Does your nonprofit have foreign assets? If so, a new federal law will soon require it to submit a new report.
Nonprofits are already subject to FBAR. In 2013, the Foreign Account Tax Compliance Act will require nonprofits to file an annual form listing foreign assets such as financial accounts, securities, and interests in foreign entities.
If you think your organization has any foreign assets, be sure to speak with a tax professional now. He or she can tell you what records the organization should keep for the 2012 year so that it is ready to file the new form come next year.