Prepare Now to Implement Topic 326 – Current Expected Credit Losses (CECL)
By: Susan Colladay, CPA, Partner, Audit Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) is also referred to as Current Expected Credit Losses (CECL). The new standard improves financial reporting by requiring more timely recording of credit losses on loans and…
501(c)(4) vs. 501(c)(3) – Which Do I Choose?
It is important to understand the differences between nonprofit classifications when deciding between forming a 501(c)(3) or 501(c)(4) organization. The distinction between underlying exempt purpose, restrictions on lobbying and political activities, and anticipated donor composition should be considered, among other non-tax considerations.
2023 Top Risks for Nonprofits and Associations
As we look ahead to the new year and beyond, what are leading risk watchers expecting for 2023? The Risk and Advisory Services team at GRF combed through leading political, economic, and business experts’ predictions for 2023 to identify common themes and assess the implications for nonprofits and associations. Major themes include: We are entering…
Nonprofit State of the Union: 2023 Industry Update for Tax-Exempt Organizations
What’s next for nonprofit organizations? Join GRF to kick off 2023 with a webinar exploring the outlook for nonprofits and associations. Our presenters will discuss the priority areas of focus that every organization should address in 2023 including implementation of new ASUs, identifying top risks, anticipating tax changes, and best practices to consider for the…