According to the Association of Certified Fraud Examiners (ACFE) 2020 Global Study on Occupational Fraud and Abuse, employee corruption was identified as the leading source of fraud amongst nonprofit organizations. It was found that in 74% of the cases, either the Executive Director or Manager was the primary perpetrator of illegal activity.

The federal government responded with two important pieces of legislation, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief and Economic Security (CARES) Act.  They both provide significant compliance changes, but more importantly, outline various tax changes, loan options, and additional assistance for independent schools.

Under ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, all nonprofit organizations are required to present an analysis of expenses by their function and natural expense classifications in one location.

Each year, approximately $300B is donated to nonprofit organizations in the United States. Since these contributions can be taken as deductions on individual tax returns, it is no wonder that the IRS has enacted some reporting standards for the acknowledgment of these contributions.

If you are a nonprofit organization that needs to know whether income is taxable as unrelated business income, this program is a must-attend event. Join Klatzkin’s Michelle S. Martin, CPA, as she discusses basic unrelated business income concepts and shares examples of methods to minimize taxable income.

The college admissions cheating scandal is all over the news, and rightfully so. This story involves the rich and famous, some of the most elite universities and colleges in the nation, and a nonprofit organization that allegedly engineered more than 800 bribes and other initiatives to benefit the children of its wealthy “donors.” The scandal involved everything from cheating on college admission tests to bribing athletic departments to giving students sports scholarships that they did not deserve.