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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
By Joyce Underwood, CPA

With the first year of filing the new Form 990 well on its way, the Internal Revenue Service (IRS) has released the revised 2009 forms for calendar year 2009 and fiscal year 2010 returns. In addition to improving the wording of the trigger questions, revising definitions, and clarifying many instructions, IRS has attempted to guide organizations in preparing a more complete return. Among the top errors reported on 2008 forms was the omission of Schedule O which requires certain disclosures from all organizations. IRS has added instructions to elicit a more complete filing and ensure all necessary disclosures are made.

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Foreign Accounting Reporting – More IRS Guidance is Here!
By R. Michael Sorrells, CPA

As we have reported previously, Treasury and the IRS have greatly stepped up enforcement of the filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR"). Penalties for non-compliance are steep: $10,000 per occurrence. There is generally a filing requirement for both organizations with such accounts and individuals with signature authority (but no financial interest in) a foreign financial account. The FBAR report is filed on a calendar year basis and is due annually on June 30.

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SFAS 157 Fair Value Measurements – Additional Not-for-Profit Perspectives
By Dick Larkin, Director, Institute for Nonprofit Excellence

Now that SFAS 157 has been in effect for a while, it is worthwhile to discuss a few practical issues that often arise during its implementation.

First a couple reminders:

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

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Effective Policies – Building the Foundation of Your Organization
By Lee Klumpp, CPA

Policies are guidelines that regulate organizational action and control the conduct of individuals within an organization and ensure that an organization has the foundation to accomplish its mission. Procedures on the other hand describe the normal operating method and provide the protocol for implementation of the policies or the "how to." Both policies and procedures are required by all organizations in order to operate efficiently, avoid confusion among employees, and ensure that an organization is in compliance with its legal and regulatory requirements. In this article we will explore the best practices for developing sound and effective policies for an organization.

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Employee Benefits Security Administration’s (EBSA) 2010 Priorities
By Bob Lavenberg

Recently the Department of Labor’s (DOL) EBSA revealed its priorities for 2010 and at the top of the list is enforcement relating to the timely remittance of employee deferral contributions to defined contribution plans.

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FIN 48 Update for Nonprofit Organizations
By Laura Kalick

Nonprofit organizations are now beginning the process of documenting tax positions. Material uncertain tax positions will have to be disclosed in a footnote to the financial statements and that footnote is now required to appear on Schedule D of Form 990. Most organizations were not required to implement FIN 48 (now called ASC 740-10) until years ending on December 31, 2009 or later. Thus, all nonprofits that have not previously implemented this provision will have to do so soon.

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For more information, post a comment below or contact our Nonprofit Services Group at 440-449 6800.

Information courtesy: BDO

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