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How Federal Legislation May Affect DAF Distribution Timelines A bipartisan group of legislators has introduced the Accelerating Charitable Efforts (ACE) Act in the U.S. House of Representatives. The ACE Act mirrors a bill introduced in the Senate in June 2021. It would create two new types of donor-advised funds (DAFs) — 15-year (or qualified) and

IRS and Fraud Concerns for Faith-based Nonprofits Religious congregations must comply with IRS rules and federal and state laws. But because they don’t have to file income tax returns, some fail to engage independent financial experts. Without that oversight, congregation leaders may not know all the requirements to which they’re subject and internal controls could

What It Means for Nonprofits According to the Dorothy A. Johnson Center for Philanthropy, giving circles have tripled in number since 2007, to about 1,600 groups with more than 46,000 members in the United States. With almost $1.3 billion in grants already made by giving circles, your nonprofit should ensure it’s on the circles’ radar.

The Financial Accounting Standards Board (FASB) has new rules for how nonprofits that follow Generally Accepted Accounting Principles (GAAP) must report and value “nonfinancial assistance” — commonly known as gifts in kind. The changes are effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022.