Are Your Activities Accurately Depicted in Your Functional Expense Analysis?

By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of…

IRS Tax-Exempt And Government Entities Division Releases Fiscal Year 2021 Accomplishments Letter

By: Marc Berger, CPA, JD, LLM The IRS Tax-Exempt and Government Entities (TE/GE) Division released its “Fiscal Year 2021 Accomplishments Letter” on Jan. 6, 2022. The letter contains information about the TE/GE’s contributions to the tax administration process and describes the division’s accomplishments during the recently completed year. In fiscal year 2021, TE/GE continued to…

Nonprofit Items to Note – Spring 2022

Office of Management and Budget (OMB) Issues Addenda to 2021 Compliance Supplement OMB issued a Federal Register notice announcing the issuance of Addendum #1 to the 2021 Compliance Supplement (Supplement) on Dec. 3, 2021. Addendum #1 includes the following two programs: (1) the Coronavirus State and Local Fiscal Recovery Fund (CSLFRF), and (2) an update…

Triaging Data Breaches

By Mark Antalik In Part One of this two-part data breach triage series, we discussed identifying, understanding and communicating during a breach situation and how breaches should be managed. In this article, we will elaborate on perpetuation through digital forensics, as well as outline approaches to notification and identity monitoring. As discussed in Part One…