Recently, the Department of Labor issued its final rule raising the annual salary threshold for overtime pay — and there’s no exemption for nonprofits. This article summarizes the new regulations, which organizations are affected and how they should prepare for the effective date of December 1, 2016. A sidebar explains the duties test, which must be considered in addition to how and how much employees are paid when determining overtime eligibility.
The FASB has made its final recommendations for changes to how nonprofits classify net assets and account for liquidity, performance and cash flows. This article describes the changes and explains that they are part of Phase 1 of the FASB’s accounting rules revision and that Phase 2 is expected to contain broader, more fundamental changes.
Under certain circumstances, gifts in kind and donations of services are recorded and recognized differently from other types of donations. This article explains why these types of donations may need to be recorded and recognized at year end as revenue, expenses or assets. It also talks about how to assess the fair value of such gifts.
Giving Tuesday or National Day of Giving was created to encourage Americans to contribute to charity during the holiday season. This article makes the case for nonprofits to participate by using social media to raise money and awareness. It provides details on how to get involved and how to prepare for the 24-hour event.