Tag Archives: charity

FASB MODIFIES NOT-FOR-PROFIT ACCOUNTING RULES

The Financial Accounting Standards Board (FASB) recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc.  This is the first major change to the nonprofit financial statement model in over 20 years, which is intended to provide more useful information Read More…

BKC TROTS FOR A CAUSE THANKSGIVING DAY

BKC is participating in the 23rd Annual CEA Turkey Trot.  As millions prepare to gather around the table in celebration of Thanksgiving, we will be particpating in a run/walk to raise money and awareness for the Center for Educational Advancement, a nonprofit (501c3) community based organization with the mission to Educate, Empower and Employ individuals with special Read More…

HOW TO PROTECT YOUR NONPROFIT’S TAX EXEMPT STATUS

Although it is not common to have a tax-exempt status revoked, it does happen.  Decrease the chance that your organization’s tax-exempt status could be revoked by following these rules: Corporate Records:  All nonprofit organizations must keep good records.  These records should consist of, at a minimum, the original articles of incorporation, including any amendments, bylaws, Read More…