We all want to believe the best of people, especially in the non-profit sector and especially our own staff and coworkers but it pays to maintain some skepticism and remember that good internal controls protect everyone. Non-profit charities are motivated to put as much funding towards program missions as possible and may view additional administrative […]
FASB Staff Position 132( R) -1, “ Employers’ Disclosures about Postretirement Benefit Plan Assets” shall become effective for fiscal years ending after December 15, 2009. This will require enhanced disclosures about defined benefit pension plans and other postretirement benefit plans such as post-retirement health benefits. FAS # 157 requiring fair value measurements will also apply […]
I support the current IRS position that exempts churches, synagogues and other faith based organizations from filing IRS Form 990. However, I do think these organizations, by reading the new 990, would identify some best practices that if applied to their organization could reduce the risk of fraud and increase public confidence. For example Schedule […]
As we move through the summer there is much national debate about major issues affecting the country including health care, the economy and the growing amount of national debt. Associations are no doubt in full swing in assessing these possible changes on their members and almost all non-profits be they trade groups, charities, private schools, […]
The Internal Revenue Service has issued final regulations on how and when small tax-exempt organizations (less than $25,000 in annual gross receipts) should file their annual “e-Postcard,” Form 990-N. The regulations finalize, without change, temporary regulations from 2007. Previously organizations with annual gross receipts below $25,000 had no filing requirement. The IRS website provides a lot […]
The Financial Accounting Standards Board (FASB) recently completed its 10 year long project to create standards for the combination of one not-for-profit organization with another not-for-profit organization or activity just in time for it to be included in the new FASB Codification system. SFAS 164 applies to mergers when the merger date is on or […]
Maryland’s Governor Martin O’Malley (by executive order No. 2009.19) recently created a multi-agency Task Force that will coordinate investigations into, and enforcement of, work place fraudulent practice. The executive order defines work place fraud as a practice whereby employers improperly classify “employees” as “independent contractors”.