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Tag: Not for profit

Private Foundation or Donor-Advised Fund: The Ultimate Dilemma

By Eitan Balloul, Tax Manager, Not-for-Profit Private foundations and Donor-Advised Funds are both vehicles to engage in philanthropic activities. Understanding the differences between the two is critical in determining which is more appropriate for your unique circumstances. Whether you prefer the greater control afforded by a private foundation or confidentiality and fewer restrictions of a DAF, each has its proper use. A Private Foundation is an exempt organization,...

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New Reporting Requirements for NY Tax-Exempt Organizations

By Eitan Balloul, Tax Manager, Not-for-Profit Effective January 1, 2021, many Exempt organizations that file Form NY CHAR500 with the Attorney General must file the same information with the New York Department of State (“DOS”).  There are 3 different potential reports for filing with the Department of State:  1. Annual Financial Disclosure Reports – Under Executive Law Section 172-b (1), (2) & (9)  Charitable organizations that receive more than $250,000 in gross...

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Nonprofit Updated Guidance on Reporting for ‘Gifts In Kind’

By Diana Miller On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Nonprofits have been challenged to measure the value of the multitude of contributions they receive (which is not always easy) and are often scrutinized by watchdog agencies, donors, or other regulators. The reason for this update is to improve transparency...

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Main Street Lending Program modified to provide greater access to Nonprofits

By Diana Miller On Friday, July 17th, the Federal Reserve Board modified the Main Street Lending Program, providing additional access to nonprofit organizations such as social service organizations, hospitals, and educational institutions. Nonprofit organizations are vital to the communities they serve and these changes are welcomed news to the nonprofit sector. Although not yet operational, 2 new loan options were released today to help nonprofit organizations due to the COVID pandemic....

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Nonprofit News Special Update: Parking Tax Repealed and Single Rate Excise Tax for Private Foundations

by Linda Curro The government funding legislation passed by Congress in December 2019 includes the repeal of the Internal Revenue Code § 512(a)(7), commonly referred to as the “Parking Tax.” The legislation was signed by the President on December 20th, 2019. The original provision, enacted as part of the 2017 Tax Cuts and Jobs Acts, required tax-exempt organizations to include in unrelated business income the amounts they pay or incur on qualified transportation fringe benefits. ...

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