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Nonprofits

Boston Universities Paying Less in PILOT Program

A Boston-based alliance known as the PILOT Action Group claim that the city’s tax-exempt nonprofit institutions aren’t paying their fair share. The group says Boston’s 49 biggest institutions owe the city over $77 million under the PILOT program. While the payments are considered voluntary, all large nonprofit organizations were expected to contribute at a standard level. However, in 2017, institutions like Harvard, Boston College, and Northeastern University paid way less than the amounts requested. The authors of a report on Boston’s PILOT program say the schools can afford to meet their obligations and are shortchanging city residents on services like. Read More.

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Single Women More Willing to Give and Volunteer

A report by the Indiana University–Purdue University Indianapolis’ Women’s Philanthropy Institute discovered that men and women differ in their charitable giving and volunteering habits. Based on the three groups studied (i.e., single men, single women, married couples), single women are more consistent in giving than single men and married couples. Single women are also more likely to volunteer than single men, as are married couples. The trend also extends to the retirement years. After retirement, single women increase their volunteering habits, Single men, however, are less likely to volunteer their time. More on this report is available on the Nonprofit Quarterly website.

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Government Accountability Office Revises Yellow Book Standards

The U.S. Government Accountability Office (“GAO”) has updated its generally accepted government auditing standards to improve the quality of governmental audits. Commonly known as the “Yellow Book,” the revised standards supersede their 2011 counterparts and provide transparency and accountability for auditors when providing the public with unbiased analysis and information. Some of the changes include reformatting the chapters that distinguish requirements from application guidance, adding a definition for waste and related examples, and specific considerations for when internal control is significant to the audit objectives for performance audits. The revised standards must be applied to financial audits, attestation engagements, and. Read More.

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Proposed Taxonomy Improvements to Impact Leases and Nonprofit Entities

Financial Accounting Standards Board (“FASB”) staff members have issued proposed Taxonomy improvements to the following Accounting Standards Updates (“ASU”): ASU No. 2018-09, Codification Improvements: Comments on the proposed amendments are due Tuesday, August 14. ASU No. 2018-10, Codification Improvements to Topic 842, Leases: Comments on the proposed amendments are due Friday, August 17. FASB staff also proposed Taxonomy improvements for the Proposed ASU, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. Comments are due Friday, August 10. All comments on the proposed Taxonomy improvements must be emailed to xbrled@fasb.org .

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North Carolina Passes UBIT Provision on Nonprofit Parking

In case you missed it, the North Carolina Legislature last month passed a bill that decouples state unrelated business income tax (“UBIT”) on nonprofit parking from the Tax Cuts and Jobs Act. The provision safeguards tax-exempt organizations from being taxed an additional 3-percent state UBIT or filing state tax forms for employees’ parking expenses. The North Carolina Center for Nonprofits had asked state legislators to decouple the state tax code to prevent state income tax for expenses. North Carolina’s governor had previously vetoed a budget bill that featured the UBIT amendment, but the Legislature overruled the veto. Thus, the UBIT provision is effective. Read More.

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Treasury Department and IRS Asked to Postpone New Taxes on Nonprofits

Nonprofits are asking for a delay concerning two provisions of the Tax Cuts and Jobs Act enacted earlier this year. The provisions, one relating to business income and the other on expenses incurred for employee transportation and parking, have caused confusion for several tax-exempt organizations since their applicability is uncertain without additional guidance from the Treasury Department and the Internal Revenue Service. Impacted organizations and nonprofit advocates have also submitted to both agencies extensive comments and requests for a delay in the taxes being implemented. More about the requested delay is available in the National Council of Nonprofits’ latest newsletter.

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