Author Archives: Gregory Halko, CPA, CFE, Cr.FA

A Gift From the IRS: Extension on Form 990 Filings for Small Nonprofit Organizations

A gift from the IRS – those small nonprofit organizations that missed the filing deadline of May 17, 2010 (automatic revocation on May 18, 2010) can come to the surface for air.  The following is a statement from IRS Commissioner Doug Shulman: “Now that the May 17 filing deadline has passed, it appears that many small tax-exempt […]

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Tax-Exempt Organizations at Risk of Losing Tax Exempt Status on May 18, 2010

The Pension Protection Act of 2006 made two important changes for tax-exempt organizations.  First, it mandated that organizations required to file Form 990 series informational returns will automatically lose their exempt status if the forms are not filed for three years in a row.  Second, the Act created a new form, Form 990-N, which is […]

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Nonprofit Organization Update: Spring 2010

This issue of the Nonprofit Organization Update includes the following articles: Moving Toward Clarity – IRS Releases 2009 Form 990 Changes Foreign Accounting Reporting – More IRS Guidance is Here! SFAS 157 Fair Value Measurements – Additional NFP Perspectives Effective Policies – Building the Foundation of Your Organization Employee Benefits Security Administration’s (EBSA) 2010 Priorities […]

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Nonprofit Organization Update: Winter 2010

SFAS 157 – A Not-for-Profit PerspectiveBy Dick Larkin Nonprofit organizations use fair value accounting when they are:(1) required by certain accounting standards to use fair value for certain transactions and balances, and(2) permitted by certain other accounting standards to use fair value for certain other transactions and balances. Click here for more of this story. […]

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Auditee Single Audit Practice Aids Released

Each and every year, the Federal government pours billions of dollars into the pool for non-profit organizations and state and local governments.  Attached to these dollars are strict stipulations that these organizations must follow.  To ensure adherence, the Single Audit Act, as amended, requires each reporting entity that spends $500,000 or more in a year […]

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Challenging Times for Not-For-Profit Organizations

Unfortunately, the downturn in the economy has effected many not-for-profit organizations that provide invaluable services to numerous communities and individuals.  For some of these organizations, management has thrown its hands in the air, determined that they just cannot provide these services anymore, and closed their doors. A recent survey of about 100 not-for-profit organizations indicated […]

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