Software Company Lists Mistakes to Avoid When Implementing Leases Standard
LeaseCrunch, an accounting software company specializing in helping clients with the Financial Accounting Standards Board’s (“FASB”) lease accounting standard, has highlighted the five mistakes companies are making when implementing FASB Accounting Standards Codification (“ASC”) Topic 842, Leases. Some of the mistakes involve not setting aside enough time to analyze real estate leases, overlooking hidden leases, and being unaware of the impact the standard will have on business. Visit the LeaseCrunch website for more on advice on implementing FASB ASC 842. In addition, Cherry Bekaert has selected LeaseCrunch as the software platform to use for assisting clients transitioning to the new lease accounting standard. Learn more in the official press release.
Gender Pay Gap among CEOs Still Wide at Nonprofits
GuideStar’s latest compensation report on those in the chief executive officer position continues to reflect the results from previous years. According to the nonprofit reporting company, the nonprofit gender pay gap for those in the CEO role remains large at higher-end organizations. The gender pay gap is highest among nonprofits with budgets over $10 million. Additionally, nonprofits with budgets over $50 million have a pay gap of 20 percent. GuideStar also discovered that in the top budget band of nonprofits, men CEOs received pay increases nearly twice more (8.4 percent) than women CEOs (4.9 percent). More on GuideStar’s report is available in the Nonprofit Quarterly article. If your nonprofit needs accounting. Read More.
Buffalo Nonprofit Penalized for HIPAA Breach
A breach of patient privacy earlier this year will cost the Arc of Erie County $200,000. The Buffalo-based nonprofit discovered in February that clients’ electronic personal health information was published on its website. While the Arc of Erie County said the website was for internal use only, the exposed ePHI is considered a violation of the Health Insurance Portability and Accountability Act (“HIPAA”). The organization must now provide a risk analysis, evaluate its policies and procedures, and present its findings to the New York attorney general’s office. Find out more about the Arc of Erie County’s data breach on the Nonprofit Quarterly website.
USPS Proposes Marketing Mail Changes
Nonprofits will likely be impacted by the United States Postal Service’s (“USPS”) proposed rulemaking for Marketing Mail. The USPS proposes limiting all Marketing Mail to paper-based or printed materials. All other types of Marketing Mail (e.g., clothing, address labels, pens) would be prohibited regardless of their value. Nonprofits commonly distribute such materials with fundraising correspondence. Comments on the proposal are due Monday, October 22. More on this proposal is available on the Federal Register website.
Chief Justice Announces Court Order on Donor Disclosures
Last week, U.S. Supreme Court Chief Justice John Roberts announced a court order that nullifies the Federal Election Commission’s (“FEC”) regulation allowing social welfare nonprofit donors to be anonymous. Roberts’ order blocked a lower court order in a case concerning Crossroads GPS, a politically active 501(c)(4) organization. The federal district judge overseeing the case ruled that the FEC regulation weakens the congressional goal of disclosing where donations to federal political campaigns originate. The chief justice, however, ruled that the Crossroads GPS case is stayed until further order. More on Chief Justice Roberts’ court order is available on the SCOTUSblog website.
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.