Many not-for-profits are in the first year of implementing the new lease accounting standard and may need guidance on where to start. Below-market leases or donated space also give rise to another new accounting update to consider.
Many organizations may not be aware they’re subject to a single audit. It can help to look at similar scenarios to determine compliance requirements when accepting funds greater than $750,000.
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.
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.
Not-for-profit leaders, take a look at the Board of Directors. Who is there? Is it a table (or a Zoom call) of different types of people, with varied backgrounds and different races and cultures?
The Virginia Enterprise Zone Program made a few changes for the 2019 grant year that may benefit Virginia companies IF they are located in an enterprise zone and installed solar panels in 2019.
Nonprofit organizations use solicitation materials, fundraising events, marketing brochures, etc. to influence others to choose to donate to their organization versus a different one. Once a donor decides to make a promise to give or a pledge to a nonprofit organization, many times the form the donor sees may or may not mirror the information in the marketing materials that was used to influence their decision in the first place.
Many people have heard the saying “location is everything.” While it may be debatable that location is everything, location is very important in the Commonwealth [...]
Donations and contributions are the lifeblood for many not-for-profit organizations. Without the generosity of donors, these organizations would cease to exist. For this reason, keeping [...]
Thinking about hiring a new auditor can be overwhelming. Many times over the years I have heard auditees say, “I don’t want to get used [...]
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