Strengthening Internal Control in the COVID-19 Environment

The Financial Accounting Standards Board (FASB) has issued the anticipated Accounting Standards Update on presentation and disclosures of contributed nonfinancial assets for nonprofits. Our latest blog post details how the gifts-in-kind should be presented and disclosed.

On August 18, the Office of Management and Budget (OMB) issued the 2020 Compliance Supplement to assist auditors in performing single audits and help organizations comply with grant, contract and federal requirements. Our latest blog post outlines the details.

It’s critical for nonprofits to stay abreast of proposed and updated regulations from the Internal Revenue Service (IRS). Read on to learn the latest developments organizations should know.

Recently the Federal Reserve announced an expansion to its Main Street Lending Program (MSLP) to aid nonprofit organizations impacted by COVID-19. Though the application process is not yet open, organizations should begin forecasting anticipated cashflow needs to assess if...

On July 2, 2020, the Senate unanimously passed legislation to assist nonprofits and governmental entities. The House passed the bill in a pro forma session on July 9, 2020. The bill is now headed to the president for his signature.

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, approximately $14 billion was earmarked to support post-secondary education students and institutions through the Higher Education Emergency Relief Fund (HEERF). Among other...

On June 18, the Office of Management and Budget (OMB) released a new memo outlining changes to previous single audit submission extensions, as well as new criteria related to emergency funds used during the coronavirus pandemic. Our latest blog post has all the details.

On June 15, the Federal Reserve announced a proposed expansion to its Main Street Lending Program (MSLP) to address the liquidity needs of nonprofit organizations that have been impacted by the COVID-19 pandemic. Our latest post outlines the proposed loan terms, as well as the...