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News & Insights: nonprofit

Tips for NFP internal reports


By Sibi B. Thomas  |  November 14, 2018

A not-for-profit should consider the following best practices to ensure that internal financial reports prepared for its board of directors and other governance committees are accurate, timely, and decision-useful.

Changes to Governmental Fund Accounting are on the Horizon


By Warren Ruppel  |  October 2, 2018

The Governmental Accounting Standards Board (GASB) is considering some important changes to the overall financial reporting model originally introduced for use by governments in GASB Statement 34. This is not a complete rewrite of the current financial reporting model, but rather a focus on several areas where the GASB believes potential changes should be considered. 

The Care Coordination Model: A Path to Managed Care


By Joseph J. Kanjamala  |  October 2, 2018

Managed care is a healthcare delivery system that coordinates the provision, quality and cost of care for its enrolled members. Medicaid managed care provides for the delivery of Medicaid health benefits and related services through contracts between a state and managed care organizations (MCOs).

Internal Control Considerations for Automated Systems in Nonprofit Accounting


October 2, 2018

Automation is an evolving trend that has affected nonprofit accounting departments for many years.

GASB Issues Statement Providing Clarity on In-Substance Defeasance of Debt


October 2, 2018

In May 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 86, Certain Debt Extinguishment Issues. 

Out with the Old and In with the New Financial Reporting Standards for Nonprofits


By John D'Amico  |  October 2, 2018

It has now been twenty-five years since the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements for Not-for-Profit Organizations

NONPROFIT & GOVERNMENT TIMES, Q3 2018


October 1, 2018

In the latest issue of the Nonprofit & Government Times newsletter, our industry experts provide guidance on industry changes, such as new accounting standards, managed care implementation, automation and cybersecurity.

Nonprofit Alert: New IRS Guidance on UBTI Silos


By Magdalena M. Czerniawski |  Robert Lyons  |  September 4, 2018

On August 21, 2018, the IRS issued a Notice about new Code section 512(a)(6), which changes the way exempt organizations calculate unrelated business taxable income (UBTI). Each line of business must now be recognized separately, resulting in significant accounting changes and unanswered questions for many exempt organizations, specifically in the areas of partnership interests and net operating losses (NOLs).

MARKS PANETH’S SUMMER 2018 NONPROFIT PULSE SURVEY RESULTS


August 6, 2018

The results of our Summer 2018 Nonprofit Pulse survey are in! Marks Paneth polled over 200 executives and leaders of nonprofits across the nation, asking for their views on current industry conditions.

New Procurement Thresholds under U.S. OMB’s Uniform Guidance


By John D'Amico  |  August 2, 2018

The OMB recently issued Memorandum M-18-18 that raised the procurement thresholds for micro-purchases to $10,000 and the simplified acquisition threshold to $250,000. 

Nonprofit Alert: Improved Guidance on Grant and Contribution Accounting


By Sibi B. Thomas  |  June 22, 2018

The Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) number 2018-08 on June 21, 2018 that clarifies the current accounting guidance on contributions made and received by nonprofit organizations and businesses.

Understanding the Updated Lease Accounting Rules


By Alan Becker  |  May 29, 2018

Updated lease accounting rules have been the subject of numerous exposure drafts, comment periods and rounds of debate by the Financial Accounting Standards Board (FASB) and the accounting industry over the past decade.

Using Effective Ratio Analysis at Nonprofits


By Sibi B. Thomas  |  May 29, 2018

Analyzing key ratios in your nonprofit’s financial statements can be a very useful tool for gaining deeper insight into the organization’s financial condition and evaluating its overall performance, even at the programmatic level. Effective ratio analysis can be used to analyze trends over a period of time, plan for future strategies and measure current financial health.

Compensation Considerations for Attracting and Retaining Not-for-Profit Executives


By Frances McKenna  |  May 29, 2018

Recruitment efforts in the not-for-profit sector can be especially challenging in today’s near record-low unemployment economy, where professional opportunities abound for competent business executives and limited not-for-profit budgets can make it difficult to compete with the for-profit world.

Introduction to GASB 87 Leases


By Warren Ruppel  |  May 29, 2018

The Financial Accounting Standards Board (FASB) is not the only standard-setting body to address updates to lease accounting procedures. State and local governments and governmental entities need to be aware of a similar standard that was issued by the Governmental Accounting Standards Board (GASB). Similar in concept to the FASB standard (discussed on page 4), GASB 87 Leases contains some significant differences.

GASB’s Guidance for Irrevocable Split-Interest Agreements is Now in Effect


By John D'Amico  |  May 29, 2018

The Governmental Accounting Standards Board (“GASB”) Statement No. 81 Irrevocable Split-Interest Agreements is now in effect for financial statement periods beginning after December 15, 2016 (December 31, 2017 year-ends and thereafter) and should be applied retroactively.

NONPROFIT & GOVERNMENT TIMES, Q2 2018


May 25, 2018

In the latest issue of the Nonprofit & Government Times newsletter, our industry experts provide guidance on the budget process, compensation considerations, FASB and GASB updates and more.

Nonprofit Employers Subject to New Tax Requirements for Transportation Benefits


By Robert Lyons |  Frances McKenna  |  May 25, 2018

As nonprofit employers await final guidance from the IRS on the new 21% UBIT on transportation fringe benefits, the best preventative measure to take is in the form of quarterly estimated tax payments, starting on June 15, 2018. Our nonprofit tax directors provide guidance for organizations that are currently subject, or anticipate being subject, to the corporate level tax on transportation benefits.

Nonprofit Alert: IRS Guidance on New Rules for UBIT


By Robert Lyons |  Frances McKenna  |  May 21, 2018

Our nonprofit tax professionals have been monitoring comments coming out of the IRS on the new Unrelated Business Income Tax rules created by the Tax Cuts and Jobs Act. Read more on what not-for-profits can expect in the forthcoming guidance.

NY Charities Win Big in Charitable Gaming Act of 2017


By Robert Lyons |  Frances McKenna  |  March 2, 2018

Like charitable organizations across the nation, charities in New York are constantly reaching out to find new sources of income. These efforts often include raffles and other gaming incentives. In New York, the potential to raise funds through raffles has been extremely limited by a very antiquated set of gaming laws, but that is soon to change.

Tax Reform: A New Reality for Exempt Organizations


By Frances McKenna  |  February 2, 2018

With the 2017 charitable giving season behind us, many exempt organizations (“EO”s) are concerned that their funding may start to decrease this year and in the foreseeable future as a result of the new Tax Cuts and Jobs Act (hereafter, “the Act”) passed into law on December 22, 2017.

Recognizing the Symptoms of Fraud in Your Nonprofit Organization


By John D'Amico  |  February 2, 2018

“Where there is a will, there’s a way.” The old saying holds true even with employees bent on embezzling funds from their employer – whether directly or indirectly.

Protecting Your Nonprofit from a Cyberattack


By Richard Nathan  |  February 2, 2018

2017 was predicted to be the “year of cyber warfare” by Forbes.com. Sure enough, by mid-year, cyberattacks had already doubled the previous year’s totals. Given that an estimated 63% of nonprofits experienced a data breach in 20161, we are likely facing even more devastating statistics for the industry as the results of 2017 are realized.

Using Form 990 as a Marketing Tool


By Frances McKenna |  Robert Lyons  |  February 2, 2018

Unlike a tax return, Form 990 is a public document open for inspection. Currently, the only part not available to the public is Schedule B, which shows contributor information. The rest stands out in all of its glory – which can be good or bad, depending on the organization.

Four Components of Meaningful Internal Financial Statements for Nonprofits


February 2, 2018

At many nonprofits, audited financial statements draw a lot of attention. These are often made publicly available and are scrutinized by management, external auditors, Boards and public stakeholders – such as funding agencies and donors.

The Nonprofit Audit Committee’s Evolving Role


By Joseph J. Kanjamala  |  February 2, 2018

The Audit Committee is an indispensable part of any nonprofit organization’s governance structure. The roles and responsibilities of an audit committee vary from organization to organization. However, as the financial, operational and regulatory complexities of the environment in which nonprofits operate evolve, so must the roles and responsibilities of the Audit Committee. 

The Nonprofit & Government Times, Q1 2018


February 2, 2018

The new year brings a new look to the Marks Paneth nonprofit industry newsletter! This edition of Nonprofit & Government Times provides practical and timely insights from our nonprofit professionals on some of the industry’s biggest issues, such as: the impact of tax reform, recognizing fraud, the audit committee’s evolving role and cybersecurity.

Marks Paneth’s Winter 2017/2018 Nonprofit Survey Results


January 22, 2018

Marks Paneth is pleased to reveal the findings of our Winter 2017/2018 Nonprofit Pulse survey, which gauges the views and expectations of nonprofit executives and leaders across the nation. The survey provides insights into current conditions in the nonprofit sector in the areas of funding, service demand, financial oversight, staff retention and more.

Nonprofit Alert: International Fraud Awareness Week and 10 Signs of Nonprofit Fraud


By Michael McNee |  John D'Amico  |  November 16, 2017

It's International Fraud Awareness Week and Marks Paneth is doing its part to drive awareness!

What You Need to Know About Pass-Through/Subrecipient Relationships Under the Uniform Guidance


By John D'Amico  |  November 3, 2017

In this article, John D’Amico, Director with our Professional Standards Group, outlines the responsibilities of a pass-through entity under “legacy” OMB Circular guidance, as well as a relatively new rule stemming from the 2014 issuance of the Uniform Guidance.

Nonprofit Alert: New FAQs on Uniform Guidance for Federal Awards


By John D'Amico  |  August 28, 2017


“Mission Drift” and Other Potential Audit Triggers You Should Know About


By Frances McKenna |  Robert Lyons  |  August 22, 2017

It is your organization’s responsibility to apply due diligence when preparing the Form 990, and ensure that you are operating in accordance with the purpose for which you were granted exemption. Manage that responsibility well. 

Marks Paneth’s Summer 2017 Nonprofit Survey Results


August 1, 2017

Marks Paneth is pleased to reveal the findings of our third Nonprofit Pulse survey, which gauges the views and expectations of nonprofit leaders with organizations ranging from 20 employees to 500 employees. The Summer 2017 survey uncovered the industry’s outlook on funding availability, demand for services, board member effectiveness and other organizational issues.

Amendments to New York Nonprofit Revitalization Act of 2013 are now in effect


By Michael McNee |  John D'Amico  |  July 6, 2017

On November 28, 2016, additional amendments (the “2016 Amendment”) to the New York Nonprofit Revitalization Act of 2013 (the “NPRA”) were signed into the New York Not-for-Profit Corporation Law (“NPCL”). The 2016 Amendment is intended to “improve and make clarifying amendments” in order to “correct certain inconsistencies, and make the statute operate more smoothly and efficiently.”

New rules for telling your financial story


By John D'Amico  |  June 2, 2017

Nonprofits that are at least partially funded through government contracts face two ongoing challenges. One is finding funding for any associated administrative costs that are not covered by the grant. The second is managing cash flow when governmental agencies are notoriously late in reimbursing nonprofits for expenses they have already incurred. It is common for nonprofits to wait three to six months or more for reimbursement. This can result in serious liquidity issues. Combined, these issues often make it difficult for nonprofits to provide potential private donors a true picture of their financial status.

Effective date of OMB’s Procurement Standards extended


By John D'Amico  |  May 25, 2017

On December 26, 2013, the US Office of Management and Budget (OMB) published 2 CFR 200, “Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards” – also referred to as the Uniform Guidance (UG). One of the most significant changes introduced by the UG relates to procurement standards for non-Federal entities.

Nonprofit Agendas - April, 2017


April 20, 2017


Nonprofit Alert: New Filing Requirements for New Jersey Charitable Registrations


By John D'Amico  |  April 10, 2017

New Jersey-based nonprofit organizations are required to file either Form CRI-300R or CRI-200, along with their IRS Form 990 annually. These forms are due to the State of New Jersey on the last day of the sixth month following the close of the organization’s fiscal year.

Ensuring Nonprofit Compliance with the Federal OMB Uniform Guidance and NJ's Circular 15-08 OMB


By John D'Amico  |  March 13, 2017

The federal OMB’s Uniform Guidance requires New Jersey-based nonprofit organizations with fiscal year expenditures greater than $750,000 to have a Single Audit. Organizations that receive new or incremental federal funding either directly from a federal agency or passed-through from the state or a local government after December 24, 2014 need to follow the federal OMB’s Uniform Guidance. For federal grants awarded prior to that date, OMB Circulars (A-110 and A-122 for nonprofits) are still in effect.

The new employee tax credit your organization may be missing out on


By Mordecai Lerer  |  February 28, 2017

Are you familiar with Internal Revenue Service forms 5884, 5884C and 8850? If not, your organization may be missing an opportunity to reduce its federal tax liability from $1,200 up to $9,600 per new hire. The great news is, both “for-profit” and “nonprofit”employers are eligible for the Work Opportunity Tax Credit (“WOTC”).

Nonprofit Agendas - February, 2017


By Michael McNee  |  February 14, 2017


Nonprofit Pulse: A Leadership Survey From Marks Paneth


February 9, 2017

Mark Paneth’s Nonprofit Pulse collects the opinions of nonprofit leaders twice a
year. Findings from the Summer/Fall 2016 survey provide insights into the impact of
funding challenges on meeting demand for services, attracting and retaining staff
and the financial stability of organizations facing funding gaps.
The majority of respondents are senior leaders of human-service nonprofits
operating in the US, including executive directors, CEOs, CFOs, board members, and
directors.

New Liquidity Disclosure Requirements for Nonprofits


By Sibi B. Thomas  |  January 23, 2017

Under the Financial Accounting Standards Board’s new financial reporting standards for nonprofits released on August 18, 2016, nonprofit organizations are required to provide enhanced disclosures about the liquidity and availability of its resources in the audited financial statements. The disclosures must be both qualitative and quantitative in nature.  

Nonprofit Agendas - October, 2016


By Michael McNee  |  October 7, 2016


Nonprofit Agendas - July, 2016


By Michael McNee  |  July 19, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

Tips for improving the quality of your nonprofit’s audit


By Sibi B. Thomas  |  June 8, 2016

Audit quality is one of the most discussed topics in the accounting and auditing profession. Audit quality involves both qualitative and quantitative elements, some of which are not easily measurable. It is subjective and viewed differently by different stakeholders based on their expectations and perceptions. It’s important for all the involved stakeholders to align their expectations in order to produce a quality audit.

Nonprofit Agendas - May, 2016


By Michael McNee  |  May 4, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

FASB Project on Not-for-Profit Financial Reporting


By John D'Amico  |  April 21, 2016

New Accounting and Auditing Matters on the Horizon -- The FASB is moving forward with the proposed ASU Presentation of Financial Statements of Not-For-Profit Entities. The proposed changes are considered to be the most sweeping changes since 1993.  After receiving 264 comment letters and holding three public roundtables, which representatives of Marks Paneth LLP participated in, the FASB Board decided to separate the project into two phases. This summary provides useful information on the changes which lie ahead.

Nonprofit Agendas - March, 2016


By Michael McNee  |  March 2, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Revitalization: Checklist for Compliance


By Michael McNee  |  February 24, 2016

New York State has a law pertaining to nonprofits called the Nonprofit Revitalization Act of 2013. It was signed by Governor Cuomo on December 18, 2013 and most provisions were effective on July 1, 2014. Marks Paneth has developed a self-administered checklist you can use to help with the process of verifying compliance for your organization.

 

Monitoring your organization’s fiscal health to avoid financial failure


By Sibi B. Thomas  |  January 8, 2016

When considering the myriad of challenges the nonprofit sector faces today, it is important that nonprofit leaders take a holistic approach to understanding the factors affecting their organizations' financial viability. There are several tools and specific approaches to nonprofit governance that can greatly facilitate this undertaking. 

In this article, Partner Sibi Thomas discusses give factors that nonprofit leaders should consider to better secure their organizations against financial mismanagement and organizational risk.

This article was originally published in New York Nonprofit Media in January 2016.

Nonprofit Agendas - December, 2015


By Michael McNee  |  December 8, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Pulse: A Leadership Survey from Marks Paneth


By Michael McNee  |  October 28, 2015

Marks Paneth is proud to service many leading nonprofits.  To gain insights that will be useful and interesting to these organizations, and to help us meet their audit and other business needs, we regularly survey the leadership to top nonprofits around the country.  Topics span a range of issues organization leaders face or are concerned about.

Our most recent survey of nonprofit chief executives officers, executive directors, presidents, chief financial officers and board members was fielded during the second half of 2015.

Nonprofit Agendas - October, 2015


By Michael McNee  |  October 7, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas.

FASB Roundtable on Proposed Nonprofit Accounting Standards


By Michael McNee  |  September 28, 2015

Marks Paneth was invited to attend one of two FASB roundtable meetings held on September 21 to discuss our views with the FASB Board and their technical managers on the Proposed Accounting Standard update (exposure draft) which suggests major revisions to the way nonprofit financials will look in the future.

Minimum Distribution Requirements for Private Foundations


By Robert Lyons  |  September 18, 2015

Every year, private, non-operating foundations are faced with determining their minimum investment return in order to calculate their distributable amount. For calendar year 2014, the distributable amount is the amount that the foundation must pay out as a qualifying distribution by the end of 2015 to avoid the 30% excise tax on the undistributed portion.

In this article, director Robert Lyons provides foundation administrators with technical guidance around the appropriate timing of and planning that should go into the distributable amount’s payout.

Developing a Fraud-Free Workplace for the Nonprofit Organization: A Fresh Perspective


By Eric A. Kreuter |  Hope Goldstein  |  September 16, 2015

Fraud is a significant and growing problem for nonprofit organizations, according to a number of sources, occurring more frequently and becoming more costly. According to the 2014 Report to the Nations by the Association of Certified Fraud Examiners (ACFE), nonprofit fraud accounted for 10.8% of total incidents of fraud in 2013, up from 9.6% reported in 2010. Nonprofit organizations lost a median $108,000 per incident in 2013, up from $90,000 reported in 2010. Since many nonprofits are relatively small, the financial impact is often far greater than the dollar amount implies. 

This article by Eric Kreuter, partner, Financial Advisory Services, and Hope Goldstein, partner, Nonprofit and Government, reviews the risks (financial, reputational and funding threats), fraud’s origins and the steps an organization should take to strengthen its control environment.

Nonprofit Agendas - August, 2015


By Michael McNee  |  August 14, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas

Uniform Guidance (Formerly A-133) for Federal Award Programs


By Michael McNee  |  June 26, 2015

The Office of Management and Budget recently published Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. This guidance supersedes several OMB Circulars that govern federal awards, including the Circulars that affect non-profits, such as Circular A-110 and A-122. These new regulations are commonly called “Uniform Guidance” or “UG”.

Nonprofit Agendas, April 2015


By Michael McNee  |  April 21, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas

Executive Summary: Exploring the Financial and Governance Ingredients for Nonprofit Stability


By Michael McNee  |  April 2, 2015

Executives from the nonprofit world convened at Marks Paneth recently for a seminar co-sponsored by Charity Navigator, a nonprofit charity watchdog group. Using the financial collapse of the Federation Employment and Guidance Services (FEGS), as a backdrop, the seminar explored issues related to fraud, governance, reporting transparency and operational sustainability – and underscored practices and safeguards that can protect nonprofits.

Nonprofit Pulse: A Leadership Survey from Marks Paneth


By Michael McNee  |  March 30, 2015

The Nonprofit Pulse: A Leadership Study from Marks Paneth represents the findings of a survey of nonprofit leaders in the United States. The 103 professionals participating in the research include Board Chairs, Presidents, Executive Directors, Chief Executive Officers, Chief Financial Officers, Treasurers, Chief Operating Officers, Development Directors, Vice Presidents and Board members and are with organizations with annual budgets between $10 million and $100 million. The research employed self-administered questionnaires completed online by respondents. The national list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of November 12 to December 31, 2014.

Marks Paneth Nonprofit Agendas, February 2015


By Michael McNee  |  February 13, 2015


MARKS PANETH NONPROFIT AGENDAS DECEMBER 2014


By Michael McNee  |  December 4, 2014


MARKS PANETH NONPROFIT AGENDAS OCTOBER 2014


By Michael McNee  |  October 27, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue

MARKS PANETH NONPROFIT AGENDAS SEPTEMBER 2014


By Michael McNee  |  September 17, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the September issue

Marks Paneth Nonprofit Agendas July 2014


By Michael McNee  |  July 28, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue

NonProfit Agendas, May 2014


By Michael McNee  |  May 19, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the May issue

Accounting and Auditing Alert: FASB Private Companies Have Options on Accounting for Goodwill


By William M. Stocker III  |  February 24, 2014

The Financial Accounting Standards Board {FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that offer alternatives to private companies: Accounting Standards Update (ASU) 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill, and ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach. The alternative standards streamline the method for goodwill impairment and make it easier for certain interest rate swaps to qualify for hedge accounting. This alert details each ASU.

Marks Paneth Nonprofit Agendas February 2014


By Michael McNee  |  February 19, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the February issue

NonProfit Agendas, November 2013


By Michael McNee  |  November 25, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Agendas, September 2013


By Michael McNee  |  September 19, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the September issue.

Marks Paneth Nonprofit Alert: EO #38 Sets Limits on Administrative Expenses and Executive Compensati


By Joseph J. Kanjamala  |  July 30, 2013

New York State Governor Andrew M. Cuomo's Executive Order #38 (EO #38), which sets limits on administrative expenses and executive compensation for covered provider entities, went into effect on July 1, 2013. EO # 38 is applicable to entities regulated by any of 13 specified State agencies. This alert summarizes the key features.

Nonprofit Revitalization Is Here. Is Your Organization Ready?


By Michael McNee  |  July 16, 2013

New York State Attorney General Eric T. Schneiderman’s initiative called the Nonprofit Revitalization Act (the Act) represents the most sweeping changes in New York State’s nonprofit law in 40 years. The law is a balance between less red tape and more oversight by the Attorney General. It considerably increases liability of Board members and scrutiny of Board actions. With the new Act, it’s time for a routine checkup of your organization’s governance policies.

Nonprofit Agendas, May 2013


By Michael McNee  |  May 9, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the May issue.

Nonprofit Agendas, February 2013


By Michael McNee  |  February 25, 2013

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the February issue.

Nonproft Agendas, December 2012


By Michael McNee  |  December 20, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas.  Click below for the December issue.

Nonprofit Agendas, November 2012


By Michael McNee  |  November 15, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Agendas, October 2012


By Michael McNee  |  October 17, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue.

Nonprofit Agendas, August 2012


By Michael McNee  |  August 27, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the August issue.

Nonprofit Agendas, July 2012


By Michael McNee  |  July 27, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue.

Nonprofit Agendas, June 2012


By Michael McNee  |  June 1, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the June issue.

Nonprofit Agendas, April 2012


By Michael McNee  |  May 2, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the April issue.

Nonprofit Agendas, January 2012


By Michael McNee  |  January 19, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the January issue.

Nonprofit Agendas, October 2011


October 1, 2011

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue.

Endowment Accounting under FASB Topic 958-205 (Formerly FSP 117-1) and NYPMIFA


By Michael McNee  |  August 14, 2011

A PREAMBLE NYPMIFA calls for: Prudence, donor notification and investment management. As the Beatles said, "Dear Prudence, won't you come out and play?" Do not mistake NYPMIFA and FASB 958-205 for being the same. Legal issues and accounting issues do not always agree. In legal terms, as it relates to endowments, you can "borrow", but you can't "steal". In accounting terms, you can't "hide".

EXAMPLES OF ENDOWMENT RESTRICTIONS

  • True endowment with no use restriction-My contribution should be kept intact and the income is to be used for the organization.
  • True endowment with use restriction-same as above except the income from the contribution is to be used for supplies for the organization.
  • Endowment for a term of years-keep the gift intact for 20 years, during which time the income is for supplies and after 20 years, the gift has no restrictions.

Nonprofit Agendas, July 2011


July 1, 2011

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue.

Nonprofit Agendas, March 2011


June 1, 2011

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the March issue.

Nonprofit Agendas, May 2011


May 1, 2011

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the May issue.

Nonprofit Agendas, November 2010


November 18, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Alert: OMIG Certificate Advisory Alert Effective December 1, 2010, November 2010


November 18, 2010

The New York State Office of the Medicaid Inspector General (OMIG) has revised two online certification forms. This change is effective as of December 1, 2010.

Nonprofit Agendas, October 2010


October 8, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue.

Nonprofit Agendas, September 2010


September 1, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the September issue.

Nonprofit Alert: Mandatory FTC Identity Theft Program, July 2010


July 13, 2010

The Federal Trade Commission (FTC) issued the Red Flags Rule for financial institutions and creditors to fight identity theft. The rule requires many businesses and organizations to implement a written Identity Theft Prevention Program designed to detect warning signs – or "red flags" – of identity theft in their day-to-day operations, take steps to prevent crime, and mitigate the damage it inflicts. The Red Flags Rule applies to financial institutions and creditors. The rule requires a periodic risk assessment to determine if the entity has covered accounts. A written program needs to be in place only if the entity has covered accounts.

Nonprofit Agendas, May 2010


May 1, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the May issue.

Nonprofit Agendas, March 2010


March 1, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the March issue.

Nonprofit Alert: The Role of Nonprofits' Boards in Overseeing Compliance, April 2010


January 26, 2010

The role of the board of directors of nonprofit organizations in the oversight of compliance programs is increasingly gaining in importance and visibility. The experienced professionals at Marks Paneth can help board members and their organizations comply with the heightened regulatory environment today and going forward.

We are adept at conducting corporate compliance reviews and identifying risk areas in need of improvement. Our specialists have the tools and expertise to remedy risks before they become problems.

The Health Care Compliance Association (HCCA) has recently conducted an interview with James G. Sheehan, New York State Medicaid Inspector General, which you may find of interest. Mr. Sheehan discusses his thoughts about the role of the board of directors in overseeing compliance programs.

Nonprofit Agendas, January 2010


January 1, 2010

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the January issue.

Nonprofit Alert: New Update from Office of the Medicaid Inspector General (OMIG) Tightens Compliance


By Michael McNee |  Eric A. Marks  |  November 23, 2009

As of October 1, 2009, The Office of the Medicaid Inspector General (OMIG) now requires all organizations that rely on Medicaid reimbursements to ensure that all persons, providers and affiliates providing care, services or supplies under Medicaid be in good standing and eligible to receive payment.

Nonprofit Agendas, November 2009


November 1, 2009

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Agendas, September 2009


September 1, 2009

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the September issue.

Nonprofit Agendas, July 2009


July 1, 2009

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue.

Nonprofit Agendas, June 2009


June 1, 2009

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the June issue.

Nonprofit Agendas, March 2009


March 1, 2009

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the March issue.

Nonprofit Agendas, February 2009


February 1, 2009

In this issue, some topics discussed include the fundamental differences between fiscal agents and fiscal sponsors and the pros and cons of working with both; understanding how new accounting standards will affect your nonprofit organization and your role in preparing the New Form 990.

Nonprofit Agendas, December 2008


December 1, 2008

In this issue, some topics discussed include when it is and is not appropriate to accept gift donations, understanding the tax consequences of alternative investments and the importance of directors and officers (D&O) liability insurance.

Nonprofit Agendas, April/May 2008


November 18, 2008

In this issue, some topics discussed include the mission of nonprofit watchdog agencies, procedural standards for setting "reasonable compensation" among nonprofit employees, and the real difference between internal and year-end financial statements.

Nonprofit Agendas, August/September 2008


November 18, 2008

In this issue, some topics discussed include the U.S. donor intent lawsuit of Robertson v. Princeton and how the trial's outcome could set the stage for future charitable giving, how to transition leadership during a merger or acquisition, and valuing and reporting gifts in kind and donated services.

Nonprofit Alert: United States Investors in Offshore Hedge Funds Should Consider Filing the Report o


By Robert Lyons  |  October 30, 2008

TD F 90-22.1 is required to be filed for all accounts where a U.S. person or entity has a financial interest or signature authority in foreign financial accounts if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. These relationships are reported on the calendar year by filing Form TD F 90-22.1 with the Department of the Treasury on or before June 30, of the succeeding year.

On June 12, three IRS personnel participated in a teleconference with a law firm that was designed to address open questions regarding the TDF 90-22.1 filing for calendar year 2008 that must be filed by June 30. It was their position (not official IRS position at this point) that an offshore hedge fund is a "foreign financial account" for this purposes and that, therefore, every U.S. investor in an offshore hedge fund should file a TDF 90-22.1 Form, whether or not the fund has any offshore bank or securities accounts. While the IRS's position on hedge funds is not official, it does carry substantial weight and should be considered.

Nonprofit Agendas, September 2008


September 1, 2008

In this issue, some topics discussed include how federal and state bodies shape nonprofit policies, upcoming compliance dates for 403(b) retirement plans, limits placed on lobbying activities according to the IRS, and recent IRS changes to the application process for exempt status.

Nonprofit Investment Committees: Buyer Beware


By Michael McNee  |  March 5, 2008

Increasingly, nonprofits are moving into alternative investments: private investment funds, hedge funds, real estate funds, venture capital funds, oil, and gas funds. The goal is generally higher returns and diversification.

Nonprofit Agendas, February/March 2008


February 1, 2008

In this issue, some topics discussed include new AICPA auditing standards, the distinction between sponsorship and advertising, how the IRS perceives contractors and employees and simple solutions for small organizational checks and balances.

A Brave New World for a New Form 990


By Michael McNee |  Robert Lyons  |  February 1, 2008

On February 29, 2008, Michael McNee and Robert Lyons of the Nonprofit and Government Services Group presented a webinar entitled "A Brave New World for a New Form 990." This event discussed significant IRS changes to Form 990 and what they mean for the industry.