- The US Office of Management and Budget recently issued comprehensive grant reform rules, read about the changes and how to comply.
- Baker Tilly specialists discuss key changes to grant administrative requirements, cost circulars, and audit requirements affecting federally-funded organizations.
- On December 18, the Financial Accounting Standards Board (FASB) continued deliberations and tentatively decided to require all Not-For-Profit (NFP) entities to report expenses by functional and natural classification within their financial statements. Currently, all NFPs are required to report expenses by functional classification, but not by nature (salaries, benefits, repairs, etc.).
- Organizations that enter into sponsorship agreements with different businesses need to understand the terms of each agreement to help it determine its exposure to taxable unrelated business income (UBI).
- A tax-exempt not-for-profit organization needs to have processes in place to monitor its activities to ensure that the tax-exempt status of the organization's tax-exempt bonds is not lost.
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