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AAFCPAs to Present Medicare and Medicaid Cost Report Training

AAFCPAs Matt Hutt and Courtney McFarland, in collaboration with the Massachusetts League of Community Health Centers, will again present a Medicare and Medicaid Cost Report Training on October 6th, 2016, 9:00am-1:00pm at the DoubleTree Conference Center, Westborough, MA. Matt and Courtney will provide guidance and best practices in implementing the significant changes made to Federally Qualified Health Center (FQHC) Medicare Cost Reports.  FQHCs with fiscal year ends beginning after September 30th, 2014... continue reading

LILETTA IUD May Offer Cost Savings to 340B Covered Entities

AAFCPAs would like to make healthcare clients aware of a potential cost savings on an Inter-Uterine Device (IUD) for eligible patients.  Medicines360 has received FDA approval for an IUD, named LILETTA®.  Medicines360 is a nonprofit pharmaceutical company, and as part of their mission, they are making LILETTA® available at a reduced, fixed price of $50.00 to clinics enrolled in the 340B Drug Pricing program.  Medicines360 has reported that this price... continue reading

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. A draft of Form CMS 224-14 was made available in August 2015, and the published... continue reading

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 your nonprofit in compliance with pertinent law, such as Massachusetts data security and fundraising regulations?... continue reading

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 regarding the transition method and effective date are summarized below: Transition Method FASB decided that... continue reading

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 may be owed to affected covered entities. Amgen stated that the ceiling price was improperly... continue reading

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 affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their... continue reading

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) anticipate the release of final forms and instructions in the spring of 2016. Freestanding FQHCs... continue reading

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 in accordance with the growth rate of the Medicare Economic Index (MEI). The geographic adjustment... continue reading

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