News & Events

New Publication: Practical Implementation Issues with Uniform Guidance

In December 2013, the Office of Management and Budget (OMB) issued the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (known to many as the “Super Circular” or the new Uniform Grant Guidance) to streamline and consolidate grants guidance previously contained in numerous documents. These changes will impact all entities receiving and administering federal awards, as well as auditors responsible for auditing federal awards programs. The Super Circular contains the most significant changes to occur to federal grants administration in recent history.

This paper provides an overview of the requirements of the Uniform Guidance (UG) as applicable to a typical nonprofit affordable housing developer and related organizations. It also addresses questions raised by the Strength Matters CFO Working Group pertaining to practical implementation issues.

Read now

Guidance on new and upcoming FASB changes available!

The new accounting and auditing guidance covers the following topics:

  • Prior updates effective in the current year
  • Goodwill impairment
  • Consolidation guidance for NFPs
  • Definition of a business
  • Going concern
  • Pension costs
  • Uniform guidance (Financial discussion paper on UG available here.)
  • Revenue recognition of grants and contracts
  • Land easements
  • Proposed auditors’ report changes
  • Not-for-Profit Advisory Committee highlights

Read the paper here and watch the webinar here. 

2017 Accounting, Auditing and Tax Updates Webinar Slides Available

This webinar dives into accounting and tax developments from 2017 and their impact on the nonprofit affordable housing sector moving into 2018.
 
Presenters Dave Conway and Dan King explain significant accounting standards issued in 2017, the status of several FASB projects currently in process, and potential impacts of the Tax Cut and Jobs Act on nonprofit organizations, including:
• Definition of a business

• Going concern
• Revenue recognition of grants and contracts
• Proposed auditors’ report changes
• Other FASB projects
• Section 199A: the 20% deduction for qualified business income
• Section 163(j): the limitation on business interest

Presenters: Dave Conway, Partner, Novogradac & Company LLP; Dan King, Senior Manager, CohnReznick 

Learning Objective: To understand recent accounting and auditing guidance and its relevance to nonprofit affordable housing developers

 

Jan. 24, 2018 – Annual Accounting Updates Webinar

Join Strength Matters for our annual “must read” webinar for nonprofit affordable housing CFO’s, COOs and lenders outlining the significant accounting standards that changed in 2017.
 
Dave Conway of Novogradac will explain and discuss the status of several FASB projects currently in process and what to be planning for in the next year. 
 
Register here for the January 24, 2018 at 2PM (ET) webinar. 
 
 

Financial Discussion: Elimination of Developer Fees in Consolidation

The third paper in our Financial Discussion series dives into guidance on eliminating developer fees in consolidated financial reporting. 

Under current accounting guidelines, developer fees are eliminated when preparing consolidated financial statements. 

Financial Discussions papers Icon– How should the developer eliminate the profit realized on the developer fees?

– How should the developer determine the profit and does it matter if the developer fee is deferred?

– Should only the deferred fee be eliminated and not the fee paid from third party sourced debt and investor equity?

Read the new Financial Discussion paper on Eliminating Developer Fees in Cosolidation

 

Join Us Dec. 6 – Avoiding Tax Credit Mayhem Round 2: Protecting Your Depreciation Method – The 168(h) Election

Presenter, Dan King of CohnReznick, will discuss the recent Strength Matters publication Avoiding Tax-Exempt Use Property in Credit Deals – The IRC §168(h) Election.

Learning Objectives:

  • Understand how property characterized as tax-exempt use could negatively impact low-income housing tax credit or historic tax credit deals
  • Learn how tax-exempt general partners can use a “blocker” corporation to avoid the taint of a tax-exempt use property and understand the tax consequences
  • Learn about the elections required to use a “blocker” corporation to avoid the taint of the tax-exempt use property
  • Learn about the critical timing considerations for making the elections required to use a “blocker” corporation

Join us on Wednesday, December 6, 2017 2:00-3:00 PM Eastern Time. Register in advance for this webinar here:   https://zoom.us/webinar/register/WN_e0MzHnAhSY2Fc3v1atOyyw

New Webinar – Nov. 15 – Tax Paper #2 Partnership Allocations for LIHTC Deals – An Introduction to IRC §704(b)

Presenter, Dan King of CohnReznick, will discuss the recent Strength Matters publication Partnership Allocations for Low-Income Housing Tax Credit Deals – An Introduction to IRC §704(b). 

Join us on Wednesday, November 15, 2017 2:00-3:00 PM Eastern Time. Register in advance for this webinar here:   https://zoom.us/webinar/register/WN_e0MzHnAhSY2Fc3v1atOyyw

 

 

New Publication: Real Estate Sales between Related Entities

The second paper in our Financial Discussion series looks at two questions around the sale of real estate between related entities: 

Financial Discussions papers Icon

  • Accounting by Buyer and Seller Upon Disposition/Acquisition of a Property

  • Revenue Recognition for Excess Cash Paid by the Buyer to the Seller Upon Sale

Covering GAAP analysis of the questions, CPA recommendations and CFO response 

Read the new Financial Discussion paper