Nonprofit

Net Operating Losses of Nonprofits Are Under IRS Scrutiny

As more nonprofit organizations look for multiple sources of revenue generation to fund their missions, reporting unrelated business income and net operating losses is getting a closer look by the IRS. A nonprofit organization that has unrelated business deductions that exceed its unrelated business income for a tax year has a net operating loss (NOL) […]

FASB Releases Significant Not-for-Profit Financial Reporting Updates

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 on August 18, 2016, which is considered the most significant change to Not-For-Profit Financial reporting in over two decades. This update addresses various financial reporting changes and requirements, primarily related to the five categories of: Net Asset Classification Investment Return Expenses Liquidity and Availability […]

McKonly & Asbury’s Nonprofit Conference: Pathways to Excellence on October 31

Register today for McKonly & Asbury’s Nonprofit Conference: Pathways to Excellence! Our firm’s Nonprofit Team invites you to join us for this conference focused specifically on addressing the unique needs of the nonprofit sector. This year’s conference will discuss current trends, updates, and tools nonprofits need to know. DETAILS: Date – Monday, October 31, 2016 Time – 8:00am – 12:00pm […]

FASB Releases Not-for-Profit Accounting Standards Update

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued the long awaited Accounting Standards Update (ASU) addressing not-for-profit financial reporting. FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, is aimed at enhancing and improving net asset classification, the information about liquidity and availability of resources, the […]

McKonly & Asbury Holds School Supply Drive

McKonly & Asbury and Housing Development Corporation MidAtlantic have partnered to help children and families living at HDC MidAtlantic’s Springwood Glen Apartments prepare for the upcoming school year. “The team at McKonly & Asbury believes in building purpose through profits, using our firm’s strengths and resources to make giving back an integral part of who […]

Updated Data Collection Form Issued by the Federal Audit Clearinghouse

The much anticipated update to the Data Collection Form (DCF) was issued by the Federal Audit Clearinghouse (FAC) on Friday, July 15, 2016. The update to the DCF was necessary as a result of the changes enacted by the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the “Uniform […]

Office of Management and Budget Releases the 2016 Compliance Supplement

The Office of Management and Budget (OMB) has recently released the 2016 2 CFR 200, Appendix XI, Compliance Supplement, dated June 2016. This document serves to provide information related to a Federal program’s objectives, procedures, and compliance requirements, including the compliance requirements that the Federal Government expects to be considered as part of a Single […]

Webinar Recap – “Not-For-Profit Organizations: The Accounting Updates You Need to Know”

This webinar entitled “Not-For-Profit Organizations: The Accounting Updates You Need to Know” was originally produced on Thursday, June 16, 2016. We hope that you enjoy the full recording of the presentation and additional resources offered below. This presentation was hosted by McKonly & Asbury Partner and leader of the Non-Profit Segment, Gary Dubas, along with Partner Janice […]

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