Industry
Extensions Apply for FQHCs as New Cost Report Form Still in Review with OMB
AAFCPAs would like to make clients aware that, as of March 11, 2016, the new Federally Qualified Health Centers (FQHCs) Cost Report Form 224-14 had not been finalized and is reportedly still in review by the Federal Office of Management and Budget (OMB). It is reported that the Centers for Medicare & Medicaid Services (CMS) […]
CMS Requires Payroll-Based Journal, Electronic Staffing Data Submission for Skilled Nursing Facilities, Effective July 1, 2016
Effective July 1, 2016, skilled nursing facilities (SNFs) will be required to submit staffing, time and attendance information electronically to the Centers for Medicaid and Medicare Services (CMS) via their Payroll-Based Journal (PBJ) system. These requirements originate from section 6106 of the Patient Protection and Affordable Care Act (PPACA), and the final rule requires facilities […]
Medicare PPS Base Rate for 2016
As a reminder, on January 1, 2016, Medicare increased the Prospective Payment System (PPS) base payment rate from $158.85 to $160.60. The PPS base payment rate is effective for the calendar year 2016 and reflects a 1.1% increase from the calendar year 2015 rate. The rate was updated to reflect inflation, and the increase is […]
The Pervasive Impact of Revenue Recognition on Independent Schools
The effective date of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers has been deferred for all entities by one year; however, AAFCPAs advises that Independent Schools start preparing now to determine how the new Revenue Recognition Standard affects your financial picture, your stakeholders, and the way you do business. How may […]
AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its February 3, 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 February 2016 Meeting: The proposed ASU […]
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 […]
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 […]
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 […]
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 […]