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Internal Revenue Service, Not-for-Profit, Tax
Schneider Downs Professional | 12.28.2020

Your Exempt Status Has Been Revoked

Learn more about the letters sent by the IRS indicating the revocation of tax-exempt statuses to unexpecting not-for-profit organizations.

Higher Education, Not-for-Profit
Danielle Miceli | 10.29.2020

FASB Issues Accounting Standards Update for Not-for-Profit Entities on Contributed Nonfinancial Assets

Learn more about the Lease Accounting Standards Update released by FASB and its impact on companies.

Coronavirus, Higher Ed, Higher Education, Not-for-Profit
Schneider Downs Professional | 10.15.2020

The Impact of COVID-19 on Community Colleges

In March of 2020, institutions of higher education across the United States raced to make online classes readily available for students in the midst of

Audit, Higher Education, Not-for-Profit
Peter Frauen | 9.3.2020

FASB Proposes Changes to the Definitions of Financial Statement Elements

On July 16, the Financial Accounting Standards Board (FASB) issued exposure draft Concepts Statement No. 8, Conceptual Framework for Financial Reporting,

Not-for-Profit
Sarah Piot | 8.4.2020

Group Exemptions Are Finally Getting New Guidance After 40 Years

In January of 1980, the Internal Revenue Service (IRS) issued Revenue Procedure 80-27, the IRS’s prevailing authority on group exemptions. If issued

Not-for-Profit, Tax
Schneider Downs Professional | 7.28.2020

Changes to Form 1023, Application for Tax Exemption under Section 501(c)(3)

News broke in early 2020 that the application for exemption under Section 501(c)(3), more commonly known as Form 1023, would be changing over to an online

Business Advisors, Coronavirus, Not-for-Profit
Stephen Thimons | 7.27.2020

Main Street Loan Modifications for Not-for-Profit Organizations

This article was updated on July 23, 2020. Further updates will be made as new information becomes available. Schneider Downs continues to track the evolving

Coronavirus, Higher Ed, Higher Education, Not-for-Profit
Patrick Kerns | 7.24.2020

Changes to Spending from Restricted Funds in Pennsylvania

On July 23, the governor of Pennsylvania signed into law PA 2020 Act 71, which provides not-for-profit organizations additional flexibility with their

Continuity, Coronavirus, Not-for-Profit, Retail, Transportation & Logistics
Justin Premich | 7.23.2020

Pennsylvania’s COVID-19 Hazard Pay Grant Program

Recently, Pennsylvania Governor Tom Wolf announced the availability of $50 million in grant funding to provide hazard pay to employees in life-sustaining

Business Advisors, Coronavirus, Not-for-Profit
Michael Maloney | 6.18.2020

Fed Seeks Commentary on Expansion of Main Street Lending Program to Nonprofits

This week, the Federal Reserve Board announced that it is considering an expansion of the Main Street Lending Program to nonprofit organizations. The current

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