonprofit Tax Strategist Josh England will volunteer his efforts and lead Lawyers Clearinghouse’s Legal Workshop for Nonprofits: Online Fundraising: Is Your Nonprofit in Compliance? Online fundraising is a commonplace feature for many charities; however, many do not realize they are not in compliance with the myriad federal and state fundraising rules and regulations. Is […]
Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates
The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16). The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. Details […]
Amgen Issues Credit to 340B Covered Entities Due to Miscalculation of Drug Ceiling Price
AAFCPAs would like to make clients aware of potential credits owed to your organization as a result of a miscalculation of a drug ceiling price. Recently, the drug manufacturer Amgen USA Inc. notified the Health Resources and Services Administration (HRSA) that the 340B ceiling price for multiple products had been calculated incorrectly and that credits […]
FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would […]