Organizations that gather reliable data and use it to inform their decisions are better positioned for success. In a recent article for Financial Management, author Luke O’Neill discusses the key role that CFOs play in ensuring that data is used effectively to inform decisions. Good data...
Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental order as a result of the coronavirus pandemic, while others were forced to severely limit their offerings. One way to continue to pursue your organization's objectives is to ensure that you are...
Note: The Office of Management and Budget (OMB) is expected to release a compliance supplement addendum before the end of the year, which will outline audit requirements for many new programs. We’ll be updating this FAQ with additional information after its release. 2020 presented organizations with...
By Matthew Becker, CPA In today's digital economy, every business is driven by data, and nonprofit organizations are no exception. For too long, many nonprofit organizations have lacked the incentive to innovate due to chronic underfunding or insufficient resources as a result of the starvation cycle....
Whether you are facing an audit for the first time or you have been audited for years, making sure that your nonprofit organization is ready might feel overwhelming. Here are a few tips to help you prepare for a first, or just the next, audit. First,...
The Main Street Lending Program's (MSLP) Nonprofit Organization New Loan Facility (NONLF) and Expanded Loan Facility (NOELF) are now fully operational and accepting submissions of eligible loans through the Main Street lender portal by registered eligible lenders. MSLP loans, funded under the Coronavirus Aid, Relief,...
Did you ever take an open book test in school? It always made doing well much easier. The 2020 Compliance Supplement is a textbook for your organization’s equivalent of a compliance exam (the single audit). Its primary purpose is to assist auditors in performing single...
By Barbara Finke, CPA Whether you are facing an audit for the first time or you have been audited for years, making sure that your organization is ready might feel a bit overwhelming. Here are a few tips that will help you get organized and ready...
By Lee Klumpp, CPA, CGMA In 2016, the Financial Accounting Standards Board (FASB) updated its lease accounting rules (ASC 842) and closed a diversity in practice in the previous standard. The major change is that organizations must now include lease assets and liabilities on their balance...
By Jibran Hussain, Andrew Tobel, J.D., CIPP/US, and Derrick King, CIPP/US In this highly interconnected, digitized global economy, cross-border data flows are imperative in maintaining and enhancing strong ties between countries. On July 16, 2020, a pivotal component of European Union (EU)–United States (U.S.) data transfers, the...
