Nonprofit Issues Newsletter, February 2022
Implementing the New Accounting Standard for Leases: Part One
Is your organization ready for the new accounting standard for leases? Our new article series provides important action items in a quick, easy-to-read format to make the adoption of the new standard more manageable.
The first article walks you through the steps of determining if a contract contains a lease and determining which payments are considered part of the lease calculations. Read more.
The Benefits of Providing a Planned Giving Ministry at Your Church
More ministry leaders are focusing on the importance of generosity through planned giving, and for good reason. Educating your church members about the importance of estate planning has several potential benefits for them as well as your church.
If your church is thinking about starting a planned giving ministry or wants to enhance your existing ministry, here are some key considerations.
Triggering Events That Could Require Immediate Reporting Under the New Borrower Defense Rules
While the focus has been on ensuring that institutions properly include the Financial Responsibility Supplemental Schedule (FRSS) within their single audit financial statement package submitted to the U.S. Department of Education (ED) subsequent to July 1, 2020, many institutions that receive Title IV funds may be unaware of additional reporting requirements if certain triggering events occur.
These reminders will help you navigate the latest borrower defense rules.
IRS Tax Exempt Organization Search Now the Primary Source for Tax-Exempt Organization Data
As of December 31, 2021, the publicly available data the IRS provides on electronically filed Form 990s will only be available through the IRS’s Tax Exempt Organization Search webpage. Form 990 Series data previously provided on Amazon Web Services will no longer be updated. The IRS said this change was made to provide access to public data for tax-exempt organizations in one location on the IRS.gov website, the Charities and Nonprofits webpage.
The Tax Exempt Organization Search page includes a link to the Tax Exempt Organization Search Bulk Data Downloads webpage, which has multiple data sets of information about organizations’ tax-exempt status and filings.
This change is not expected to alter the availability of Form 990s on websites like Guidestar.
Don’t Miss Our Free Cyber Series Webcast
Our 2022 CapinTech Cyber Series kicks off on March 2 with a free one-hour webcast on How Weak IT Controls Could Affect Your Financial Statement Audit. Learn more and register.
Join Us at the CapinCrouse 2022 National Church Virtual Seminar
What lies ahead for churches? Now is the time to embrace new opportunities as you plan for what’s next.
This convenient virtual seminar will be held over two half-days (March 16 – 17) and cover the latest developments and best practices to help you lead your church forward. See the full agenda and register here.
Updated Lease Toolkit Now Available
To assist your nonprofit organization in planning for and implementing the new accounting standard for leases, we’ve updated the CapinCrouse Lease Toolkit to reflect a recent change from the FASB and added a convenient Lease Calculation Tool. Download your free Lease Toolkit.
Key Federal Tax Figures for 2022
Our 2022 Key Federal Tax Figures summary is designed to be a helpful reference tool throughout the year. You can download or print your free copy here.