Navigating the Standards: GAAS vs. Government Auditing Standards for Non-Profits
Published on: 2025-12-28 For many public not-for-profit (NFP) organizations, financial oversight is governed by two primary sets of standards: Generally Accepted Auditing Standards (GAAS) and Government Auditing Standards (GAGAS), commonly referred to as the “Yellow Book”. While both frameworks share the goal of ensuring financial transparency, their application depends on the organization’s funding sources and […]
Audit vs. Review: Understanding the Key Differences
Audit vs. Review: Understanding the Key Differences When businesses prepare financial statements, stakeholders often require an independent evaluation to gain confidence in the accuracy of the information presented. Two common types of assurance services are audits and reviews. While both are conducted by certified public accountants (CPAs) or other qualified professionals, the scope, depth, and […]
FASB Guidance on Accounting for Donor-Restricted Vehicle Purchases
FASB Guidance on Accounting for Donor-Restricted Vehicle Purchases Published on: 2025-06-20 Under FASB ASC 958, when a nonprofit receives donor-restricted funds to purchase a vehicle, the transaction must be handled in a way that accurately reflects the donor’s intent and aligns with generally accepted accounting principles (GAAP). This involves distinct treatment for both the donation […]
Linn County Historic Preservation Grant Now Open for Applications
Linn County Historic Preservation Grant Now Open for Applications Published on: 2025-06-20 LINN COUNTY, Iowa — The Linn County Historic Preservation Commission Grant is now open for applications. This annual grant, totaling $28,800, is available for non-profits working on historic preservation projects in the county. Who Can Apply? Only non-profit organizations based in Linn County […]
How to Account for Donated Conservation Easements in Nonprofits
How to Account for Donated Conservation Easements in Nonprofits When a nonprofit receives a donated conservation easement, it’s more than a legal agreement—it’s a valuable in-kind contribution that must be properly recorded to ensure accurate and transparent financial reporting. Under FASB ASC 958-605, nonprofits must recognize in-kind contributions at fair value. That means if a […]
Foundation for Financial Planning Opens 2025 Grant Applications
Foundation for Financial Planning Opens 2025 Grant Applications Published on: 2025-03-25 WASHINGTON, D.C. — The Foundation for Financial Planning (FFP) is now accepting applications for its 2025 grant cycle, providing crucial funding to nonprofit organizations committed to connecting volunteer financial planners with individuals in need. Who May Apply? Any U.S.-based 501(c)(3) nonprofit that aligns with […]
Linn County Historic Preservation Grant Now Open for Applications
Linn County Historic Preservation Grant Now Open for Applications Published on: 2025-03-25 LINN COUNTY, Iowa — The Linn County Historic Preservation Commission Grant is now open for applications. This annual grant, totaling $28,800, is available for non-profits working on historic preservation projects in the county. Who Can Apply? Only non-profit organizations based in Linn County […]
Non-Profit Beneficial Ownership Information Reporting: Understanding the Requirements and Implications
Non-Profit Beneficial Ownership Information Reporting: Understanding the Requirements and Implications The Corporate Transparency Act (CTA) introduces new compliance requirements designed to increase transparency and combat financial crimes such as money laundering. However, its application to the non-profit sector has sparked debate, as non-profits operate under a unique governance structure that does not include traditional beneficial […]
Join PAWS4you for the Spectacular Mardi PAWS! Gala
Join PAWS4you for the Spectacular Mardi PAWS! Gala Published on: 2025-02-05 Miami, FL – Get ready for a night of elegance, excitement, and compassion as PAWS4you invites you to the Mardi PAWS! Gala, a dazzling Mardi Gras-themed celebration set against the breathtaking backdrop of the Cruz Building in Coconut Grove. As a 501(c)(3) non-profit, PAWS4you […]
Getty Images and Verizon Launch Disability-Inclusive Creative Grant
Getty Images and Verizon Launch Disability-Inclusive Creative Grant Published on: 2025-02-05 New York, February 5, 2025 – Getty Images, in partnership with Verizon and the National Disability Leadership Alliance (NDLA), is offering a $20,000 creative grant to support photographers and videographers capturing authentic portrayals of professionals with disabilities. Addressing Disability Representation While diversity in media […]