No Surprise: More Changes to Form 990 For 2011
IRS Form 990 continues to evolve and change. Organizations filing Form 990 for the 2011 tax year should review both the form and instructions to make sure questions are accurately answered and disclosures are complete.
A New Audit and Accounting Guide for Nonprofit Entities
A new Audit and Accounting Guide, Not-for-Profit Entities is set to be released for comment in late summer 2012. The new guide is easier to understand and focuses on uniform reporting practices.
Higher Education in a Fiscal Balance
Rising costs are often blamed for college tuition increases. However, Larry Adams, a partner in CliftonLarsonAllen’s nonprofit group, notes that college inflation is nearly twice the general inflation rate. This leads him to believe that much more than tuition increases are needed to get higher education finances back on track.
IRS Guidance Impacts Church Retirement Plans
The IRS has lifted its moratorium on employee benefit plan rulings for churchs, providing updated guidance and procedures that impact all religiously affiliated entities with a standalone 403(b), 401(k), or defined benefit retirement plan. Organizations that may be impacted are religiously affiliated elementary and secondary schools, social service organizations, health care organizations, higher education, hospitals, and nursing homes.