What You Need to Know About the SECURE Act
Kelly H. Buchheit
In late 2019, the first significant legislation related to retirement savings since 2006 became law. Whether you offer your employees a 403(b), a 401(k), a 457(b) or no retirement plan, the Setting Every Community Up for Retirement Enhancement (SECURE) Act includes provisions that could affect you and your employees. Related Read: SECURE Act: New Tax Incentives […]
The CARES Act Provides Some Relief to Not-For-Profit Organizations
Much of the economy is reeling from the novel coronavirus (COVID-19) pandemic, and the not-for-profit sector is not immune from the effects. Fortunately, Congress recognized this need when drafting the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The law, enacted in late March 2020, contains several provisions that might help distressed not-for-profit organizations […]
How Not-for-Profit Organizations Can Tackle Cybersecurity in a Remote Work Environment
Siobhan Climer, Mishaal Khan
Not-for-profits, like most organizations, have transitioned to working remotely during the COVID-19 pandemic. Meetings are being held virtually, with workers connecting to the Internet on home networks using both work and personal devices. This rapid shift to remote work is putting IT systems and data assets at risk, driving not-for-profits to take action to keep […]
Get Your Operating Reserves in Order
Caitlin G. Gibbs
Recent tax law has reduced the benefit many taxpayers receive for their charitable contributions, and as a result, has affected the level of donations for many not-for-profit organizations. Combine that with uncertainties about government funding, and it is easy to see that operating reserves are more important than ever for long-term sustainability. Yet studies show […]
Key Changes to the Data Collection Form
Marva M. Flanagan
All entities that expend $750,000 or more annually in federal awards must perform a Single Audit and complete Form SF-SAC (the Form) for every fiscal period during which they meet the reporting dollar threshold. The Federal Auditing Clearinghouse is the federal entity that collects the forms and reporting packages and maintains a database of completed […]
Financial Reporting: How Not-For-Profit Accounting Differs From its For-Profit Counterpart
Many effective not-for-profit board members come from the for-profit world. They bring talent and organizational savvy that may help elevate your organization’s overall performance. However, when it comes to understanding financial reporting in this new arena, these for-profit pros often need some training to help them understand how to read your not-for-profit’s financial statements. You […]
How Should You Approach Collaborative Arrangements?
Charles J. Burke
The simplest relationship between not-for-profit organizations for accounting purposes may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active participants in a joint operating activity. Both entities are vulnerable to risks and rewards that hinge on the activity’s commercial success. Costs incurred and revenues generated from transactions […]
Ten Cybersecurity Best Practices For Not-For-Profit Organizations
For-profit businesses are not the only organizations that can find themselves in need of a loan. Not-for-profit organizations often face cash flow issues due to budgetary restraints that call for relatively quick cash. If your organization faces similar situations, consider the decision to borrow carefully.
Federal Grant Procurements and Contracts: Some Compliance Tips and Best Practices for Not-for-Profits
Alais L. M. Griffin
Federal grant compliance requirements are numerous, exacting and complicated. A failure to comply can lead to federal audits, frozen grant funds, and even legal, financial and reputational risk. This blog focuses on tips and best practices for federally-funded procurement transactions.
Federal Appropriations Bill Provides Some Tax Changes for Exempt Organizations
On December 20, the Further Consolidated Appropriations Act, 2020 (H.R. 1865) was signed into law. It includes a number of tax-related items, two of which directly affect exempt organizations.