Audit Guides Help IRS Review Nonprofit Organizations
The Internal Revenue Service (“IRS”) wants to help nonprofits and their tax preparers avoid the possibility of being audited. Available for download on the IRS website are Audit Technique Guides for nonprofits exempt under IRC Section 501(c)(3) and other IRC Section 501(c) sub-sections. Used by IRS staff members, the guides give insight into what the IRS examines when deciding whether to audit tax-exempt organizations. More on the IRS’ Audit Technique Guides is available on the Nonprofit Quarterly website. Need help with audits? Contact a member of our Education or Nonprofits group.
2017 Compliance Supplement Issued
In a follow-up to our June 16 blog , the Executive Office of the President Management and Budget has issued the final version of the 2017 Compliance Supplement . The document can be downloaded from White House website.
COFAR Updates Frequently Asked Questions Document on Uniform Guidance
The Council on Financial Assistance Reform has issued a revised frequently asked questions (“FAQs”) document on the Office Management and Budget’s (“OMB”) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200. Updated as of July 2017, the document features 24 new FAQs and four revised FAQs. Download the new FAQs document on OMB’s Uniform Guidance at 2 CFR 200 here.
FASB Grant Accounting Proposal Issued
The Financial Accounting Standards Board (“FASB”) is proposing new guidance for contributions made or received by organizations, especially nonprofits. The proposed Accounting Standards Update (“ASU”) will help decide whether an organization’s transactions are treated as either a contribution or an exchange. This would be achieved by clarifying guidance on assessing whether a resource provider receives value in exchange for the transferred resources. The proposal also provides an improved framework that helps organizations decide whether a contribution is conditional or unconditional. In addition, the proposed amendments help distinguish between a donor-imposed condition and a donor-imposed restriction. Transfers of assets from a. Read More.
Former College President Highlights Importance of Higher Education
As doubts grow among Americans over the value of a degree, former liberal arts college president Brian Mitchell believes higher education is essential in creating productive citizens. During a session at the National Association of College and University Business Officers’ annual meeting last week, Mitchell said the case should be made to promote college as a means to educate and prepare students for career success and post-secondary education. He noted that higher education should help students become articulate and collaborative, as well as communicate and apply quantitative methods and technology. In Mitchell’s opinion, these are the qualities employers want most.. Read More.
Four Countries Seek International Researchers
In an effort to attract researchers, four countries have launched funding programs for international recruitment. Britain has budgeted about $130 million for its Rutherford Fund to lure foreign researchers for visits up to 10 years. In addition, Canada is using around $94 million to recruit up to 35 international researchers for Canada 150 Research Chairs. France is also getting involved, providing $48 million to recruit climate scientists. In relation to France’s efforts, Germany announced plans to join the country’s “Make Our Planet Great Again” initiative. More on these international recruitment efforts is available on the Inside Higher Ed website.