Nonprofit Resources
2023 OMB Compliance Supplement Now Available; Includes GLBA Changes
May 25, 2023 - The 2023 Compliance Supplement from the Office of Management and Budget has been released. It is effective for audits of fiscal years beginning after June 30, 2022, and contains notable changes in the Student Financial Assistance Cluster related to the Gramm-Leach-Bliley Act (GLBA).
Indiana Enacts Updated Sales Tax Rules Exempting Churches and Some Nonprofits
May 16, 2023 - Under Indiana’s new sales tax rules, which go into effect on July 1, 2023, churches and some nonprofit organizations will be exempt from collecting sales tax on all sales of tangible personal property.
FSA Letter on Changes to Federal Student Aid and 2024-25 FAFSA Process
April 19, 2023 - Important Notification: The office of Federal Student Aid said it will send a letter to presidents and chancellors alerting them to the changes as a result of implementation of the FAFSA Simplification and FUTURE Acts.
Important Reminder: HEERF Annual Reporting Due March 24, 2023
March 14, 2023 - The next round of Higher Education Emergency Relief Fund (HEERF) required annual reporting for Year 3 (January 1, 2022, to December 31, 2022), is due no later than March 24, 2023, for institutions that expended HEERF grant awards during this time frame.
Required Disclosure Regarding Cash Deposits in Excess of FDIC Insurance
March 13, 2023 - In light of the current questions being raised about the U.S. banking system, organizations should be aware of the importance of the required financial statement disclosure regarding cash deposits in excess of FDIC insurance. This disclosure provides the required information regarding an organization’s cash deposits in excess of the federally insured amounts.
Free Enhanced Online Access to U.S. Accounting Rules Now Available
March 6, 2023 - Free enhanced online access to accounting rules developed by the Financial Accounting Standards Board and the Governmental Accounting Standards Board is now available. This includes advanced features for searching, navigating, copying and pasting, and printing.
Key Federal Tax Figures for 2023
January 18, 2023 - Our 2023 Key Federal Tax Figures summary is designed to be a helpful reference tool throughout the year. Download or print your free copy.
GLBA Updates and Insights for Higher Education Institutions
December 14, 2022 - There are important steps higher education institutions should be taking now to become compliant with the Gramm-Leach-Bliley Act (GLBA) and reduce their cybersecurity risk. Watch this video to learn about important considerations related to regulations that are becoming narrower in scope and more specific.
FTC Extends Compliance Deadline for Certain Provisions of the Safeguards Rule
November 18, 2022 - The deadline for compliance with certain provisions of the Safeguards Rule component of GLBA has been extended by six months to June 9, 2023.
Mastercard Significantly Modifies Recurring Giving Requirements
October 18, 2022 - After previously announcing changes to its requirements for merchants that use subscription or recurring billing, Mastercard has altered its requirements to apply only to organizations with excessive chargebacks.