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Not-for-Profit Advisor - Winter 2014


WINTER 2014

Not-for-Profit Financial Reporting: Changes on the Horizon

In 2009, the Financial Accounting Standards Board (FASB) established a Not-for-Profit Advisory Committee (NAC) to make recommendations for improving financial reporting by not-for-profit organizations. The NAC’s goal was to develop a financial reporting model that helps organizations “tell their story” by improving: 1) net asset classification requirements; and 2) information about liquidity, financial performance, and cash flows.  Late last year, the FASB made several tentative decisions in connection with this project. The changes could have a meaningful impact on a not-for-profit organization’s financial statements.

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OMB Overhauls Single Audit Requirements

On December 26, 2013, the Office of Management & Budget (OMB) finalized federal grant reform guidance proposed earlier in the year. The guidance is designed to improve and streamline the grant oversight process by establishing uniform administrative requirements, cost principles, and audit requirements. It also consolidates eight existing OMB circulars – including Circular A-133 (Single Audit) – into a single document. In this article, we examine the highlights of the Single Audit changes, which apply to audits of fiscal years beginning on or after December 26, 2014. These changes are meant to focus audits on areas that present the greatest risk of waste, fraud, and abuse.

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Private Foundations: Avoiding the Pitfalls

Establishing a private foundation can be a great way to enjoy the tax benefits of giving while retaining control over how your charitable dollars are spent. At the same time, private foundations are susceptible to abuse, so they are closely regulated. The rules governing private foundations create several traps for the unwary, however the traps and pitfalls are avoidable if the foundation uses caution. Read about some of the common pitfalls in this article.

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How to Qualify as a Private Operating Foundation

Private operating foundations (POFs) offer several advantages over standard private foundations, however to maintain “operating” status, a foundation must meet certain financial tests designed to ensure that it devotes most of its resources to the active conduct of exempt activities – such as operating a museum, library, or nursing home – as distinguished from a purely grant-making foundation. Learn about the income test and alternative tests in this article.

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Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
 

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