BLS Insights

Category: Nonprofits

BLS Nonprofit Director Shares Insights in Delaware Banker

February 23, 2022

The Financial Professional’s Role on a Nonprofit Board by Jonathan D. Moll, CPA – Director of Nonprofit Services – was published in the Accounting for Success Column of the Winter … Continued

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New Tax Reporting Requirements for Payment Apps

February 15, 2022

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square, or PayPal, you could be affected by new tax reporting requirements that take effect … Continued

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Old Outstanding Checks – What to do?

February 07, 2022

A common area of confusion among organizations is how to handle old outstanding checks on bank reconciliations. Many states have reporting requirements regarding unclaimed property (including uncashed checks). Depending on … Continued

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SAS No. 134 – Your Audit Report is Changing

August 30, 2021

In May 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, including … Continued

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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

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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 … Continued

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How the Mail Backlog at the IRS May Impact Your Tax-Exempt Organization

May 24, 2021

The IRS has an enormous backlog of unprocessed mail, which includes paper returns and extensions, due to the closing of its processing centers for several weeks during the pandemic and … Continued

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How to Utilize P-EBT Cards to Help the Nonprofit Community

May 11, 2021

This week I received a letter in the mail stating my family was automatically enrolled to receive benefits under Delaware’s Pandemic Electronic Transfer (P-EBT) program. Delaware’s P-EBT Program provides food … Continued

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Charity Navigator: Encompass Rating System

May 05, 2021

Regardless of the individual mission, every nonprofit share a common goal: to raise awareness and funding to propel its mission forward. And, when prospective donors are determining what charity is … Continued

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Single Audit Submission Extension

April 16, 2021

In March of 2020, we discussed M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations in … Continued

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