Theodore Campbell

Lease Accounting – Business

BACKGROUND For many businesses, their largest non-labor cost is facilities. There has always been some disparity in the comparability of financial statements between companies, as some own their facilities while others rent. Several years ago, the Financial Accounting...

Lease Accounting – Nonprofits

Background For many nonprofits, the largest non-labor cost is facilities. For years this has created some disparity in the comparability of financial statements between organizations, as some nonprofits own their facilities while others rent. Several years ago, the...

Lease Accounting – Schools

Background For many schools, the largest non-labor cost is facilities. For years this has created some disparity in the comparability of financial statements between schools, as some schools own their facilities while others rent. Several years ago, the Financial...

Terminating your DB Plan

There once was a time when employees worked 25-30 years for the same employer and were rewarded for their loyalty and hard work with the benefits that come from an employer sponsored defined benefit (“DB”) plan. Unfortunately, these employees retired at age 65 and had...

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09 – Revenue Recognition – Not-for-profit (“NFP”) entities (including private schools )

Nonprofit organizations are required to adopt the new revenue recognition standards during 2021. For schools, this means that if they haven’t already early adopted the new standard, they will need to adopt it for the 2020/2021 fiscal year. The new revenue recognition...

Accounting for Unemployment for Self-Insured Nonprofit Organizations

The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law on March 27, 2020, to mitigate the effects of the coronavirus pandemic on businesses, including nonprofit organizations. For nonprofit organizations that have opted out of the State...

Coronavirus Funding

A number of groups have since begun to create response funds targeted toward deploying money to organizations helping New Yorkers through the health crisis.

Accounting for PPP Loan Forgiveness

The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the guidance suggested that a nongovernmental NFP may account for the PPP loan as a conditional grant/contribution in accordance with FASB ASC 958-605, Not-for-Profit Entities: Revenue Recognition, if certain conditions are met.

New PPP Rule Changes

t’s funny what a difference a few weeks make. Prior to June 6th, when the forgiveness period was only eight weeks, we were strategizing with our clients to try to determine which staff they needed to bring back to work, considering which base period would have the least impact on their FTE calculation, and determining if we should use the cash basis or alternate method for seeking payroll forgiveness?

Lease Accounting – Business

Lease Accounting – Business

BACKGROUND For many businesses, their largest non-labor cost is facilities. There has always been some disparity in the comparability of financial statements between companies, as some own their facilities while others rent. Several years ago, the Financial Accounting...

read more
Lease Accounting – Nonprofits

Lease Accounting – Nonprofits

Background For many nonprofits, the largest non-labor cost is facilities. For years this has created some disparity in the comparability of financial statements between organizations, as some nonprofits own their facilities while others rent. Several years ago, the...

read more
Lease Accounting – Schools

Lease Accounting – Schools

Background For many schools, the largest non-labor cost is facilities. For years this has created some disparity in the comparability of financial statements between schools, as some schools own their facilities while others rent. Several years ago, the Financial...

read more
Terminating your DB Plan

Terminating your DB Plan

There once was a time when employees worked 25-30 years for the same employer and were rewarded for their loyalty and hard work with the benefits that come from an employer sponsored defined benefit (“DB”) plan. Unfortunately, these employees retired at age 65 and had...

read more
Coronavirus Funding

Coronavirus Funding

A number of groups have since begun to create response funds targeted toward deploying money to organizations helping New Yorkers through the health crisis.

read more
Accounting for PPP Loan Forgiveness

Accounting for PPP Loan Forgiveness

The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the guidance suggested that a nongovernmental NFP may account for the PPP loan as a conditional grant/contribution in accordance with FASB ASC 958-605, Not-for-Profit Entities: Revenue Recognition, if certain conditions are met.

read more
New PPP Rule Changes

New PPP Rule Changes

t’s funny what a difference a few weeks make. Prior to June 6th, when the forgiveness period was only eight weeks, we were strategizing with our clients to try to determine which staff they needed to bring back to work, considering which base period would have the least impact on their FTE calculation, and determining if we should use the cash basis or alternate method for seeking payroll forgiveness?

read more