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A Not-for-Profit’s Guide to Upcoming Accounting Changes
Posted by Mike Burns on Thu, Dec 17, 2015 @ 01:31 PM

We remain in a relatively quiet time for changes in accounting and reporting standards affecting not-for-profit organizations, notwithstanding larger proposals affecting the intermediate and longer term. Some of the near term changes are essentially tweaks to ensure organizations are following standards with consistency rather than having the diversity in practice that can sometimes arise. Despite not having any major changes to report, we encourage all organizations to pay close attention to all new accounting rules as they may find themselves in a special or unique circumstance that could affect their reporting. 

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Topics: accounting, Federal OMB Grant, Non-profits, OMB, NFP, A-133, lease accounting changes, Mike Burns

OMB Makes Sweeping Changes to A-133 Audit Requirements
Posted by Lisa Wills on Mon, May 19, 2014 @ 03:58 PM

As part of the push for federal grant reform, the U.S. Office of Management and Budget (OMB) recently finalized changes to Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. The OMB released the changes in December 2013 in its guidelines,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” (Uniform Grant Guidance).

The changes reflect some of the most significant reporting updates for organizations that receive federal grants since the creation of the A-133 Single Audit. Eight OMB Circulars, including A-133, have been combined into one “super circular” that takes effect for organizations beginning with December 31, 2015 year-ends. Now considered Subpart F of the Uniform Grant Guidance, A-133 requirements underwent a number of changes to allow for more regulatory focus on larger, riskier programs and organizations. Changes to audit requirements accompanied these updates. A more detailed explanation of some of these changes follows. Organizations subject to A-133 requirements should note the full list of updates to the OMB Circulars and consider their impact on future audits.

Threshold for Single Audit

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Topics: audit, A-133, Lisa Wills

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