Nonprofit
Agency Transactions
According to US GAAP, an agency transaction is a transaction in which the reporting organization acts as an agent, trustee…
Not-For-Profit GAAP: Defining Equity Transfer and Equity Transaction
An equity transfer is a nonreciprocal transfer between related not-for-profit (NFP) organizations, where one of the not-for-profits owns the other…
What are Donor-Imposed Restrictions?
Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. Donor-imposed restrictions are determined…
What are Donor-Imposed Conditions?
Donors can impose two different types of stipulations on contributions provided to nonprofits, restrictions and conditions. While donor-imposed restrictions specify…
Nonprofit Revenue Recognition: Contribution Vs. Exchange Transaction
In order to apply the correct revenue recognition accounting, nonprofits must consider if a transaction is a contribution or an…
Increase in Micropurchase Threshold Available Under Certain Qualifications
Under Uniform Guidance procurement guidelines, there is a concept of a micro-purchase threshold under which price analysis or comparison is…
Common Functional Expense Mistakes
It is important for nonprofits to ensure that the data they present in their functional expense statement or schedule is…
FASB Issues Alternative for Goodwill Impairment Test
The FASB issued ASU No. 2021-03 Intangibles—Goodwill and Other (Topic 350), Accounting Alternative for Evaluating Triggering Events, which provides private…
Robotic Process Automation for Nonprofits
Efficiency and cost-effectiveness are key to realizing nonprofit organizations’ missions. With modern technology, these key goals can be achieved through…
Qualified Improvement Property Changes Under the CARES Act
As businesses and individuals continue to deal with COVID-19 and look to survival and recovery, the Coronavirus Aid, Relief, and…