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AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand

AAFCPAs’ Nonprofit Revenue Recognition Guidance Webinar, presented live on Wednesday, May 23rd, 2018, is now available 24/7 via our website. Access the recording OnDemand Here: https://www.aafcpa.com/webinar/aafcpas-nonprofit-revenue-recognition-guidance-webinar/ For your convenience, you may download the slides from the May 23rd presentation here: http://info.aafcpa.com/webinar-2018-rev-rec-np AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly provide nonprofit finance executives with an understanding of how the new standard could impact revenue recognition and company policies, and what they should... continue reading

Liquidity Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019). Liquidity and... continue reading

IRS’s Position on Taxability of Qualified Transportation Benefits is Broad Reaching, Adversely Affecting Many Nonprofits

As expected, the IRS has clarified the interpretation of its unrelated business income (UBI) regulations and confirmed the taxation of qualified transportation benefits, whether provided directly by you, through a bona fide reimbursement arrangement, or through a compensation reduction agreement. For-profit entities are no longer able to deduct these qualified fringe benefits programs for their employees and non-profit entities are now required to report them as UBI. Under the new... continue reading

AAFCPAs Provides Guidance on Potential Impact of FASB’s Proposed Changes to NFP Grant and Contribution Accounting

The Financial Accounting Standards Board (FASB) met on February 14, 2018 to redeliberate the amendments in the proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This proposed ASU will primarily affect nonprofits that receive government or foundation grants and contracts, but also provides clarity to other nonprofits and business entities that receive or make contributions. This... continue reading

IRS Proposes Substantial Changes to the Use of Donor Advised Funds

On December 4, 2017 the IRS issued Notice 2017-73 providing proposed regulations under Internal Revenue Code § 4967 and requesting comments on issues involving sponsoring organizations’ Donor Advised Funds (“DAFs”). While these regulations are only being proposed at this time, Taxpayers may rely on the rules regarding fulfillment of donor pledges immediately. Public Support Test Treatment of DAF Grants Currently, donors could establish a DAF and use it to fund... continue reading

AAFCPAs to Present Educational Workshop for Aspiring Board Members on Fiduciary Responsibility & How to Read Nonprofit Financial Statements

AAFCPAs’ Partners Thomas Muldoon, CPA, CGMA and Matthew Troiano, CPA will present an educational workshop on Fiduciary Responsibility of the Board & How to Read Nonprofit Financial Statements to current and aspiring board members and nonprofit leaders serving the MetroWest Boston community. This workshop, scheduled for Friday, March 9th, is organized by the Foundation for MetroWest, an organization which serves as a convener and catalyst, coordinating resources across communities and... continue reading

MA Form 3ABC due by 3/1 to avoid local property taxes

The Massachusetts “Return of Property Held for Charitable Purposes” (Form 3ABC) provides for an exemption from local taxation on personal and real property for eligible charitable organizations. As a reminder, in order to be exempt, you must file an annual Form 3ABC, due at the Assessor’s Office no later than March 1, in each city or town in which your organization owns real or personal property.  A copy of your most recently... continue reading

Ensuring Sustainability Means Nonprofits Need to Act Now

Ensuring Sustainability Means Nonprofits Need to Act Now

MassNonprofit News | Although nonprofits cannot control market forces and potential changes in funding, they can take steps to ensure sustainability and greater capacity by broadening the scope of their financial planning process.  AAFCPAs Jeffrey Cicolini, CPA, CGMA provides actionable insights to help nonprofits ensure long-term sustainability.

AAFCPAs to Present Educational Workshop on Strategic Budgeting at MNN Annual Conference

AAFCPAs will happily present an educational workshop on Rethinking Your Budget: Leading Your Organization through a More Comprehensive Financial Planning Process at the tenth annual, 2017 Massachusetts Nonprofit Network (MNN) Conference in Framingham, MA on November 1st. This is an exciting, must-attend conference for nonprofit executives, board members and advocates. It provides exceptional professional development and networking for over 600 nonprofit professionals and for-profit affiliates from across the state. We... continue reading

AAFCPAs to Present Educational Workshop on Strategic Budgeting at MNN Annual Conference

AAFCPAs to Present Educational Workshop on Strategic Budgeting at MNN Annual Conference

AAFCPAs will happily present an educational workshop on Rethinking Your Budget: Leading Your Organization through a More Comprehensive Financial Planning Process at the tenth annual, 2017 Massachusetts Nonprofit Network (MNN) Conference in Framingham, MA on November 1st. This is an exciting, must-attend conference for nonprofit executives, board members and advocates. It provides exceptional professional development and networking for over 600 nonprofit professionals and for-profit affiliates from across the state. We... continue reading