Implementing the financial accounting standards board (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit entities can be confusing. The updated standard states nonprofits must present an analysis of expenses by their function and natural expense classifications in one location, such as in a statement of functional expenses.

Charitable giving is appreciated at every level. Any time an individual gives, no matter the amount, it is a precious gift. Some donors may be in a position to give to a nonprofit they are passionate about. In this case, a donor advised fund (DAF) might be an effective way to maximize their gifts. Donor advised funds are charitable investment accounts established at a public charity to support charitable 501(c)(3) organizations and allow donors to take an immediate tax deduc Read More >>

Sending a thank you note after receiving a charitable gift to your nonprofit seems like a simple, but polite, way to recognize a donor. In reality, this acknowledgement is an extremely important piece of the donor/nonprofit relationship.

More Than Thank You

A thank you note is truly more than just a thank you. The IRS imposes recordkeeping and substantiation rules to both nonprofits and to donors.

Donors are responsible for obtaining written acknowledgment from a charity Read More >>

Looking at Leases with Molly Stinn: A Six-Part Series

Molly Stinn, CPA, is an Equity Director at the firm.

The new lease standard presents sweeping changes in the way we think about and record leases in our financial statements. Previous blog posts have discussed elements of the new standards specifically. Understanding the impact of the new standards is essential, but determining a game plan will make the implementation process go much more smoothly.

 

Transitiona

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Al Harsar, CPA

A not-for-profit organization needs to have a succession plan in place to ensure the continued existence of the organization during transitions of the trustees, in the same way that a for-profit business puts these plans into place.  Many not-for-profit organizations have a board of volunteer trustees that interact with the staff and make governing decisions that are in the best interest of the organization. Staff is usually comprised of an Executive Dire Read More >>

Lynda Doland offers advice on how to make the most out of your donations.

Gifts of property to charity throughout the year can result in beneficial tax write-offs. Noncash charitable donations are held to strict record keeping requirements, and the acceptance of the deduction depends greatly on the quality of records associated with the donations.

What items should I donate?

Clothing and household items are the most common types of items donated, but items must be in good u Read More >>

Members of the Corrigan Krause team spent the afternoon on June 26 at the Lake Erie Nature and Science Center in Bay Village, Ohio.

The center is a nonprofit organization that offers educational programs, live animals on exhibit and a world-class planetarium.

Corrigan Krause’s staff participated in a community service day, helping the center with a variety of outdoor landscaping needs, including weeding, trimming and mulching.  This was the second year in a row that our t Read More >>

Al Harsar, CPA shares how to apply value to volunteer time for your not-for-profit:

Many not-for-profit organizations are able to utilize the generosity and the skills of their volunteer force for essential tasks and projects. It is important to capture these hours and apply a value to increase the organization’s top line revenues for services.

A few examples would include:

  • Working in the organization’s museums or retail shops
  • Answering phones
  • Marketing
  • Other administ
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