In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08 to provide guidance about accounting for nonprofit organizations’ grants and contracts. This new ASU clarifies when to account for a transfer of assets as an exchange transaction versus as a contribution and how to determine whether a contribution is unconditional or conditional. (more…)
Did the Tax Cuts and Jobs Act have a significant impact on charitable giving in the U.S.? When the new law was issued, there were dire predictions that it would affect nonprofits in an extremely negative way, especially smaller, community-based organizations. And in 2018, individuals did give less to charity than in the prior year.
But what was responsible? Was the fourth-quarter decline in the stock market the primary contributor? Or was it the new tax law? (more…)