Month: August 2021

Earlier this year, the Office of Management and Budget (OMB) released Memorandum 21-20, directing federal agencies to provide a blanket six-month extension for single audit reporting to the Federal Audit Clearinghouse. The extension applies to all recipients and sub-recipients that have fiscal year ends through June 30, 2021, by extending the reporting package deadline six months beyond the normal due date.

At Dugan & Lopatka, we are seeing more and more nonprofit organizations receive charitable gifts from donor-advised funds. You can think of these like charitable investment accounts. The IRS provides guidance on gift substantiation on their website. Read the article for our full summary.

Last Fall, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve transparency in the reporting of contributed nonfinancial assets, also known as gifts-in-kind, for not-for-profit organizations. Read the article to learn more about it.

Nonprofit organizations often rely on non-cash contributions from donors, called in-kind contributions. The most common are donated assets, space, and services. There are many different methods organizations use to value these types of contributions. In this article, we look at some of the common ways to determine the value of in-kind contributions.