Regulatory Alerts (All)
AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand
AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. This webinar was presented and recorded live, May 23rd, 2018 in AAFCPAs’ recording studio in […]
The Impact of Revenue Recognition on Healthcare
Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities, and certain not-for-profit entities that have publicly traded conduit (or direct) debt, with annual reporting periods beginning after December 15, 2017. All other entities are required to adopt this by annual reporting periods beginning after December 15, 2018. […]
AAFCPAs Best Practice Recommendations for Complying with DESE, and Managing Board and Management Conflicts of Interests
The Massachusetts Department of Elementary and Secondary Education (DESE) Office of Charter Schools’ Charter School Audit Guide (the Guide) includes compliance requirements relating to the review and assessment of related party disclosures. Now that DESE has moved to an online management system for the collection of conflict of interest forms from members of a School’s […]
Net Asset Classification Considerations for Nonprofits Implementing the Financial Statement Presentation Standards
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 […]
2017 Community Health Center Cost Reports Due June 26, Regardless of Fiscal Year End
AAFCPAs would like to make clients aware that the Center for Health Information and Analysis (CHIA) has just announced it is now collecting cost reports for the fiscal year ending in 2017 from all Community Health Centers (CHCs). All CHCs, regardless of Fiscal Year End date, are required to file their fiscal year 2017 cost […]
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 […]
Are You Ready for GDPR? Broad Reaching User Data Regulations Take Effect May 2018
In 2016, the European Union (EU) approved the General Data Protection Regulation (GDPR), which is effective on May 25, 2018. These regulations are much broader reaching than US CAN-SPAM or the Canadian Anti Spam law, and while many view this legislation as a positive step for consumer protection, GDPR introduces new challenges for organizations who collect and process […]
Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits
Join AAFCPAs on Wednesday, May 23rd from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly, CPA will provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for […]
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 […]