The GASB recently published a white paper outlining prohibited transactions for not-for-profit organizations.

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The GASB is the Governmental Accounting Standards Board and their accounting standards apply to state and local government entities. They do not typically develop standards for not-for-profit organizations. Instead, the Financial Accounting Standards Board (FASB) sets accounting standards for not-for-profits, including guidelines for prohibited transactions.

The GASB Recently Published a White Paper Outlining Prohibited Transactions