Nonprofit & Government Times Q1 2020

Nonprofit & Government Times



Welcome. “We must become more comfortable with probability and uncertainty.” This quote from political mastermind Nate Silver is just as applicable to the nonprofit sector as it is to the political sector—and even more relevant in light of the recent coronavirus situation. As our nonprofit clients continue to adjust to and grapple with a host of uncertainties and ambiguities during these challenging times, receiving the right advice from Marks Paneth is one thing they can always count on. We know that having timely information at your fingertips can help you plan effectively. In our latest issue of Nonprofit & Government Times , we are pleased to provide you with information on the most recent developments affecting you and your organization. From the proper reporting and valuation of in-kind contributions, to alternative funding sources, to footnote disclosure overload and new GASB statements, this issue is replete with guidance to help you fulfill your mission and goals. We have also included some COVID-19 Nonprofit Resources on page 2 of the newsletter. And as we review the provisions of the recently passed CARES Act, we will continue to keep you apprised of how this legislation will affect you. You may also visit our Pandemic Resource Center for additional updates and guidance on COVID-19. As always, we’re eager to help you and share our knowledge about the complex issues facing us all today. Please contact me or any other member of our Group if you have any questions about the articles in this newsletter. We look forward to continuing to be the trusted advisors you turn to for help in the constantly evolving nonprofit landscape.

2 COVID-19 Nonprofit Resources 3 ADDITIONAL REVENUE SOURCES for Nonprofits Magdalena M. Czerniawski 6 EDUCATING YOUR BOARD About Nonprofit Accounting Matthew Castellano 9 FOOTNOTE DISCLOSURE Overload John D’Amico 13 A Guide to Proper Reporting and Valuation of IN-KIND CONTRIBUTIONS Joseph Kanjamala 18 NOT-FOR-PROFIT RAFFLES: Don’t Gamble with Federal and State Requirements Magdalena M. Czerniawski Robert Lyons 22 GASB STATEMENTS Effective for the Year Ended December 31, 2019 Philip Marciano 24 LEVERAGE OUR EXPERTISE



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