- On April 1, 2015, the Financial Accounting Standards Board (FASB) voted to propose a one-year deferral of the effective date of the new revenue recognition standard, Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), for both public and private entities.
- The IRS released new rules in the form of regulations for NFP hospitals. These rules mandated by the Affordable Care Act are mandatory for NFP hospitals in order to maintain their not-for-profit 501(c) (3) status.
- On Jan. 29, 2015, Delaware enacted SB 11 that will act to improve fundamental fairness and transparency of the state’s unclaimed property program.
- Does your not-for-profit organization maintain operating reserves? If it does, has a formal reserves policy been established and has your organization gone through the process of determining what level of reserves is appropriate? These are important questions that should not be overlooked.
- Private foundations should consider three specific areas of self-dealing: payment of personal pledges, compensation to employees and board members, and paying or reimbursing expenses of disqualified persons or family members.
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