Under the Stafford Act, the following were declared major disaster areas: Puerto Rico, Alaska, Florida, South Carolina and North Carolina. Consistent with these declarations, the Office of Management and Budget (OMB) has announced on the Federal Audit Clearinghouse site that is has granted a six-month...
BDO released its annual Nonprofit Standards benchmarking survey of more than 270 nonprofit organizations. The new data reveals nonprofit leaders’ strategies for dealing with economic uncertainty, meeting the needs of the populations they serve, increasing revenue, expanding impact and approaching fundraising. Find out how they...
In June 2022, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 101, Compensated Absences (GASBS 101 or Statement). The Statement updates the accounting and financial reporting requirements for compensated absences and associated salary-related payments to better align the recognition and measurement guidance under...
On June 13, 2022, the Governmental Accounting Standards Board (GASB) achieved a major milestone in issuing its 100th accounting statement, GASB Statement No. 100, Accounting Changes and Error Corrections (GASBS 100 or “Statement”). The Statement establishes accounting and financial reporting requirements for (a) accounting changes...
In the Fall 2022 edition of the Nonprofit Standard, Matt Cromwell recently outlined the implementation requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. As noted in the...
By: David Clark, CIA, CFE, CRMA and LaShaun King, CPA Like many organizations, colleges’ and universities’ worlds were flipped upside down when COVID-19 emerged in the spring of 2020. To maintain their mission of reshaping the future through educating future generations, colleges and universities had to...
By: Stacey Powell, CPA, CFE, CICA The U.S. Department of the Treasury (Treasury) released the Final Rule for Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) on Jan. 6, 2022. The Final Rule provides broader flexibility and greater simplicity in the program and is effective April...
Hard-hit small businesses received more than $16 billion in much-needed COVID-19 relief through the Small Business Administration’s (SBA) Shuttered Venue Operators Grant (SVOG) program. Many organizations that received this funding may not have experience with federal awards or the complex rules associated with them. Given...
By Andrea Espinola Wilson and Adam Cole Nonprofit organizations have been navigating change in almost every aspect of their operations over the past two years, including shifting priorities, a new employment landscape, and changes in fundraising and hosting programs and events. As organizations continue to reimagine...
By: Tyler Chambers In order to run a successful pharmacy, you need good data upon which to base your business decisions. “Good data” doesn’t just mean accurate data or plenty of data—though those are both good things. It also means timely data. The Pros of Having Timely...
