Philippe T. Lindsay joins Rubino & Company as Director

Bethesda, MD (May 6, 2019) – Rubino and Company is excited to welcome Philippe T. Lindsay, CPA, MBA, CGMA, as Director. Bringing over 30 years of experience in government accounting and auditing with a focus on public housing authorities, nonprofits, and low-income tax credit entities, Philippe has participated in over 300 […]

Lease Means More: The Impact of ASC 842, Part One

The Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (ASC 842) on February 25, 2016, effectively eliminating off-balance sheet financing in the form of operating lease arrangements. ASC 842 requires all leases over one year in length to be reported on the balance sheet as both lease […]

Accounting for Government Grants – Changes in Standards Lead to Consistency in the Timing of Revenue Recognition

Current Developments In June 2018, the Financial Accounting Standard Board (FASB) issued clarifying guidance to FASB ASC 606 Revenue from Contracts with Customers. The update impacted all entities that make or receive grants and contributions. Here we focus on the impact of the clarified guidance for recipients of Federal Grants or […]

New Requirements for Renewal of Exemption Status in Washington, DC

Organizations exempt from income and franchise, sales and use and/or personal property taxes in the District of Columbia are subject to a new requirement to renew tax exemptions every five years. The requirement is effective for 2019. A letter has already been sent by the DC Office of Tax and Revenue […]

Easing of Donor Disclosures for Many Nonprofits

IRS Form 990

In a move that has generated both praise and criticism, the Internal Revenue Service recently issued guidance that changes the way donor information will be reported for many nonprofits, effective for taxable years ending on or after December 31, 2018. Thus, the new reporting requirements will generally apply to the returns […]

Are You Ready for Changes in Financial Reporting for Nonprofit Organizations?

Financial Reporting for Nonprofits

New financial reporting standards for nonprofit organizations (ASU 2016-14) are effective for their calendar year end 2018 financial statements.  Are you ready for the changes? Changes to the basic financial statements are straightforward, reducing the number of net asset classes from three to two (With Donor Restrictions and Without Donor Restriction). […]

New Revenue Recognition Standard Will Impact Nonprofit Financial Statements

During 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers. The new standard is effective for non-public companies for years beginning after December 15, 2018 (i.e., calendar year 2019 or fiscal years ending in 2020). The core principle of ASU 2014-09 is that an entity […]

Patrick Curtis Accepted to Leadership Howard County’s Leadership Premier Class of 2019

Patrick Curtis portrait

Rubino & Company is pleased to announce that shareholder Patrick Curtis has been accepted into Leadership Howard County’s Leadership Premier class of 2019. Leadership Howard County, a non-profit based out of Columbia, Maryland, prepares accomplished professionals from business, non-profit, and government to become innovative community leaders dedicated to making Howard County, […]

Government Grants: Contributions or Exchange Transactions?

Do federal and state governments make contributions to nonprofit organizations? Most accountants would say: “No, government departments and agencies may provide grants and other resources to nonprofits to help governments meet their social and other program requirements, but these are not contributions and should not be accounted for as contributions.” But […]

How will Liquidity Disclosures Enhance Financial Reporting for Nonprofit Organizations?

Image: Businessmen or investors reviewing return on investment on a tablet mobile device

Accounting Standards Update (ASU) 2016-14 is effective for fiscal years beginning after December 15, 2017 (i.e., calendar year 2018 or fiscal year 2018/2019). The new ASU impacts many aspects of financial reporting for nonprofit organizations, with updates to the basic financial statements and several new and/or enhanced disclosures required in the […]