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ATTN not-for-profits: ASU 2016-14 impacts financial statements

Posted by Karen D. Costa CPA

Aug 22, 2016 2:00:00 PM


On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14), Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.

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Topics: not-for-profits, not-for-profit financial statements, asu 2016-14, topic 958



2 Tools to Help Non Profits Comply with the Revitalization Act

Posted by Elizabeth A. Bidjov, CPA

Mar 17, 2016 8:00:00 PM

The Nonprofit Revitalization Act of 2013 (the Act) was passed into law and became effective July 1, 2014. Perhaps your nonprofit organization is still working on initial compliance with the new law, or you are simply looking for a way to document your annual compliance.  Maybe you are a new Audit Committee or Board member, and are looking for assistance in developing good policies and procedures to ensure you are fulfilling your fiduciary responsibilities to the organization you serve. To enhance compliance with the Act, during 2015 the Charities Bureau of the Attorney General’s Office (the AG) issued guidance to help not-for-profit organizations comply with various aspects of the Act.  You can read the guidance at http://charitiesnys.com/nonprofit_rev_act_guidance.jsp

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Topics: Not-for-Profit revitalization act, not-for-profits, not for profit fiduciary responsibilities



EO #38 Deadline for 12/31 Filers Nears

Posted by Elizabeth A. Bidjov, CPA

May 5, 2015 2:29:37 PM

Executive Order No. 38, issued by Governor Andrew Cuomo on January 18, 2012, provided that State agencies that provide State financial assistance or State-authorized payments to service providers shall implement regulations on service providers related to administrative expenses and executive compensation.  See an earlier blog for more about these regulations.

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Topics: eo#38, eo#38 disclosure form, executive order number 38, executive compensation, not-for-profits, covered reporting period, CRP, covered provider determination worksheet



New Uniform Grant Guidance from OMB

Posted by Richard J. Pfentner CPA

Sep 9, 2014 10:51:00 AM

As we wrote in July, the U.S. Office of Management and Budget (OMB) has issued Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, which are making sweeping changes to streamline existing guidance for grantees receiving federal financial assistance. In fact, as it is implemented, it will ultimately supersede requirements from eight existing grant circulars and consolidate the streamlined guidance into one document located in Title 2 of the Code of Federal Regulations. The guidance includes the following sections:

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Topics: COSO, not-for-profits, uniform grant guidance, internal controls, green book, a-133, federal awards, omb, omb circular



Receive Federal awards? What to know about Uniform Grant Guidance

Posted by Elizabeth A. Bidjov, CPA

Jul 16, 2014 10:21:29 AM

The Office of Management and Budget (OMG) recently issued final guidance entitled Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, also known as Uniform Grant Guidance. This guidance serves to incorporate cost principles and other requirements related to Federal awards into one set of guidance. Therefore, this regulation supersedes requirements from various Circulars, including A-21, A-110, A-122 and A-133. Some of the significant changes include, but are not limited to: 

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Topics: COSO, non-profits, not-for-profits, uniform grant guidance, internal controls, green book, a-133, federal awards



The Latest on Executive Order #38 (EO #38): Disclosure form & training

Posted by Elizabeth A. Bidjov, CPA

Jul 8, 2014 2:29:59 PM

In January of this year, we reported that Executive Order No. 38, issued by Governor Andrew Cuomo, required that State agencies that provide State financial assistance or State-authorized payments to service providers implement regulations on service providers related to administrative expenses and executive compensation.

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Topics: eo#38, eo#38 disclosure form, executive order number 38, not-for-profits



Will the NYS Non-Profit Revitalization Act Be Extended?

Posted by Sarah L. Hedges, CPA

Jun 18, 2014 11:02:49 AM

Will the NYS non-profit revitalization act be extended beyond the July 1, 2014 effective date? The New York Council of Nonprofits (NYCON) has been arguing for months that nonprofits -- particularly smaller, grass-roots nonprofit groups -- simply have not had time to understand and act on all the requirements of the law which was passed last June.  Last month, legislation was introduced in both the Senate and Assembly that would push the effective date all the way back to March 31, 2015. Read the entire NY Non-Profit Press article

For those organizations looking to take a proactive approach to compliance with the Act, download our checklist to help guide you throught the process.

Click here to  Download our Free  Nonprofit Revitalization Act Checklist

What else is new in the not-for-profit world? Read our latest industry update.

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Topics: Not-for-Profit revitalization act, non-profits, not-for-profits





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