Helpful comments from 2017 CalCPA Not-for-profit conference, part 1

May 30, 2017, 7:45 am

Image courtesy of Adobe Stock.

Here are a few of the comments from the May 24, 2017 Not-for-profit conference presented by California Society of CPAs that I thought would be of interest to others in the nonprofit community. Since all comments are the opinion of the speaker, neither their names nor organizations will be mentioned. The ideas mentioned can stand or fall on their own.

This is the first of two posts. The next discussion will address changes in financial statement presentation outlined in ASU 2016-14. In this post: tax, revenue recognition, and single audit.

Tax update:

  • It might just be possible that filing a form 1023 or 1023-EZ is so easy that people can get exempt status for an organization without knowing the requirements to properly operate a charity and maintain exempt status. In examinations to follow-up after exempt status is approved, the IRS is finding a lot of charities are out of compliance.
  • One of several focuses of the IRS is filing of FBARs, those forms used to report overseas bank accounts. One ripple effect of chasing money laundering is the impact on charities who have overseas accounts. Even though there is minimal risk of those accounts being used for tax evasion the FBAR filing requirement still apply. As a reminder, the deadline for filing FBARs is now April 15 with a six-month extension available.

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Remembering those who sacrificed for our freedom

May 29, 2017, 9:46 am

Ponder a moment on Memorial Day the cost of our freedom.

 

 

 

 

 


Land of the free because of the brave

May 29, 2017, 8:04 am

Image courtesy of Adobe Stock.

Those of us living in the United States are blessed with religious freedom, political freedom, and economic freedom because those who went before us fought for freedom.

Many of those fighting offered up their life for freedom and the offer was accepted.

I am humbled and grateful to God that some of my ancestors are included in the long list of those who fought. I am especially humbled that a great, great grand-uncle is in the list of those who died in the defense of freedom.

Because of their sacrifice, I get to enjoy this kind of freedom:

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Not-for-profit risk alert for 2017 is available

May 25, 2017, 8:59 pm

Cover of 2017 risk alert from the AICPA, used under fair use since I’m urging you to buy their product.

The 2017 risk alert for non-profits is available from the AICPA.

Highlighted updates this year include:

  • AUS 2016-14 – New financial statement presentation
  • ASU 2016-02 – Leases
  • SAS 132 – Going concern

If you don’t feel overwhelmed, you haven’t been paying close enough attention to recent pronouncements. If so, the risk alert will help you catch up.

If you are feeling overwhelmed, the risk alert is a great first step in getting comfortable.


Do some research on the Executive Order addressing religious freedom

May 5, 2017, 8:07 am

Image courtesy of Adobe Stock

I don’t do politics on my blogs.

I do pay attention to issues affecting non-profits.

So when the president issues an Executive Order addressing religious freedom, it is worth discussing even though it is a politically loaded EO.

On May 4, the president issued an EO which reportedly pulls back on the ban against churches getting involved in political campaigns.

In a one sentence overstatement, under current law 501(c)(3) exempt organizations may not involve themselves in political campaigns and may only get involved in very limited ways in legislative efforts. Ok, I’ll add a second sentence – That means churches and other exempt organizations may not endorse or favor a political candidate but may exert some effort addressing matters before a legislative body.

Based only on initial reports, the EO appears to contain several major items. First, telling the IRS to use maximum discretion in applying the rules on the political ban. Second, telling the Attorney General to develop guidelines for federal agencies on how they apply their rules in terms of religious freedom. Third, asking federal agencies to make certain changes in health care requirements regarding contraceptive coverage.

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Justice grinds slow, but it does grind: Guilty plea for shooting of Walter Scott in North Charleston.

May 4, 2017, 10:38 am

Image courtesy of Adobe Stock.

In April 2015, an officer with the North Charleston, S.C. police department shot a man in the back as the citizen slowly ran away from the officer after an altercation.

In December 2016 the officer achieved a hung verdict in his murder trial after claiming he feared for his life after a struggle for his taser. He was facing a retrial at state level.

On May 3, 2017, the officer plead guilty to the federal crime of violating the man’s civil rights. He will be sentenced later.

Justice takes time, sometimes.

After you watch the video below and read my description of the incident, you will appreciate two questions that come to mind. For background, consider I am a middle-class, middle-age, white male, who runs my own business.

Here are the two distressing questions I’ve been pondering for the past two years:

  • How often did this type of incident take place in the past, when nobody had a video recorder in their pocket?
  • How often does this type of incident take place today?

A Wall Street Journal article provides background on the plea and the case:  Former S.C. Policeman Pleads Guilty in Shooting of Walter Scott. The officer was fired immediately after the incident. The city apologized and reached a $6.5M settlement with the family.

If you have the stomach for it, feel free to watch the following video:

Please know in advance it is upsetting.

 

 

My observations:

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He is risen!

April 16, 2017, 5:00 am

Death on a cross Friday isn’t the end of the story. The tomb is empty on Sunday, because HE IS RISEN! Image courtesy of Adobe Stock.

 

Here’s a selection of videos to help your Easter celebration:

 

Jesus Christ is risen today!

 

The following is a repost of my comment four years ago on Easter morning. (Update: A few additions for more of the traditional hymns describing the blessings to us of the resurrection.)

 

He is risen! He is risen indeed!

This morning my wife and I attended a sunrise service. Haven’t done that for many years. A wonderful way to celebrate this day. On our way to celebrate with our church family momentarily.

 

 

 

I know that my Redeemer lives:

 

Up from the grave He arose.

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