Connections for Success

 

Not-For-Profit

03.26.20

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 […]

03.09.20

Financial Reporting: How Not-For-Profit Accounting Differs From its For-Profit Counterpart
Laurence Sophian

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 […]

02.26.20

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 […]

02.06.20

Ten Cybersecurity Best Practices For Not-For-Profit Organizations
Siobhan Climer

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.

01.29.20

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.

01.10.20

Federal Appropriations Bill Provides Some Tax Changes for Exempt Organizations
Jeffrey Chiles

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.

12.20.19

Caution Ahead: New City of Chicago Ordinance Requires More Not-for-Profit Employees and Directors to Register as Lobbyists
Quarles & Brady LLP

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.

12.13.19

Teaming Up: How to Handle Financial Reporting for Two
Charles J. Burke

So, you have recently joined forces with another entity to boost efficiency, save money and better serve your constituencies. Sounds like a smart move. But does your accounting staff know how to report the activities of the two organizations?  Much will depend on the nature of your new relationship.

12.10.19

Look Before You Leap: Key Considerations When Seeking Loans
Daniel Omahen

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.

11.21.19

Functional Expense Schedule Best Practices for Not-for-Profits
AICPA

For some not-for-profit entities (NFPs), a separate statement of functional expenses will be the most efficient and effective way of presenting the analysis of expenses by function and nature that is required under FASB Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Voluntary health and welfare organizations were previously required to present a statement of functional expenses; other NFPs were not required but could choose to present one if desired. However, many NFPs are preparing this statement, or a similar schedule in the notes to the financial statements, for the first time. With that in mind, here are some best practices for organizations to keep in mind as they prepare these schedules.

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