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Recent Updates

IRS Affirms Data-Driven Decision Making for Audits

Sep 07 in Nonprofit Updates

The AICPA reports, “Earlier this year, the IRS’s Exempt Organization and Government Entities Division (TE/GE) in its FY 2016 Priority Letter affirmed that it has moved to a data-driven decision-making process in determining examination plans.”

For more information on the AICPA’s analysis, click here.

Click here to read the FY 2016 Priority Letter.

Client in the Spotlight — Chicago Literacy Alliance

Aug 25 in Nonprofit Updates

Facts about Literacy:

•  An estimated 882,000, or 30%, of adults in Chicago have low basic literacy skills and would benefit from adult literacy and/or adult basic education services.

•  54% of Chicago’s public school students do not meet or exceed reading standards.

•  61% of low-income households do not own any children’s books.

What we know:  From the ... Read More ›

FASB Issues New Guidance on Not-for-Profit Financial Reporting

Aug 22 in News Flashes, Nonprofit Updates
On August 18, 2016, The Financial Accounting Standards Board (FASB) released its long-awaited accounting standards update for not-for-profit financial reporting (with some scale-back) to keep the standards for nonprofit organizations aligned with standards for businesses. Click here for Accounting Today’s article regarding the update.

Please let us know if you ... Read More ›

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