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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

Increased Thresholds for Micro-Purchases and Small Purchases Effective Immediately
Posted by Michelle Sylvia Spriggs on Tue, Jul 10, 2018 @ 06:01 PM

On June 20, the Office of Management and Budget (OMB) released a memo on new thresholds for micro-purchases and small purchases under the Uniform Grant Guidance. The OMB memo dramatically increased these thresholds, which should simplify purchase processes for not-for-profit organizations receiving federal funds.

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Topics: not-for-profit, Federal OMB Grant, Michelle Spriggs, OMB, NFP, Uniform Grant Guidance, nonprofit, micro-purchase

Mid-Year Round-Up of Not-For-Profit News
Posted by Chrissy Hammond on Wed, Jun 28, 2017 @ 03:06 PM

Revenue recognition, charitable giving results, compliance supplements—several recent developments could hold particular interest for the not-for-profit community. The following is a brief round-up of what’s new and noteworthy in not-for-profit accounting and management.

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Topics: Revenue Recognition Standard, Not-for-Profits, FASB, OMB, NFP, Accounting Updates, Economy, charitable giving

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

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

Preparing for Subpart F of the Uniform Grant Guidance
Posted by Michelle Spriggs on Fri, Nov 13, 2015 @ 03:00 PM

The final phase of the Office of Management and Budget’s Uniform Grant Guidance is nearly here, which means nonfederal agencies should be gearing up for the changes coming to their Single Audits.

OMB released 2 CFR 200: Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Grant Guidance) in December 2013. The Uniform Grant Guidance affects all nonfederal entities that receive grants and replaced rules in eight OMB Cost Circulars, including the A-133. Nonfederal entities began applying the changes to administrative requirements and cost principles to new federal awards received after December 26, 2014, and to additional funding to existing awards made after that date. For more information, please see, Implementing the Uniform Grant Reform Guidance.

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

OMB Grant Reform Standardizes Cost Principles
Posted by Michelle Spriggs on Wed, Jun 18, 2014 @ 09:08 AM

Cost principles for organizations that receive federal grants have traditionally existed in silos. Educational institutions, state and local governments and non-profit organizations faced different cost principle requirements under their respective Office of Management and Budget (OMB) Circulars. The OMB’s latest guidelines do away with the separation among the three entity types and merge them into one combined set of cost principles.

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Topics: Michelle Spriggs, OMB, cost principles

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