What Your Peers Are Reading: BDO’s Top 10 blogs of 2022 (so far)
It might be difficult to believe, but we’re halfway through 2022. Nonprofits have spent the last six months operating amid dwindling federal relief, inspiring donors to contribute to their cause in the face of record-breaking inflation and working to attract and retain key staff as they further their mission. Despite hurdles, nonprofits are persevering, with many leaders turning to BDO’s website for exclusive industry insights and expert advice. Below, our most read blog posts of 2022 (so far)!
The height of the COVID-19 pandemic forced many nonprofits to shutter, temporarily close or offer limited services at a time when they were needed most. The March 2020 passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided nonprofits access to support like the Employee Retention Credit (ERC) or the Paycheck Protection Program (PPP). BDO’s most read blog post helps nonprofits navigate the CARES Act, which was extended through 2021.
Inflation is rising and so are employee expectations of compensation. BDO’s April 2022 blog post compares the average rate of salary budget increases overall to budget increases among for-profit and nonprofit organizations. It also offers tips for employers looking to attract and retain key personnel on how to budget to increase employee salaries or compensate for their absence.
The Financial Accounting Standards Board’s (FASB) updated lease accounting standard, ASC Topic 842, brought significant change to the nonprofit sector. Though the pandemic pushed the compliance deadline from 2020 to 2021, many nonprofits struggling to operate amid COVID-19 were caught off-guard by the requirements of the new lease accounting standard. BDO’s blog post features best practices for overcoming common implementation challenges.
Form 990—Return of Organization Exempt from Income Tax—is designed to provide the IRS with the information necessary to confirm an organization is furthering its mission in accordance with tax exempt status. In this blog post, BDO sheds light on how COVID-19 impacted filing considerations and deadlines, and the role effective storytelling can play in communicating a nonprofit’s value to the IRS.
Like ASC Topic 842, Topic 958 is a recent FASB accounting standard that holds significant implications for nonprofits. Topic 958 standardizes how the sector classifies grants and other contracts, as either an exchange transaction or a contribution. BDO’s blog post covers Topic 958’s scope and what Topic 958 means for nonprofit organizations, donors and stakeholders. It also teaches nonprofits how to evaluate a grant under the new guidance.
Board members are responsible for overseeing a nonprofit’s financial matters and influencing its overall direction. Therefore, BDO firmly believes that nonprofit board members should be held to the same—if not stricter—standards as employees. “Vet or Forget? The Case for Background Checks on Nonprofit Board Members” informs nonprofits of their options for conducting critical background checks.
Part of the CARES Act, the Provider Relief Fund (PRF) was established to support American families, workers and healthcare providers as they grappled with COVID-19. BDO’s high traffic blog post provides nonprofits with tools to navigate PRF reporting requirements and audit and compliance requirements before providing them with next steps for moving forward as a PRF recipient.
A top 10 list makes our top 10 list! BDO’s Nonprofit Standards survey informs a comprehensive overview of trends impacting the nonprofit industry. From tips for navigating political uncertainty to leveraging the latest technology to achieve operational efficiency, this listicle remains a relevant resource for nonprofits.
COVID-19 disrupted most industries and the nonprofit sector is no exception. BDO’s blog post tailors advice for making the appropriate adjustments to internal procedures and financial reporting, fundraising, travel, long-term remote work and education to different types of nonprofit organizations.
Deciphering jargon can be daunting, especially when federal funding is at stake. BDO defines “Yellow Book” and similarly important terms for nonprofit leaders, many of whom might be navigating the world of federal relief for the first time due to the pandemic.
Recent years have seen nonprofits embrace digital transformation, update human capital management strategies and take advantage of available funding. BDO is proud to be a font of encouragement and advice for nonprofit leaders. We remain committed to providing nonprofits with the tools and resources to help them pivot to overcome emerging challenges and seize new opportunities.
SHARE