Summer started early for university campuses across the country. Many closed their campuses well in advance of the end of the semester in efforts to protect students and faculty from the COVID-19 pandemic.
Summer started early for university campuses across the country. Many closed their campuses well in advance of the end of the semester in efforts to protect students and faculty from the COVID-19 pandemic.
Topics: non-for-profit, Non-profits, nonprofit, Mark McCarthy, CCR, Construction, Construction Cost Review, Coronavirus, COVID-19
Not-for-profit organizations have been hit hard by the COVID-19 pandemic. Shelter-in-place orders have dwindled physical participation in religious and cultural activities while forcing charitable organizations to either suspend or heavily curtail operations. Financial pressures including declines in contributions, investments, and endowment balances will need to be addressed by organizational leadership so that your operations can be managed through these uncertain times. Recent pandemic-related stimulus legislation may provide some much needed resources—and stability—during this time. The following five benefits from the Coronavirus Aid, Relief, and Economic Security (CARES) Act are particularly beneficial for not-for-profit organizations.
Topics: Amy O’Loughlin, NOL, NOLs, Not-for-profit trends, Coronavirus, benefits, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, charitable contributions, mslp
On March 27, 2020 the Internal Revenue Service (IRS) extended the mandatory 403(b) plan document restatement deadline from March 31, 2020 to June 30, 2020 due to the current COVID-19 pandemic. All organizations that sponsor 403(b) retirement plans must restate their plan documents by this new date using either the IRS’s pre-approved document or an individually designed plan document.
Not-for-profit organizations have an opportunity during the restatement period to align their retirement plan procedures with their written plan documents to help ensure that their retirement plans are following best practices. Changes may need to be made to the operations of the plan, the provisions in the plan documents, or both. The following can help organizations with their review process.
Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, 403(b) Plan Document Restatement, Department of Labor, DOL, Internal Revenue Service, COVID-19, extension, deadline
Ensuring the survival of the fund is often the primary goal of any foundation or endowment. Maintaining the principal and spending power of a fund so that benefits available for current recipients are the same for future generations is a challenging task, but when shocks to the global economy and financial markets occur, the challenge may seem impossible. Shocks can come from within the markets, as in the subprime loans of the 2008 financial crisis, or from external factors, such as with the coronavirus pandemic we are experiencing now.
Topics: not-for-profit, NFP, Endowments, foundations
In response to the financial damage related to the COVID-19 pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among its other provisions, the CARES Act enhanced lending programs and offerings for not-for-profit organizations, which have particularly been affected by the stay-at-home orders and financial uncertainty caused by the coronavirus disease.
There are several loan programs available that may benefit your organization. We have compiled some frequently asked questions to help capture information on how your not-for-profit can take advantage of the relief provisions.
Topics: Bernard Kaplan, nonprofit, Coronavirus, COVID-19, Main Street Lending Program, Economic Injury Disaster Loan Funding, EIDL, disaster relief, loan
On March 27, President Trump signed into law a $2.2 trillion economic stimulus package in response to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes tax and non-tax provisions to assist individuals and not-for-profit organizations.
Topics: accounting, Non-profits, NFP, Patrick Quinn, COVID19, Coronavirus, Families First Coronavirus Response Act, COVID-19
Repercussions from the COVID-19 virus affect almost every facet of your not-for-profit’s operations, from the delivery of your services to managing your workforce. Many cultural organizations and educational institutions must grapple with the public health safety measures that may have temporarily shuttered their operations. Protecting your employees and staff from contracting the highly contagious COVID-19 virus may be resulting in new policies around meetings, and remote work arrangements. To help protect your staff still on the premises, you may be called to increase the frequency and scope of your cleaning services.
Topics: accounting, Non-profits, NFP, Mike Burns, COVID19, Coronavirus, Families First Coronavirus Response Act, COVID-19
By Allan Kose, CPA and David Miller, CPA
The Financial Accounting Standards Board (FASB) recently released a proposed accounting standard update that would affect how not-for-profit organizations account for their nonfinancial assets. Not-for-profit organizations would present contributed nonfinancial assets as a separate line item from contributions of cash or financial assets in their statement of activities.
Topics: not-for-profit, Audit Committee, NFP, Allan Klose, David Miller
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law on Dec. 20, 2019 by President Trump, is the most expansive piece of retirement legislation since the Pension Protection Act of 2006. Effective Jan. 1, 2020, the law will have some impact on nearly every retirement plan and participants with numerous provisions intended to increase retirement security, expand plan coverage, encourage retirement savings and decrease plan costs. It offers small businesses tax incentives to set up automatic enrollment in retirement plans for its workers, or allows them to join multiple employer plans, where they can band together with other companies to offer retirement accounts to their employees in the first place.
Topics: not-for-profit, 403(b), NFP, the SECURE Act, retirement planning
No one wants to be surprised by a risk that suddenly becomes a reality. The risk landscape is constantly changing for not-for-profit organizations, so we set out to learn more about hot topics in risk management to help guide your 2020 risk planning.
Topics: not-for-profit, NFP, risk, risk management, Not-For-Profit Risk Management, risk mitigation