Contractors or subcontractors that have never had an audit performed by DCAA, or have made changes to their accounting and estimating systems and processes, should be proactive and have self-assessment/mock-reviews of each performed in advance of a DCAA audit. Are you ready?
Not properly tracking grants and program metrics daily and waiting too late to record them are all too common mistakes not-for-profits make. The good news is there are options available to tackle this problem. Many not-for-profit organizations are relying on outsourced accounting methods to help ensure nothing gets missed or delayed.
Not-for-profits have to report all donations they receive throughout the year. But not all donations are created equal. It can be difficult to determine if the funds are a charitable donation or an exchange transaction. Read on and learn what factors can help determine how the funds should be reported.
Government contractors must stop work immediately when they receive a stop work order (SWO) from a contracting officer. What are the next steps? There are several processes to follow, including one to aid in the recovery of additional costs incurred as a result of the SWO.
The government penalizes employers for not putting enough money into a retirement plan and for putting too much into the plan. If an overpayment occurs and funds need to be withdrawn, the ability to pull them out depends on if the excess is employee or employer money.
The government cannot dictate the number of indirect rates you have or how you apply them but they can cite you for non-compliance in the allocation of your indirect costs. Learn how best to allocate your costs based on the type of expense.
Are membership dues paid to nonprofits considered a donation or program revenue? It comes down to whether the member receives a significant benefit or an insignificant one. Understanding the difference ensures nonprofits report these contributions correctly on Form 990.
Read more on the benefits and drawbacks private clubs must consider when deciding whether to operate as a taxable or tax-exempt organization.
Everything has changed with FASB’s new revenue recognition standards and it’s time for all remaining organizations to implement the new revenue recognition standards that originated in May 2014.
If your 401(k) plan document was created before 2014, chances are the document is outdated. The IRS allows you to “tack-on” amendments to your existing document but may decide it is time to restate your entire plan document whether you think it needs it or not.