Month: June 2021
Capitalization Policy for Nonprofits
June 29, 2021
Nonprofit organizations have two options when purchasing assets with a useful life of greater than one year: expense or capitalize. Assets which are capitalized are referred to as fixed assets … Continued
New Presentation and Disclosure Requirements for Gift-In-Kind (ASU 2020-07)
June 22, 2021
In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07: Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The purpose of this ASU … Continued
What You Need to Know about Child Tax Credit Advances
June 11, 2021
On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The … Continued