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Not-For-Profits Should Prepare Now for the New Overtime Rule
Posted by Amber Duncan on Thu, May 26, 2016 @ 04:01 PM

The Department of Labor (DOL) recently finalized rules that will have a significant effect on which employees are due overtime for working more than 40 hours in a workweek. Most not-for-profit organizations must comply with the changes by December 1, 2016.

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Topics: not-for-profit, Regulatory Reform, DOL, Overtime

Changing and Enhancing Not-For-Profit Risk Management
Posted by Mike Burns on Wed, May 25, 2016 @ 12:43 PM

Adapted with permission of The CPA Journal, Copyright © 2016, April, 2016.

Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many committees are asking broader questions about risk and risk oversight. In fact, audit committees are increasingly charged with understanding overall risks, assessing which risks are the most important, and making sure that the existing management and governance structures are designed to mitigate, manage, and oversee these risks. This evolution corresponds to changes in the not-for-profit risk environment as a whole.

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Topics: accounting, Non-profits, NFP, Mike Burns, risk management, The CPA Journal, Not-For-Profit Risk Management

Regulatory Updates That Could Affect Your Not-For-Profit
Posted by Amy O’Loughlin on Mon, May 23, 2016 @ 02:56 PM

Regulatory reform rarely happens in sweeping changes. Most of the time regulatory updates are incremental, which makes monitoring the little notices from Congress or the IRS important for organizations of all sizes. Taken together, the little things can have a significant impact on your organization’s operations.

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Topics: tax, not-for-profit, IRS, IRS Updates, Amy O’Loughlin, Congress, Regulatory Reform

Four Lessons Learned from Year One of the Uniform Grant Guidance
Posted by Michelle Spriggs on Fri, May 20, 2016 @ 01:17 PM

The Uniform Grant Guidance (2 CFR 200), released in December 2013, replaced several Office of Management and Budget (OMB) administrative, cost and audit circulars, and as a result, it changed the way many not-for-profit organizations and universities administered their grants.

New awards and funding increments to existing awards to which the federal agency modified the terms and conditions received after December 26, 2014, must follow the administrative requirements and cost principles under Uniform Grant Guidance (UGG). The new Single Audit requirements are effective for fiscal years beginning after December 26, 2014. For most not-for-profit organizations, that means the first time they will be subject to the new Single Audit requirements will be for their upcoming June 30, 2016 year-end.

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Topics: Non-profits, Michelle Spriggs, OMB, NFP, Uniform Grant Guidance

5 Reasons Why Not-For-Profits Should Carry D&O Insurance
Posted by Bruce Walsh on Mon, May 16, 2016 @ 01:56 PM

Not-for-profit organizations receive the same treatment as for-profits when it comes to liability for errors, omissions or other wrongful acts that involve governance, employment practices or misuse of funds. Penalties and court cases could be involved that implicate the not-for-profit’s leadership and board of directors.

Historically, not-for-profits have not gotten off any easier than their for-profit counterparts in settlements (). Resolving employment, financial and governance-related liabilities can be particularly difficult for not-for-profits because they typically operate on budgets that are smaller and more likely to be affected by the reputational consequences that come with a liability issue than for-profits. An issue uncovered with how your not-for-profit manages its funds, for example, could have donors reconsidering their contributions.

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Topics: not-for-profit, Non-profits, NFP, Director & Officer Insurance, D&O Insurance

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