Although foreign bank account reporting (FBAR) reporting was legally required as far back as 1970, few Americans knew about it or took it seriously. This has changed in the last few years because of the Treasury Department’s aggressive search for violators and the draconian penalties that apply.
April 20, 2016 - On April 6, 2016, the Freedom From Religion Foundation renewed its attack on the minister's housing allowance by filing a complaint. This is only the first step in what will probably be a several-year court proceeding.
Performing these simple steps throughout the year will result in your year-end financial close being similar to any other month-end, rather than a stressful and time-consuming event.
Does your church track its expense ratios? This can help you identify key trends in the outflow of resources between years. It also provides the opportunity to compare with other churches and check the reasonableness of your expenses.
Without support roles in the church, little or no ministry would take place. Your church should take care not to minimize the importance of these responsibilities. You can help ensure they are given their due by following a few key guidelines.
Learn how to create and implement an effective ERM strategy, correctly allocate joint costs, benefit from micro-donations, and assess the health of your church. Plus Newsbits on the FASB Not-for-Profit Financial Statements Project, new guidance on lease accounting, a phishing scheme involving W-2s, and more.
The Office of Management and Budget’s Uniform Guidance (the Omni Circular) has brought sweeping changes for nonprofits that receive federal funding. Nonprofits need to get up to speed on their rights and responsibilities under the rule — to avoid forfeiting reimbursement dollars.
On February 25, 2016, the FASB issued an Accounting Standards Update (ASU) on financial reporting for leasing transactions. Here are some helpful resources.
The Financial Accounting Standards Board (FASB) Exposure Draft issued in 2015 will be addressed by the Board in two phases. The following identifies the components of tentative board decisions to date.
February 22, 2016 - The Federal Perkins Loan Program Act of 2015 (the Extension Act) has extended the Perkins Loan Program through September 30, 2017. The Extension Act also prohibits any further extensions.
