As many in the private foundation community know, private foundations may distribute grants to organizations other than public charities ‒ […]
Last year the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU), Not-For-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Subtopic 958-605)
All businesses must periodically test their policies and procedures to be proactive in ensuring that they are comprehensive and fit any changing circumstances. Your information technology (hardware, software, archives, programs, staff, etc.) is one such area that must be considered.
In July 2019, the Office of Management and Budget (OMB) released the final 2019 Compliance Supplement. The 2019 supplement is effective for Single Audits of fiscal years beginning after June 30, 2018. It supersedes the 2018 supplement.
Traditionally, private foundations have been associated with grant-making; however, foundations are also offered other alternatives to carry out their charitable mission and to meet distribution requirements.
The IRS has recently released a draft of a new form, Form 1099-NEC, which will be used to report payments for Nonemployee Compensation paid in 2020.
PKF O’Connor Davies, LLP, one of the nation’s largest accounting, tax and advisory firms, announced today that it has hired […]