BLS Insights

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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 and represent tangible property and equipment with a useful life of more than a year (except collection items and assets held for investment purposes) that … Continued

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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 is to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. This ASU applies to all nonprofits that receive contributed nonfinancial … Continued

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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 full legislative text can be reviewed here: IR-2021-113. Our team has provided highlights of these updates and what you should consider below as letters from … Continued

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