Ransomware has quickly become a rising threat across all industry lines. Recent research suggests these attacks have surged by 150% in the past year alone, with the average victim payment increasing by over 300%.
These cyber risk advancements reinforce the need for board members to be actively involved in all cybersecurity development and promotion. Review the following questions we recommend board members address as they establish a culture of cybersecurity preparedness.
Topics: not-for-profit, NFP, board members, cybersecurity, software, cyber attacks, Ray Gandy, cyber security, data privacy, information security, supply chain, shareholders, data encryption, ransomware, penetration testing, hackers
A significant number of organizations across the nation are likely eligible for the Employee Retention Tax Credit (ERTC), but since few have claimed it, the tax break may expire early.
If passed, the proposed $1 trillion Infrastructure Investment and Jobs Act will end the pandemic-era tax break three months early, on Sept. 30 rather than the current date of Dec. 31, 2021. Eligible organizations would still be allowed to claim the ERTC for 2020 and the first quarter through the third quarter of 2021, but there would be no credit for the fourth quarter.
Topics: NFP, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Employee Retention Credit, Employee Retention Tax Credit, ERTC
The House of Representatives passed a fiscal 2022 budget resolution (H. Res. 601) on Aug. 24 that paves the way for President Biden’s “Build Back Better” (BBB) plan to be passed into law, potentially by the end of September.
Topics: Not-for-Profits, NFP, nonprofit, House of Representatives, senate, Not-for-profit trends, COVID19, COVID-19, Joe Biden, American Families Plan, Build Back Better, AFP, President Biden, Green Book, Treasury Department’s Green Book, BBB Plan, budget, infrastructure act, Infrastructure Investment and Jobs Act, democrats
Supply chain attacks are quickly becoming a leading threat to many industries. Recent headlines of data breaches and the increasing sophistication in cyber-attacks are not only worrisome but downright frightening. Unfortunately, the problem isn't going away. In today's digital world, the use of third-party services is here to stay, as it allows organizations to remain efficient and cut costs. But with those contracts comes a fragile price: access to your organization's private data.
Topics: not-for-profit, NFP, cybersecurity, software, cyber attacks, Ray Gandy, cyber security, supply chain, third-party, CISA
The CBIZ Main Street Index report takes the pulse of organizations like yours and provides useful data and insights for your organization to leverage. The information below highlights the data from Main Street Index for the Not-For-Profit Industry. See how your organization compares to other not-for-profits in the areas of revenue, growth areas, and workforce arrangements.
Topics: NFP, nonprofit, Nonprofit Board, COVID-19, Paycheck Protection Program, PPP, higher education, ERTC, health and human services, revenue, emergency disaster loans, post-pandemic, hybrid, main street index results
Higher Education continues to be an attractive target for cyber criminals. In July 2020, Comparitech reported that 1,327 data breaches in the education sector had resulted in the exposure of 24.5 million records since 2005. Higher education accounted for three-quarters of those breaches. Why not, with the gold mine of data that pays the bills for cybercrime, including students, families, employees, faculty, partners and donors’ information?
Topics: enterprise risk management, Chief Financial Officers, CFO, NFP, board members, cybersecurity, cyber risk assessment, nonprofit, Nonprofit Board, cyber attacks, Ray Gandy, risk assessment, higher education, NIST
With the modifications made to the incentive, organizations continue to evaluate how to maximize the Employee Retention Tax Credit (ERTC). The ERTC is a special incentive created within the 2020 Coronavirus Aid, Relief, and Economic Securities (CARES) Act that encourages employers to retain their workforce during periods of economic disruption caused by the coronavirus pandemic. It provides immediate reductions to payroll taxes and cash refunds for credits in excess of payroll taxes, for both commercial and not-for-profit employers. A business must have been subject to government shutdown orders or experienced a significant decline in gross receipts to qualify.
Topics: AICPA, IRS, NFP, COVID19, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, Employee Retention Credit, Employee Retention Tax Credit, ERTC
On July 27, 2021, the Government Audit Quality Center of the AICPA announced that the initial 2021 compliance supplement relative to federal awards is expected to be released in August 2021. This should resolve much of the ambiguity around major program determination and testing requirements for this year. The key take-away points are as follows:
Topics: AICPA, NFP, nonprofit, Nonprofit Board, COVID19, higher education, SEFA, health and human services, HEERF, Provider Relief Funds, compliance supplement
The Employee Retention Tax Credit (ERTC) was enacted as part of the early COVID-19 stimulus measures, and can be claimed through Dec. 31, 2021 by eligible employers who retained employees during the COVID-19 pandemic. Earlier this year, the ERTC was expanded through the American Rescue Plan Act to potentially cover more organizations and situations. While not-for-profit organizations are eager to take advantage of the ERTC, there are some logistical hurdles between taking the credit and reaping its benefits.
Topics: NFP, COVID19, COVID-19, Paycheck Protection Program, PPP, PPP Loan, Employee Retention Credit, Employee Retention Tax Credit, ERTC
The window of opportunity to take advantage of the Paycheck Protection Program (PPP) has closed, but considerations for the program, particularly around its most appealing benefit, remain.
Topics: tax, NFP, COVID19, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration, PPP Loan Forgiveness