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Memo Clarifies Single Audit Relief Provisions
Posted by Michelle Sylvia Spriggs on Tue, Jun 30, 2020 @ 11:21 AM

Thanks to a recent memo from the Office of Management and Budget (OMB), some organizations subject to the Uniform Grant Guidance will no longer be provided an extension to file their Single Audit with the Federal Audit Clearinghouse. Memo M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations eliminates a previous six-month extension that had been granted to organizations with fiscal year ends falling between Dec. 31, 2019, through June 30, 2020. Those Single Audits would be due within the normal due date under the Uniform Grant Guidance, nine months after the fiscal year end.

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Topics: not-for-profit, compliance, OMB, NFP, single audit, Uniform Grant Guidance, COVID-19, PPP, extension, payment protection plan, Office of Management and Budget, Appendix XI

Federal Reserve Considers Expanding Main Street to Not-For-Profits
Posted by Jake McDonald on Fri, Jun 26, 2020 @ 02:53 PM

As part of its recent review of the CARES Act loan programs, the Federal Reserve is evaluating whether to expand its Main Street loan facilities to include not-for-profit organizations. The lending program is designed to provide low-interest, government-backed loans with fewer lender requirements for organizations financially affected by the COVID-19 pandemic.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Main Street Lending Program, Main Street Priority Loan Facility, Main Street Expanded Loan Facility, Main Street New Loan Facility

How Not-For-Profits Account for PPP Loans
Posted by Kelli Cloutier on Mon, Jun 15, 2020 @ 09:00 AM

Not-for-profit organizations faced a particularly difficult time in the wake of the COVID-19 pandemic, with many having to temporarily shutter their doors to help mitigate the spread of the coronavirus disease. Assistance contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act broadened loan programs for small businesses to include not-for-profit organizations. These loan provisions generally provide some additional financial support to organizations with 500 or fewer employees.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, asc topic 958, asc topic 470, debt

My PPP Loan Was Funded…Now What?
Posted by Michael Stewart on Wed, May 27, 2020 @ 01:21 PM

Since inception, by way of the CARES Act, the Paycheck Protection Program (PPP) has been the prime focus for American small businesses. That focus has generated many questions and concerns as such a massive program pieced together in a very short period of time is inherently subject to ambiguity and unintended outcomes.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration

FASB Vote on Rev Rec and Leasing Deferral Sends Mixed Relief for Not-For-Profits
Posted by Mark Winiarski on Tue, May 26, 2020 @ 10:37 AM

On May 20, the Financial Accounting Standards Board (FASB) voted to move forward with a deferral of the effective date for the new revenue recognition for private not-for-profits and a leasing standard delay for private and public not-for-profit organizations. Changes to the effective date are designed to provide some relief for organizations and to a not-for-profit sector that may be particularly hard hit by the repercussions from the COVID-19 pandemic.

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Topics: ASU, GAAP, not-for-profit, FASB, NFP, Financial Accounting Standards Board, ASC Topic 606, U.S. GAAP, COVID-19

403(b) Restatement Deadline Extended Due to COVID-19
Posted by Diane Caron on Tue, Apr 28, 2020 @ 08:38 PM

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.

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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

Safeguarding Your Endowment or Foundation During COVID-19
Posted by Brian Jones on Tue, Apr 28, 2020 @ 03:52 PM

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.

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Topics: not-for-profit, NFP, Endowments, foundations

Clarifications Coming to Not-For-Profit Accounting for Nonfinancial Assets
Posted by Allan Klose on Mon, Mar 2, 2020 @ 04:24 PM

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.

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Topics: not-for-profit, Audit Committee, NFP, Allan Klose, David Miller

The SECURE Act – 9 Key Takeaways for Employers
Posted by Chrissy Hammond on Mon, Mar 2, 2020 @ 10:54 AM

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.

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Topics: not-for-profit, 403(b), NFP, the SECURE Act, retirement planning

Biggest Stories in 2020 for Not-For-Profit Risk Management
Posted by Chrissy Hammond on Mon, Mar 2, 2020 @ 10:30 AM

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.

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Topics: not-for-profit, NFP, risk, risk management, Not-For-Profit Risk Management, risk mitigation

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