As the New Year approaches, here is my “Top Five” NFP wish list for 2020:
5. The Vatican finally arrives at a workable and fiscally responsible structure. You may protest the Catholic Church should not be considered here. After all, it is a sovereign entity and the leadership of one of the world’s largest religious denominations. The current Vatican organization is one Roman Emperors would be familiar with. Granted it has proven resilient but that doesn’t necessarily mean effective. Pope Francis continues to struggle with the Vatican “Deep State” as he tinkers with the levers of power in the Vatican. I hope he figures it out this year.
4. The City of Baltimore implements an adequate system of internal control. I have written about the City of Baltimore at length in this blog and via articles. If fact, I am making the City of Baltimore a case study in my Advanced Accounting class this year. Students will study such things as the lack of a control environment in the City, poor cyber-security, and the resignation of the city auditor. Before anyone can say I am picking on Baltimore, please allow me to point out Baltimore is not alone when it comes to a genuine lack of cyber security. Many cities and NFP entities were subject to cyber-attacks, most often with ransomware.
3. The Financial Accounting Standards Board focuses on the Little Guy. Yes, the FASB is an NFP organization. I do not want to rehash the arguments the FASB has become the captive of major corporations. However, in an era of deregulation, perhaps the FASB should consider lightening the burden on private companies. At the end of the day, small business has been an engine of economic growth. The FASB should help that along.
2. Increased funding for Centers for Independent Living. Yes, this is a little parochial, since I have been a CIL chairperson. Even though I am not associated with MOCEANS CIL anymore, I still see the good work this and other CILs have done. Perhaps I am a little out of line here by quoting the Bible, but the words there ring so true at a CIL: “Go back and report… what you hear and see: The blind receive sight, the lame walk, the lepers are cleansed, the deaf hear…” (Matthew 11:15).
1. Increased charitable contribution limitations for federal income tax purposes. Yes, I know the recent tax law changes have increased the limits to 60% of adjusted gross income for individuals. It should be more and it should be an adjustment to adjusted gross income. The government should encourage giving to the needy. And yes, the corporate limitation should go up as well. I don’t know if I agreed with the politics of Paul Newman ( or even knew what his politics was) , but if his company wanted to give away 100% of its earnings to a deserving charity, I am all for that. I buy Newman’s salad dressing to this day.