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The Bucket System: Managing Your Assets in the Face of Volatility

The Bucket System: Managing Your Assets in the Face of Volatility

Nonprofit World Magazine – Joel Aronson, wealth advisor, AAFCPAs Wealth Management provides members of the national Society for Nonprofits (subscriber content) with insight into a simple system that is key to financial stability. As a nonprofit leader, you’re no stranger to cash flow crunches. But you can attain a new level of stability if you persevere […]

How Your Form 990 May Trigger an Audit

AAFCPAs would like to make our clients aware that the IRS is now taking a data-driven approach to reviewing the Form 990, Return of Organization Exempt From Income Tax, to scrutinize governance, accountability and oversight of exempt organizations.   The IRS’s Exempt Organizations (EO) compliance specialists are now using data queries to better focus their examination […]

AAFCPAs Hosts 9th Annual Nonprofit Educational Seminar & Reception

AAFCPAs Hosts 9th Annual  Nonprofit Educational Seminar & Reception

Westborough, Mass. (April 24, 2017) – AAFCPAs, a best-in-class public accounting firm known for assurance, tax and advisory solutions, announced its 9th annual Nonprofit Educational Seminar & Reception. The invite-only event will be held May 3rd at the Newton Marriott, and will host the firm’s clients, friends and colleagues for a day of education and […]

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 […]

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 […]

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 […]

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 […]

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 […]