Nonprofit & Government Times, Q1 2019

Nonprofit & Government Times

FIRST QUARTER, 2019

IN THIS ISSUE

5 The Benefits of Obtaining a FEDERALLY APPROVED INDIRECT COST RATE Raymond Blake 8 Guest Perspective: STRATEGIC PLANNING : When Should Nonprofits Seek Outside Help? Claudia Zeldin 10 NONPROFIT TAX UPDATE : What We’ve Learned About the TCJA Provisions Affecting Exempt Organizations Magdalena Czerniawski 12 WHEN TO CONSOLIDATE a Not-For-Profit’s Interest in Low-Income Housing Projects Joseph Kanjamala 16 Meet the MARKS PANETH TEAM

Is it a Grant or a Contribution? FASB has Now Made it Clearer JOHN D’AMICO, CPA DIRECTOR, PROFESSIONAL STANDARDS GROUP T here has been a long-standing diversity in practice on how nonprofits accounted for grants, especially government grants. FASB has now effectively ended this diversity and clarified its guidance with the issuance of Accounting Standards Update (ASU) 2018-08, “ Clarify- ing the Scope and Accounting Guidance for Contributions Received and Made ,” and it is effective for periods ending December 31, 2019 and thereafter, except for organizations that are considered public entities for which it is effective for periods ending June 30, 2019 and thereafter. This ASU will help organizations determine if revenue transactions should be accounted for as contributions within the scope of Accounting Stan- dards Codification (ASC) Topic 958, Not-for-Profit Entities, or as an

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