FASB reexamines existing standards for financial statement presentation by not-for-profit entities
Information on the ongoing project can be found here
Six-month automatic extension coming for Form 990
The “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” signed into law on July 30, 2015 has provisions changing extensions procedures for many entities. As a result, the Form 990 will now have an automatic 6 month extension replacing the 4 month and additional 2 month extensions. This will go into effect for tax years beginning on or after January 1, 2016. Calendar year-end organizations will be able to take advantage of this in the 2017 filing season.
The National Network of Fiscal Sponsors
This is an excellent resource for anyone involved in fiscal sponsorships. A point focus on from this page 10 Questions Funders Should Ask Grantees Who Use Fiscal Sponsors
The Pre-Approved Grant Relationship model of fiscal sponsorship is widely misunderstood and easily abused as a “conduit” when the fiscal sponsor fails to exercise the requisite “discretion and control.” The key element to avoid in fiscal sponsorship relationships is the creation of a “pass-through” or “conduit” arrangement. The fiscal sponsor must exercise “variance power” or independent “discretion and control” over the fiscally sponsored project for the relationship to pass IRS muster.
New York State Attorney General’s Charities Bureau will grant an automatic 180 day extensions
"Effective immediately, the New York State Attorney General’s Charities Bureau will grant an automatic180 day extension of time to file an Annual Financial Report due pursuant to the Estates, Powers and Trusts Law and/or Article 7-A of the Executive Law. A written request is not required. Registered charitable organizations must file their Form CHAR500 (NYS Annual Filing for Charitable Organizations) and all required attachments and fees within 180 days of the statutory deadline."
http://www.charitiesnys.com/pdfs/extensiongranted.pdf