Nonprofit Insights

Giving Outlook: How the New Tax Law Has Affected Nonprofits

Giving Outlook: How the New Tax Law Has Affected Nonprofits

Did the Tax Cuts and Jobs Act have a significant impact on charitable giving in the U.S.? When the new law was issued, there were dire predictions that it would affect nonprofits in an extremely negative way, especially smaller, community-based organizations. And in...

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Word to the Wise: Consider the Nature of a Transfer of Assets

Word to the Wise: Consider the Nature of a Transfer of Assets

In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08 to provide guidance about accounting for nonprofit organizations’ grants and contracts. This new ASU clarifies when to account for a transfer of assets as an...

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COSO Provides Framework for Internal Controls

COSO Provides Framework for Internal Controls

In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a flexible framework for designing, implementing and evaluating internal controls. Internal controls help reduce fraud, improve accuracy and financial reporting and maintain...

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UBIT and Parking: Yes, Employee Parking Is Really Taxable

UBIT and Parking: Yes, Employee Parking Is Really Taxable

One of the more confusing provisions of the 2017 Tax Cuts and Jobs Act is that employer-provided parking is now considered unrelated business taxable income (UBTI) — and is therefore taxable. In other words, if you provide a parking benefit for your employees, you may...

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