CNFP » All Posts https://cnfpaccounting.com/forums/feed/ Sun, 07 Apr 2024 11:22:17 +0000 https://bbpress.org/?v=2.6.9 en-US https://cnfpaccounting.com/topic/i-heard-that-my-organization-will-have-to-pay-unrelated-business-income-tax-and-file-an-unrelated-business-income-tax-return-on-any-transportation-benefits-that-they-give-to-our-employees-is-this-tru/#post-1214 <![CDATA[Reply To: I heard that my organization will have to pay unrelated business income tax and file an unrelated business income tax return on any transportation benefits that they give to our employees. Is this true?]]> https://cnfpaccounting.com/topic/i-heard-that-my-organization-will-have-to-pay-unrelated-business-income-tax-and-file-an-unrelated-business-income-tax-return-on-any-transportation-benefits-that-they-give-to-our-employees-is-this-tru/#post-1214 Fri, 26 Oct 2018 13:08:56 +0000 advisoryboard The new tax law referred to as the Tax Cuts and Jobs Act (TCJA) made substantial changes to business deductions for expenditures viewed to be inherently personal in nature. One of those changes has to do with deductions for qualified transportation fringe benefit (QTFB) expenses such as pre-tax transit checks. If a Not-For-Profit organization provides these benefits on a pre-tax basis to its employees it will be required to file an annual Form 990-T, “Exempt Organization Business Income Tax Return” and pay applicable taxes.

  • This reply was modified 5 years, 5 months ago by advisoryboard.
]]> https://cnfpaccounting.com/topic/we-received-a-foundation-grant-in-the-amount-of-1-million-dollars-that-covers-three-years-of-activities-for-one-of-our-programs-our-auditor-says-that-we-have-to-record-the-entire-amount-in-the-curre/#post-1212 <![CDATA[Reply To: We received a foundation grant in the amount of 1 million dollars that covers three years of activities for one of our programs. Our auditor says that we have to record the entire amount in the current year. This doesn’t make sense. Why do we have to record the whole amount in the current year? Shouldn’t we record 1/3 of the grant in each of the three years?]]> https://cnfpaccounting.com/topic/we-received-a-foundation-grant-in-the-amount-of-1-million-dollars-that-covers-three-years-of-activities-for-one-of-our-programs-our-auditor-says-that-we-have-to-record-the-entire-amount-in-the-curre/#post-1212 Fri, 26 Oct 2018 12:55:18 +0000 advisoryboard Your auditor is correct if the grant has the following elements:
1. The grant is a unrestricted (i.e. without donor restrictions)
2. There are no conditions that have to first be met in order to receive the grant
3. The grant is not an expense reimbursement grant

If everything above applies then you record 1/3 of the grant in the current year as “Without Donor Restrictions” (i.e. unrestricted) and record 2/3 of the grant in the current year as “With Donor Restrictions” (i.e. temporarily restricted).

  • This reply was modified 5 years, 5 months ago by advisoryboard.
]]> https://cnfpaccounting.com/topic/i-know-there-are-new-financial-statement-reporting-rules-that-nonprofits-have-to-follow-when-or-what-year-do-those-new-rules-take-effect/#post-1211 <![CDATA[Reply To: I know there are new financial statement reporting rules that Nonprofits have to follow. When or what year do those new rules take effect?]]> https://cnfpaccounting.com/topic/i-know-there-are-new-financial-statement-reporting-rules-that-nonprofits-have-to-follow-when-or-what-year-do-those-new-rules-take-effect/#post-1211 Fri, 26 Oct 2018 12:45:39 +0000 advisoryboard The Financial Accounting Standards Board (FASB), which is the accounting rule making body, issued an accounting standards update (ASU 2014-16) entitled “Not-For-Profit Entities: Presentation of Financial Statements of Not-For-Profits Entities”. This update details all the changes to NFP financial statements. The new rules take effect for years beginning after December 15, 2017 (i.e. 2018).

]]> https://cnfpaccounting.com/topic/what-information-must-be-put-in-a-receipt-to-donors-who-give-cash-donations-2/#post-1208 <![CDATA[Reply To: What information must be put in a receipt to donors who give cash donations?]]> https://cnfpaccounting.com/topic/what-information-must-be-put-in-a-receipt-to-donors-who-give-cash-donations-2/#post-1208 Thu, 25 Oct 2018 20:26:40 +0000 advisoryboard It depends on what type of donation the donor is giving. In accordance with IRS regulations, if someone makes a cash donation and the amount is $250 or more then the organization must provide a written receipt to the donor that states the following:
1. The name of the organization and the date the donation was received
2. The amount of the cash contribution
3. A statement that no goods or services were provided by the organization in return for the contribution.

If the donor makes a non-cash donation of goods worth $250 or more than the organization must provide the donor with a written acknowledgement of the donation that contains the following information:
1. The name of the organization and the date the donation was received
2. A statement that no goods or services were provided by the organization in return for the contribution
3. A description of the non-cash goods received (the organization should not provide a value)

If the donor makes a cash or non-cash donation and received something in value back from the organization worth more than $75 then the organization must provide the following written information:
1. The name of the organization and the date the donation was received
2. The amount of the cash or a description of the non-cash goods received
3. A description and good faith estimate of the value of goods or services, if any, that an organization provided in return for the contribution.

]]> https://cnfpaccounting.com/topic/what-information-must-be-put-in-a-receipt-to-donors-who-give-cash-donations-2/#post-1204 <![CDATA[What information must be put in a receipt to donors who give cash donations?]]> https://cnfpaccounting.com/topic/what-information-must-be-put-in-a-receipt-to-donors-who-give-cash-donations-2/#post-1204 Thu, 25 Oct 2018 13:51:10 +0000 Lori Shecter What information must be put in a receipt to donors who give cash donations?

]]> https://cnfpaccounting.com/topic/i-know-there-are-new-financial-statement-reporting-rules-that-nonprofits-have-to-follow-when-or-what-year-do-those-new-rules-take-effect/#post-1198 <![CDATA[I know there are new financial statement reporting rules that Nonprofits have to follow. When or what year do those new rules take effect?]]> https://cnfpaccounting.com/topic/i-know-there-are-new-financial-statement-reporting-rules-that-nonprofits-have-to-follow-when-or-what-year-do-those-new-rules-take-effect/#post-1198 Thu, 25 Oct 2018 13:49:31 +0000 Lori Shecter I know there are new financial statement reporting rules that Nonprofits have to follow.  When or what year do those new rules take effect?

]]> https://cnfpaccounting.com/topic/we-received-a-foundation-grant-in-the-amount-of-1-million-dollars-that-covers-three-years-of-activities-for-one-of-our-programs-our-auditor-says-that-we-have-to-record-the-entire-amount-in-the-curre/#post-1196 <![CDATA[We received a foundation grant in the amount of 1 million dollars that covers three years of activities for one of our programs. Our auditor says that we have to record the entire amount in the current year. This doesn’t make sense. Why do we have to record the whole amount in the current year? Shouldn’t we record 1/3 of the grant in each of the three years?]]> https://cnfpaccounting.com/topic/we-received-a-foundation-grant-in-the-amount-of-1-million-dollars-that-covers-three-years-of-activities-for-one-of-our-programs-our-auditor-says-that-we-have-to-record-the-entire-amount-in-the-curre/#post-1196 Thu, 25 Oct 2018 13:48:43 +0000 Lori Shecter We received a foundation grant in the amount of 1 million dollars that covers three years of activities for one of our programs.  Our auditor says that we have to record the entire amount in the current year.  This doesn’t make sense.  Why do we have to record the whole amount in the current year?  Shouldn’t we record 1/3 of the grant in each of the three years?

]]> https://cnfpaccounting.com/topic/i-heard-that-my-organization-will-have-to-pay-unrelated-business-income-tax-and-file-an-unrelated-business-income-tax-return-on-any-transportation-benefits-that-they-give-to-our-employees-is-this-tru/#post-1193 <![CDATA[I heard that my organization will have to pay unrelated business income tax and file an unrelated business income tax return on any transportation benefits that they give to our employees. Is this true?]]> https://cnfpaccounting.com/topic/i-heard-that-my-organization-will-have-to-pay-unrelated-business-income-tax-and-file-an-unrelated-business-income-tax-return-on-any-transportation-benefits-that-they-give-to-our-employees-is-this-tru/#post-1193 Thu, 25 Oct 2018 13:45:09 +0000 Lori Shecter I heard that my organization will have to pay unrelated business income tax and file an unrelated business income tax return on any transportation benefits that they give to our employees. Is this true?

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