To help provide some assistance, the Federal Office of Management and Budget (OMB) released a memo on March 19, 2020, providing federal agencies with guidance for managing grants and cooperative agreements during the COVID-19 pandemic.
The rapid spread of COVID-19 around the world has impacted all sectors. The nonprofit industry is no exception—in fact, they face more challenges than most. This article outlines a few tips nonprofit organizations can use to minimize the risks associated with coronavirus.
FASB recently announced an extension for private companies that must become compliant with new lease accounting standards. What many nonprofits may not know is that this requirement applies to them, and they only have one year to go.
Harris CPAs has announced a merger with AnchorPoint Accounting of Boise, Idaho and Clark Anderson McNelis & Co. of Coeur d’Alene, effective January 1, 2020. The mergers adds a total of 11 professionals to Harris CPAs Meridian and Coeur d’Alene offices.
Preparation is the key when it comes to making your nonprofit’s annual audit process a smooth and painless process.
Does your nonprofit budget paint a clear picture of what your nonprofit plans to accomplish in the upcoming year? Here are some factors to consider when building your budget for the upcoming year, including setting goals, board involvement, and formatting.
Nonprofit organizations are currently living in a booming industry with multiple factors affecting their daily operations. There are different approaches to measure how successful nonprofit organizations can run their businesses compared to their counterparts in a similar field, with some costing more than others. The article below lists out the top 10 trends that will benefit the nonprofit industry, these factors should be carefully considered for organizations to keep up with the current changes.
FASB has given NFP’s the option to use private company treatment of goodwill. This means that NFP’s can elect to Amortize goodwill over a 10 year period (or less if the entity can justify the accelerated schedule). If NFP’s elect this method, they get the benefit of only having to test for impairment of goodwill during “triggering events” as opposed to annually. This saves NFP’s both time and money as goodwill impairment tests usually require the contracting of a specialist.
The IRS has released new requirements regarding plan documents for 403(b) plans that will likely result in amending your current plan document or restating your plan entirely. Now is the time to make sure your 403(b) plan is compliant before the remedial period ends March 31, 2020. Let us help you determine if changes need to be made or if you are already in the clear!
In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) with the stated purpose of improving financial reporting by not-for-profit entities (NFP). The update is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. One area has presented challenges to nonprofits is the presentation of the analysis of expenses by function and natural classifications. This article provides some great guidance on options available under the ASU for the presentation of expenses.