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For nonprofits, gaming can be a valuable revenue source—you just have to play your cards right. Learn how to avoid Unqualified Business Income Taxes and maximize your exempt income.
Read moreAfter multiple delays ASC 842, which provides new guidance on leasing standards, is taking effect for private companies and nonprofits for fiscal years beginning after December 15, 2021. Earlier guidance allowed organizations to omit certain lease assets and liabilities from their balance sheet. ASC 842 was designed to close the loophole. Read our analysis to learn more.
Read moreNonprofit organizations should prepare to provide additional information on the contributions of nonfinancial assets under ASU 2020-07. This accounting standard was issued by the FASB in September 2020 with the intent to increase transparency and reduce diversity in practice in the presentation and disclosures about types of nonfinancial assets received, how they are measured, and how they are used by the organization.
Read moreThe updated Uniform Guidance raises the federal spending threshold for when a Single Audit is required, easing compliance burdens for smaller organizations while keeping strong accountability in place for larger ones.
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