Not-for-Profit Alerts
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NFP Regulatory Alert June 2013 - Temporary Guidance Issued for 2013 Clearinghouse Submissions The U.S. Office of Management and Budget (OMB) has proposed changes to the 2013 Data Collection Form (DCF) required for Single Audit Submissions. Those changes might not be finalized before auditees need to begin submitting 2013 Single Audits.
NFP Tax Alert April 2013 - IRS issues long-awaited college and university report On April 25, 2013, the IRS issued the final report (the report) on its Colleges and Universities Compliance Project (the project). Although the report is based on the 400 questionnaires sent out at the launch of the project in 2008, as well as the 34 examinations that followed, the results are applicable to all exempt organizations since the issues identified permeate all types of exempt organizations — particularly 501(c)(3) entities.
NFP Accounting Alert March 2013 - EITF reaches a Final Consensus on "Not-for-Profit Entities: Services Received from Personnel of an Affiliate for Which the Affiliate Does Not Seek Compensation” At its March 14, 2013, meeting, the EITF reached a final Consensus affirming its 2012 proposed Consensus on Issue No. 12-B, "Not-for-Profit Entities: Services Received from Personnel of an Affiliate for Which the Affiliate Does Not Seek Compensation." Under the new final consensus for Issue 12-B, an NFP should recognize personnel services that are performed by employees of an affiliate generally at the affiliate’s cost of such services.
NFP Regulatory Alert February 2013 - State of the Union: Can we make America the best place to do business? This Washington Update - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - weighs in on topics covered in the President's State of the Union address, and what his proposed policies mean to key sectors.
NFP Regulatory Alert February 2013 - Changes to Grants Management Requirements Issued On Feb. 1, 2013, the U.S. Office of Management and Budget (OMB) issued for comment the Proposed OMB Uniform Guidance: Cost Principles, Audit, and Administrative Requirements for Federal Awards. The publication includes broad revisions to OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, (Circular A-133), as well as a number of other key grant reforms. This proposal, which is a follow-up to a 2012 OMB Advance Notice, is the next step in the OMB's federal grants improvement initiative. A Federal Register notice was also issued and it details how OMB came to some of the conclusions reached in developing Proposed OMB Uniform Guidance.
NFP Tax Alert February 2013 - How new regulations affect Type III supporting organizations On Dec. 28, 2012, the Treasury Department and the IRS released (1) final regulations that put into effect the changes to the law made by the proposed regulations issued in September 2009, and (2) proposed temporary regulations on the annual distribution requirements for nonfunctionally integrated Type III supporting organizations operated in connection with a supported organization.
NFP Regulatory Alert December 2012 - More of the same: Voters preserve divided government This Washington Update - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - looks at results from our 2012 Fall CFO Survey that highlights what CFOs think of the economy and the potential business impact of failed fiscal-cliff negotiations.
NFP Accounting Alert November 2012 - FASB issues Accounting Standards Update 2012-05 FASB has issued an Accounting Standards Update (ASU 2012-05) to address the diversity in practices regarding how not-for-profit organizations should classify cash receipts arising from the sale of certain donated financial assets (inclusive of securities) in the statement of cash flows.
NFP Tax Alert November 2012 - IRS extends filing and payment deadlines until Feb. 1, 2013 for taxpayers affected by Hurricane Sandy The IRS, in release IR-012-83, has extended until Feb. 1, 2013, the deadlines for most income tax returns, income tax payments and other time-sensitive actions for taxpayers affected by Hurricane Sandy in federally declared disaster areas in Connecticut, New Jersey and New York.
NFP Regulatory Alert October 2012 - Economic recovery is tied directly to upcoming elections In this Washington Update - a Grant Thornton newsletter discussing current policy developments on Capitol Hill with insights - the primary focus isn’t on the elections but on an economy that’s on the edge of a fiscal cliff and the prospects for not plunging over it.
NFP Regulatory Alert August 2012 - OMB releases final 2012 version of Circular A-133 Compliance Supplement The U.S. Office of Management and Budget (OMB) has released the final 2012 version of the OMB Circular A-133 Compliance Supplement for single-audit engagements, which replaces the final draft version issued in June.
NFP Tax Alert June 2012 - New York State proposes regulations to limit state-funded provider's executive compensation and administrative expenses On May 16, 2012, New York Governor Andrew M. Cuomo announced that 13 state agencies have proposed regulations to implement Executive Order 38, issued in January 2012, to limit compensation and administrative expenses at state-funded not-for-profit and for-profit service providers.
NFP Tax Alert April 2012 - IRS proposed regulations add examples of program-related investments for private foundations The IRS has proposed regulations (Reg. 144267-11) that will allow private foundations to participate in more types of program-related investments (PRIs) without triggering an excise tax on jeopardizing investments.
NFP Accounting Alert April 2012 - FASB EITF meeting held March 15, not-for-profit specific issues discussed On March 15, the Emerging Issues Task Force (EITF) of FASB held meetings at which they addressed two Not-for-Profit (NFP) related issues.
NFP Regulatory Alert March 2012 - OMB Issues Advance Notice of Changes Being Considered for A-133 and Cost Principles The U. S. Office of Management and Budget (OMB) has just issued for comment an Advance Notice of Proposed Guidance titled Reform of Federal Policies Relating to Grants and Cooperative Agreements; Cost Principles and Administrative Requirements (including Single Audit Act). The comment deadline is April 30.
NFP Regulatory Alert January 2012 - NY governor seeks increased regulations for NFP operational performance and executive compensation requirements including increased reporting and data requirements On January 18th, 2012, in connection with his proposed budget for 2012, New York Governor Andrew Cuomo issued an Executive Order directing various regulatory agencies to prepare final rules and regulations in relation to increased oversight over the effective operations of not-for-profit entities and the limiting of executive compensation.
NFP Tax Alert January 2012 - New York Energy Cost Incentive: Time Sensitive Savings Opportunity Extended to January 27, 2012 New York State is allocating discount power to businesses throughout the state through a new but short-lived incentive program, creating savings that will facilitate job creation and retention, capital investment and energy efficiency. The program will allocate low-cost power to companies across the state for contracts of up to seven years in duration.
NFP Tax Alert December 2011 - IRS Announces Two Month Suspension of IRS Modernized e-File Operations for 990 Filers Tax-exempt organizations with January and February filing due dates will have until March 30, 2012, to file their annual returns, the Internal Revenue Service announced on Friday, December 16th.
NFP Tax Alert December 2011 - Deadline to comply with the new pension plan requirements outlined in IRS code sec. 436 has been extended The deadline has been extended to modify an organization's pension plan to comply with new requirements. Notice 2011-96 extends both the deadline to amend a plan to satisfy Sec 436 and the period during which such an amendment is eligible for relief from the anti-cutback requirements of Sec 411(d)(6).
NFP Accounting Alert November 2011 - Reducing Fair Value Disclosures FASB chairman Leslie Seidman added to the FASB agenda a project to assess the relevance of fair value measurement disclosures for private companies and not-for-profit organizations.
NFP Accounting Alert November 2011 - ASB proposes going concern standard The Auditing Standards Board (ASB) of the AICPA issued a proposed Statement on Auditing Standards (SAS), The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), as part of the Board’s clarity project.
NFP Accounting Alert November 2011 - AICPA releases Financial Reporting Whitepaper, Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities AICPA recently issued a white paper, Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities, to assist not-for-profits in applying the provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurement, which codifies FASB Statement No. 157, Fair Value Measurements.
NFP Tax Alert October 2011 - Deadline to Renew New York City Charitable Property Tax Extension is Monday, October 24 Charitable and other Not-for-Profit organizations that qualify for New York City property tax exemption have until Monday, October 24, 2011 to file the exemption renewal form to ensure they continue to get their real property tax exemption.
NFP Accounting Alert October 2011 - Advisory committee issues financial reporting recommendations for not-for-profits The FASB Not-for-Profit Advisory Committee has recommended changes to certain accounting rules to improve the quality of not-for-profit financial statements and to allow the users of these statements to better understand the entities' finances.
NFP Accounting Alert September 2011 - ASU expands disclosures for multiemployer plans The FASB recently issued Accounting Standards Update (ASU) 2011-09, Disclosures about an Employer's Participation in a Multiemployer Plan, to require expanded disclosures for entitites participating in multiemployer plans.
NFP Tax Alert September 2011 - IRS launches worker classification settlement initiative The IRS on Sept. 21 unveiled a worker classification settlement program that will allow employers to voluntarily reclassify independent contractors as employees and pay significantly reduced prior employment taxes (approximately 1% of one year's worth of pay) and no penalties or interest. The program is called the Voluntary Classification Settlement Program (VCSP).
NFP Tax Alert September 2011 - IRS relieves recordkeeping burden for excluding employer-provided cell phones from employee income The IRS on Sept. 14 released new taxpayer-favorable guidance that will allow employers and employees to exclude the value of employer-provided cell phones from employee income without burdensome substantiation requirements.
NFP Tax Alert September 2011 - New York Governor’s Special Not-for-Profit Executive Compensation Task Force Begins Investigation of Agencies Across the State The Governor of the State of New York has convened a Special Task Force comprised of political appointees, whose mission it will be to review executive compensation levels and practices at Not-for-Profit organizations that receive “taxpayer support from the State.”
NFP Tax Alert July 2011 - Foreign Investments of Exempt Organizations Could Prevent Federal Funding and Increases Review of Executive Compensation Arrangements The Senate Finance Judiciary Committee has approved Sen. Chuck Grassley's amendment seeking accountability from non-profit groups that would receive federal grants under an expanded prison rehabilitation program.
NFP Tax Alert June 2011 - Viability of Group Exemption Tax Planning Threatened with latest TE/GE Advisory Committee Recommendations On June 15, 2011, the Advisory Committee on Tax Exempt and Government Entities (ACT) issued a report recommending the elimination of the group exemption ruling tax planning mechanism. If the Internal Revenue Service accedes to this recommendation, many tax-exempt organizations will be adversely affected through increased tax-compliance costs and administrative burden.
NFP Regulatory Alert June 2011 - The Latest Ongoing IRS Compliance Initiative for the Higher Education Community: 403(b) Plans and the “Universal Availability” Rule The IRS has recently undertaken a compliance questionnaire initiative that focuses on 403(b) plans maintained by higher education organizations. Specifically, the initiative focuses on the “universal availability” rule that applies to 403(b) plans.
NFP Tax Alert April 2011 - IRS Heavily Scrutinizing Fringe Benefits for Intermediate Sanction Purposes According to comments made bye a senior IRS official at a recent conference on governance, the IRS is being critical of the administration and design of executive fringe benefit programs and has been focusing heavily on these programs by imposing “intermediate sanctions” (i.e., taxes, penalties, etc.) under IRC Section 4958 for excess benefit transactions.
NFP Tax Alert April 2011 - Potential FICA Refund Opportunity For Employees Hired During 2010 Last year, President Obama signed into law a bill that provided businesses with new tax incentives for certain employees hired in 2010. While many employers took advantage of these incentives during 2010, an opportunity exists to apply for refunds of the 6.2 percent employer portion of Social Security taxes paid during 2010 to the extent that “qualified employees” were hired and the applicable credit was not previously secured.
