In the case of Americans For Prosperity Foundation v. Bonta, the Supreme Court ruled that California cannot demand a copy of Form 990 Schedule B, which includes the names and addresses of donors, from charitable organizations.
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.