Retired Cherry Bekaert Partner Appointed to NASBA Board of Directors
Cherry Bekaert LLP (“the Firm”) would like to congratulate former Audit Partner Walter C. Davenport on his appointment of Chair to the National Association of State Boards of Accountancy’s (“NASBA”) Board of Directors. Inaugurated into office earlier this month during NASBA’s 107th Annual Meeting, Davenport becomes the second African-American elected to head the organization. As the new Chair of NASBA’s Board of Directors, he will oversee the regulation of accounting across the country’s 55 jurisdictions. Commenting on the inauguration, Howard J. Kies , Firm Managing Partner and Chief Executive Officer of Cherry Bekaert, stated how proud the Firm is of Davenport’s prestigious appointment.. Read More.
FASB Members Address Nonprofit Project Concerns
At its October 8th board meeting, the Financial Accounting Standards Board (“FASB”) reached tentative decisions on its project, “Financial Statements of Not-for-Profit Entities”. While discussing the project, FASB staff presented a summary of all tentative decisions reached so far, and an analysis of the possible benefits, costs, and complexities of the proposed changes. Stating that Not-for-Profit Advisory Committee (“NAC”) members had generally supported the proposed changes, FASB staff members are concerned about proposed changes in two areas: 1. Capital-Like Transactions Updating previous decisions on capital-like transactions, FASB will require a nonprofit would report gifts of long-lived assets without donor limitations. Read More.
Exposure Draft on Tax Abatement Disclosures Issued
Providing financial statement users guidance on tax abatement programs, an exposure draft for the proposed Tax Abatement Disclosures (Statement) has been issued by the Governmental Accounting Standards Board. Open for public comment, the proposed guidance focuses on tax abatements stemming from agreements entered into by a reporting government, along with those originated by other governments that cut the reporting government’s tax revenues. If approved, the Statement would mark the first time state and local governments are required to reveal information regarding property and other tax abatement agreements. Particularly, governments would have to disclose general information like the tax being abated, number of. Read More.
Super Circular 101 Webinar Recording Now Available
For those who missed the October 9th webinar, “Super Circular 101—Proposed New Regulations for Grant Requirements and Compliance”, the recording is currently available on-demand. Featuring Cherry Bekaert’s Melisa Galasso and Carlene Kamradt, the webinar discusses the Office of Management and Budget-issued “Super Circular” that combines requirements from eight grant circulars into one set of guidance. To watch the replay, click here and complete the form.
Charity Executive Pay Increasing
After struggling to stay on par with inflation in recent years, a new study suggests that charity executive salaries at large nonprofits are growing. Based on figures from 82 organizations, The Chronicle of Philanthropy’s compensation survey showed that charity executives experienced a salary increase of 4.9 percent from 2011 to 2012. Speaking on the increase, compensation consultant Brian Vogel noted, “Organizations have a bit more money, and they’re willing to bid up salaries. The market is stiffening a bit.” For the complete article , visit The Huffington Post website. Cherry Bekaert also offers accounting and consulting services for any nonprofit organization. Learn. Read More.
North Carolina Nonprofit Denied Property Tax Exemption
Ruling that some commercial activities on a Western North Carolina nonprofit’s property are not used completely for charitable or educational reasons, the North Carolina Court of Appeals (“the Court”) has denied the organization a property tax exemption. Basing its decision on a strict interpretation of the term “wholly and exclusively,” the Court identified gift shop and restaurant operations, and the existence of administrative offices are considered commercial activities not suitable for property tax exemption among nonprofits. The Court’s broad application of the “wholly and exclusively” term to all nonprofit property tax exemptions reflects concerns expressed by North Carolina nonprofits, as. Read More.