New Tool Makes It Easier to See Non-Profit Tax Records
Charity Navigator has released a new digital tool for researchers, data scientists and enthusiasts to use to explore non-profits' public tax records. The Digitized Form 990 Decoder features a database of more than 1.7 million tax records. Of these, more than 900,000 have been processed, ranging from more than 33,000 2009 Form 990 filings to nearly 216,000 2014 Form 990 filings.
The project is ongoing and open-source. Charity Navigator, which aims to inform donors of their contribution choices, hopes other developers will design improvements to make the tool even more robust and comprehensive. Go to http://990.charitynavigator.org/ to find the Decoder.
IRS Warns about W-2 Phishing Scheme Targeting NFPs
The IRS has issued an urgent alert about a Form W-2 phishing scam that targets non-profits. According to the agency, cybercriminals send an email that appears as if it is from an organization executive to an employee in the payroll or HR department. The email requests a list of all employees and their Forms W-2. The scam first appeared last year. But now, the fraudster follows up with an executive email to the payroll manager or comptroller and asks that a wire transfer be made to a certain account. If you get either of these emails, report this to the IRS immediately.
FASB Issues Guidance on Partnership Consolidation
A Financial Accounting Standards Board (FASB) update outlines the rules for when certain non-profits should consolidate activities of their other partners in financial statements. This continues current guidance that a non-profit general partner controls the partnership, unless the limited partners have certain rights. Accounting Standards Update No. 2017-02, Not-for-Profit Entities — Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity is effective for fiscal years starting after December 15, 2016.
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