Nonprofit

Public University Foundations: More Problems

09:09 31 July in Nonprofit

In Another Public University Foundation Under Fire, we wrote: Sometimes called “slush funds” and “shadow corporations,” the foundations that support the nation’s public universities have been grabbing headlines recently: ones they would rather avoid. We highlighted some developments in “Foundations of Public Universities: Too Secretive?” There must...

New Accounting Rules for Nonprofits

09:34 17 July in Nonprofit

In August 2016, the Financial Accounting Standards Board (FASB) announced new rules for nonprofits: “Accounting Standards Update 2016-14 “Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities.”  It’s the first significant set of changes since 1993 to the presentation standards for nonprofit financial statements....

New Unrelated Business Income Rules

08:01 19 June in IRS, Nonprofit

In last December’s overhaul of the federal tax code, lawmakers included four provisions directly affecting certain nonprofits. One of the new laws makes dramatic changes to Internal Revenue Code section 512(a), the unrelated business income tax (UBIT) rules.    Multiple Unrelated Businesses The key change affects those...