Nonprofit Organization Updates
If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts in kind. READ MORE >
No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last year. Although the nonprofit sector received higher-than-usual donations in 2020, many nonprofits that sought COVID-19-related loans were shut out.
So the new American Rescue Plan Act’s (ARPA’s) provisions for nonprofits are welcome. Let’s take a look at some key elements.
Nonprofit Organization Deadlines
- COVID-19 Extension Summary:
- Data Collection Form** – three months beyond the normal due date
**Recipients and subrecipients that received COVID-19 funding with original due dates from October 1, 2020 through June 30, 2021.
- December 31 year end
- Form 990 and PC
- Due May 15
- Massachusetts Uniform Financial Report (UFR)
- Due May 15
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
- Form 990 and PC
- June 30 fiscal year end
- Form 990 and PC
- Due November 15
- Massachusetts Uniform Financial Report (UFR)
- Due November 15
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
- Form 990 and PC
- September 30 fiscal year end
- Form 990 and PC
- Due February 15
- Massachusetts Uniform Financial Report (UFR)
- Due February 15
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
- Form 990 and PC
