It will come as no surprise that bonuses (includes all forms of variable pay for purposes of this discussion) are far more prevalent in the for-profit than the nonprofit sector. For many people, bonuses are believed to be appropriate, or perhaps unavoidable, among for-profits but...
Modern Enterprise Resource Planning (ERP) systems empower organizations of all sizes, structures and industries when it comes to financial and operational management. However, some industries suffer unique challenges, particularly those that provide goods and services worldwide. International non-governmental organizations (INGOs) are typically nonprofit organizations established...
The title of this article might have caught the eye of some readers, who may have thought it provides tips on managing pay for poor performers or offers a rationale for employing individuals without proper job qualifications. However, this article focuses on “disqualified individuals” in...
How do the new rules apply to retirement and benefit plan filings? Different aggregation rules apply, depending on the type of form being tested for whether electronic filing is required, which can be confusing. Form 5500. Filers of Form 5500 must file electronically for plan years...
Embracing technology, outsourcing key operations to specialists and improving organizational culture can all be a part of a nonprofit’s plan for sustainability. While it’s important to make plans, recent years have demonstrated how easily even the best-laid plans can go awry. The following four key steps...
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...
