Helpful Changes at the Illinois Attorney General’s Office

Good news for Illinois Not-For-Profit organizations out of the Illinois Attorney General’s office: New rules effective October 29, 2024, should simplify the extension and filing process of the charitable organization annual report, Form AG990-IL.  Under the old rules, the annual report was due within six months of the organization’s fiscal year end and was eligible […]

Is It Time to Write a Gift Acceptance Policy?

In the current economy, many not-for-profit organizations are looking for new and different ways to engage donors and solicit contributions.  Some people believe that anything is better than nothing when it comes to gifts, but that is not always true.  Not all gifts should be accepted, and saying no is okay.  Navigating what an organization […]

Has COVID-19 Hurt Your Public Support Test Percentage?

Not-for-profit organizations that qualify as public charities are required to pass a public support test annually to maintain their tax-exempt status. For many organizations, this test has been more of a formality than a hurdle. However, with the COVID-19 pandemic, which started in March of 2020, many not-for-profit organizations have had to cancel or change […]

Not-For-Profit Guide to Recent PPP Changes

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Payroll Protection Program (PPP) back in March of 2020 to provide eligible entities, including not-for-profit (NFP) organizations, with forgivable loans to assist organizations struggling with the uncertainty brought on by the COVID-19 pandemic. In the 10 months since the Act was created, the rules […]

Key Considerations When Adopting Digital Technology for the Cash Disbursement Process

Fewer and fewer businesses are relying on paper checks as their primary form of vendor payment.  Whether these payments are switching to credit card, ACH, wire, bill pay software or others, one thing is for sure—the days of presenting a stack of paper invoices with a stack of paper checks for review and approval are numbered.  With the rising popularity of alternative forms of payment and new technology, it is critical that organizations take a moment to ensure that they have sound controls over the review and approval process of cash disbursements. 

Implementing the New Lease Standards

Implementation of the long awaited lease standard is rapidly approaching. This standard will require an organization to capitalize all material leases, including operating leases. 

Implementing ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities

The time has come to begin implementing the new not-for-profit financial statement presentation standard. ASU 2016-14 is effective for all not-for-profit entities with calendar years ended December 31, 2018 or fiscal years ended in 2019. Do not let the name of the standard mislead you, there are more to these new rules than wording changes. […]

Reporting of Investment Return under the New ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities

In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one – reporting of investment return.

Functional Expense Reporting under the New ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities

In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016.

The New Audit Requirements Under GATA: The Grant Accountability and Transparency Act

Until recently, Illinois recipients and subrecipients who expended less than $500,000 in federal funds (and now $750,000 under the new Uniform Grant Guidance) breathed a sigh of relief as they were exempt from the rigorous world of the Single Audit (now referred to as Uniform Guidance). However, with the passing of the Illinois’ Grant Accountability and Transparency Act (GATA) in 2014, that is no longer the case. This article details the new audit requirements to which a not-for-profit organization must adhere to be in compliance with GATA.

GATA: The Grant Accountability and Transparency Act

In an ongoing effort by the State of Illinois and the granting community to streamline the grant reporting and monitoring processes, the Grant Accountability and Transparency Act, 30 ILCS 708 (GATA) was created. Effective July 1, 2015, all state, federal and federal pass-through awards are subject to the federal rules. This article highlights key details you should know about GATA.

The Hidden Dangers of Marginal Employees

Unfortunately, almost every office seems to have that one employee who performs below the needs of his/her organization. More often than not, instead of terminating this employee, organizations keep them on to their detriment. This blog discusses the risks of keeping these marginal employees.

Starting Your Own Not-For-Profit

So you decided that 2014 is going to be the year you finally make your dream of starting your very own not-for-profit organization a reality. Now what? Here are a few important steps to get your not-for-profit started.

The Must Have Policies Not Required by the IRS

An important key to success for any not-for-profit organization is having the right governance policies and procedures in place. Conveniently, with the redesign of the form 990, the IRS has put together a short but important list of suggested policies and procedures.

Tips for Protecting Your Not-For-Profit Organization from Fraud

In a time where funding is scarce, fraud is proving to be devastating to not-for-profit organizations and the communities that they service. According to the 2012 Report to the Nations on Occupational Fraud & Abuse, published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated five percent of their annual revenue as a result of fraud.

Not-For-Profit Group Newsletter – Fall 2023

ORBA’s Not-For-Profit Group’s Newsletter cautions not-for-profit organizations of the potentially unexpected tax implications of alternative investments and provides an overview of the nonfinancial information on Form 990 and where to find it.

Not-For-Profit Group Newsletter – Spring 2020

Our Not-For Profit Newsletter explains why it is critical that organizations take the time now to reflect, plan and adapt to “the new normal” and covers the controversial tax on not-for-profits established by the Tax Cuts and Jobs Act.

Not-For-Profit Group Newsletter – Summer 2015

Changes to Not-For-Profit Reporting ALISON FETZER, CPA The Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update (ASU) Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954) – Presentation of Financial Statements of Not-for-Profit Entities in April 2015. The intended purpose of this ASU is to improve GAAP for Financial Statement Presentation by […]

Not-For-Profit Group Newsletter – Fall 2013

Does your not-for-profit receive and make use of endowments? The term “endowment” is a frequently misused term in the not-for-profit world. A true endowment consists of funds received from external donors with restrictions that the principal or gift amount is to be retained in perpetuity and cannot be spent.

Illinois Office of the Attorney General Clarifies Revised Reporting Requirements

The Illinois Office of the Attorney General has provided additional information on recent amendments to the Solicitation for Charity Act that will be effective January 1, 2024. According to the Office, the new requirements will apply to annual reports that have an initial due date after the January 1, 2024 effective date.

ORBA’s Alison Fetzer Receives the Illinois CPA Society’s Distinguished Service Award

Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce that Alison Fetzer, CPA has received the Illinois CPA Society’s (ICPAS) Distinguished Service Award.

Various Media

ORBA is mentioned n the media for announcing Alison Fetzer’s appointment to Chair of Illinois CPA Society’s Not-For-Profit Committee, and Stephanie Zaleski’s membership to the Illinois CPA Society’s Young Leaders Advisory Council. Reporting media include MarketWatch, Yahoo! Finance,  the St. Louis Business Journal, Seeking Alpha, and the Chicago Business Journal.

ORBA’s Alison Fetzer Named Chair of Illinois CPA Society’s Not-For-Profit Committee, Stephanie Zaleski Joins Young Leaders Advisory Council

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Alison Fetzer, CPA, has been named Chair of the Illinois CPA Society (ICPAS) Not-For-Profit (NFP) Committee effective April 1, 2018, and Stephanie M. Zaleski, CPA has joined the ICPAS Young Leaders Advisory Council effective April 1, 2018.

Various Media

ORBA’s Alison Fetzer was mentioned in the media as having been reappointed to the Illinois CPA Society’s Not-For-Profit Organization’s Committee. Reporting media include the Chicago Business Journal, Yahoo! Finance and the Daily Herald, among others.

Various Media

ORBA’s Alison Fetzer, CPA was mentioned in the media as having been reappointed to serve on the Not-For-Profit Organizations Committee of the Illinois CPA Society (ICPAS) for 2015-2016. The Committee encourages excellence in the management and performance of professional services for not-for-profit organizations. Reporting media include MarketWatch, Boston Business Journal, Today’s News and StreamingBusiness News, […]

ORBA’s Alison Fetzer Reappointed to Illinois CPA Society’s Not-For-Profit Organizations Committee

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Alison Fetzer, CPA, has been reappointed by the Illinois CPA Society (ICPAS) to serve on its Not-For-Profit Organizations Committee for her fifth term, effective April 1, 2017.

Illinois CPA Society Reappoints ORBA’s Alison Fetzer to Organization’s Not-For-Profit Committee

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that the Illinois CPA Society (ICPAS) has reappointed Alison Fetzer, CPA to serve on its Not-For-Profit Organizations Committee for her fourth term, effective April 1, 2016.

ORBA’s Alison Fetzer Reappointed to Illinois CPA Society’s Not-For-Profit Organizations Committee

CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Alison Fetzer, CPA has been reappointed to serve on the Not-For-Profit Organizations Committee of the Illinois CPA Society (ICPAS) for 2015-2016.

Illinois CPA Society Reappoints Alison Fetzer to Not-For-Profit Organizations Committee

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd, one of Chicago’s largest accounting firms, announces that Alison Fetzer has been reappointed to serve on the Not-For-Profit Committee of the Illinois CPA Society (ICPAS).

Alison Fetzer named to Not-For-Profit Organizations Committee of the Illinois CPA Society

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd, one of Chicago’s largest accounting firms, announces that Alison Fetzer was recently appointed to serve on the Not-For-Profit Committee of the Illinois CPA Society (ICPAS).