Not-for-Profit Update

Government/Not-for-Profit – AICPA releases 2013 GAS/A-133 Audit Guide

By Dennis G. Koch / August 9, 2013

As a result of the Clarified Auditing Standards and the issuance of the 2011 revision of Government Auditing Standards, the 2013 edition of the GAS/A-133 Audit Guide has been extensively rewritten. While this has far-reaching implications for auditors, governmental entities and not-for-profits who receive federal financial assistance should also be aware of what these changes…

Read More

Not-For-Profit – Reporting Contingent Gifts

By Dennis G. Koch / August 6, 2013

When a donor provides a gift to a charity that is conditioned upon the charity performing some act or a certain event occurring, a deduction for the donation is only allowed once that event has taken place. There is an exception to this rule – the deduction is allowed in the transfer year if the…

Read More

Not-for-Profit – FASB Issues ASU on Contributed Services

By Dennis G. Koch / June 15, 2013

On April 19, 2013 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-06, Services Received from Personnel of an Affiliate. The ASU was issued to provide guidance about recognizing and measuring services that a nonprofit organization receives for no cost from personnel employed by an affiliated entity. The amendments included in this Update…

Read More