On behalf of all of us at BDO, we wish you a happy and healthy New Year!
2016 was an exciting time in the nonprofit sector, and with a new administration taking office this month, it's clear that even more change is ahead.
Now that the bustle and festivities of the holiday season are behind us, we're looking back at some of the most-read posts and hottest topics from the Nonprofit Standard blog during the past year and counting down our top highlights.
#11: IRS Issues 2017 Work Plan for Tax Exempt Organizations – In October, the IRS released its 2017 Tax Exempt Work Plan, outlining strategic priorities in the coming year. Laura Kalick dug deep into new initiatives nonprofits should know about, and offered tips on preparing for an IRS audit.
#10: 10 Steps Nonprofits Should Take to Increase Cybersecurity – Nonprofit leaders might ask themselves, "Who would want to hack my organization?" but cyberattacks on nonprofit hospitals proved few organizations are safe from threats. In May, Karen Schuler outlined ways for nonprofits to strengthen their cybersecurity measures.
#9: New Deferred Compensation Regulations: What Nonprofits Need to Know – In August, the IRS issued new deferred compensation regulations for tax-exempt organizations. Joan Vines shared a comprehensive look at the changes and their impact on six key aspect of the requirements.
#8: Video Series: Lee Klumpp on the New FASB Nonprofit Accounting Standards Update – In August, the Financial Accounting Standards Board released an Accounting Standards Update, marking phase one of its Not-for-Profit Financial Reporting Project. This news left many nonprofits wondering what the ASU means for their organization. In September, Lee Klumpp sat down with Accounting Today for an in-depth look at key provisions in the ASU, and what nonprofits can do to jump-start their preparations.
#7: Examining Nonprofit Liquidity Issues: A New Look at Government Contracts – In March, New York's Human Services Council issued a report examining how financial insolvency led to closures and mergers of some human services organizations. One issue at play: underfunded government payment rates. In this post, Adam Cole discusses three common problems among government contract-funded programs.
#6: Uniform Guidance Procurement Rules are Coming…Is Your Organization Prepared? – With the grace period for organizations receiving federal funding to implement Uniform Guidance expiring at the end of 2016, organizations with a December 31 fiscal year-end must now have the new standards in place. If your organization is still grappling with these changes, check out Andrea Wilson's advice for getting compliant.
#5: Form 1023-EZ is Too Easy – Did the IRS go too far in simplifying Form 1023-EZ, the form used for applying for Section 501(c)(3) status? In January, Laura Kalick examined the changes to the requirements for organizations seeking tax-exempt status.
#4: Infographic: 11 Questions Nonprofits Should Ask to Assess their Risk Management Practices – Identifying and assessing risk is an increasingly complex task for nonprofits, and one that typically doesn't fall within one individual's job description. Gerry Zack compiled an infographic to help nonprofits establish and maintain a risk management framework.
#3: This One KPI Can Be the Difference Between Nonprofit Success and Bankruptcy – Lee Klumpp and Adam Cole discuss the importance of key financial metrics often overlooked in nonprofit financial reporting, and why donors, boards, lenders and other users of nonprofit financial statements should take note.
#2: 11 Risks Hidden in Your Form 990 – As demand for transparency escalates from donors, watchdog groups and other stakeholders, Rebekuh Eley uncovers 11 hidden potential pitfalls in the Form 990 that nonprofits should address.
#1: Biggest Change to Nonprofit Financial Reporting in 20 Years Has Arrived – When the FASB released its long-awaited Accounting Standard Update containing big changes in financial reporting for nonprofits, Lee Klumpp was first on the scene with this run-down of the key changes and tips to get started on implementation.