NFPs have always been adept at achieving great outcomes with few resources. This strength was put to the test even more in the past year. Whether an organization received extra funding or not, proper governance and fiscal oversight are more important than ever.
The Employee Retention Credit (ERC) incentivizes organizations to keep employees on the payroll during COVID-19, and with new rules, it’s possible to claim as much as $14,000 per employee in 2021.
Are you managing your endowment funds under the current rules? See how you match up to these common issues in the application of UPMIFA.
Utilizing data as a tool to drive greater efficiency and better decision-making in your nonprofit organization.
It’s time to re-evaluate what liquidity actually means and how well-crafted policies can improve an organization’s operations, finances, and be a tool for educating the public, the Board, and management.
Funding received from state or local governments may have originated in the Cares Act and may only be pass-through funding. Thus, the entity may be subject to a single audit requirement. Here is a list of CARES Act- and COVID-19-related programs that could trigger a single audit.
Not-for-profit organizations have been a source of hope and resources for the communities they serve, but many are still struggling with the effects of COVID-19. The latest round of stimulus relief allocated $900 billion to ongoing COVID-19 relief measures, many of which stand to benefit not-for-profits.
Part of the recovery funding for many not-for-profits has come from grants. While these funds have directly helped not-for-profits keep their doors open, many executives may not realize that some of these funds could trigger a single audit.
Many not-for-profits have had an uphill battle since COVID-19 shut down offices and restricted travel.
The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.