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Is Your Organization Going to Be Subject to a Federal Single Audit?
Posted by Michelle Sylvia Spriggs on Tue, Aug 18, 2020 @ 05:43 PM

Federal aid swiftly followed the disruption caused by the COVID-19 pandemic, with new programs coming from the Coronavirus Aid, Relief and Economic Security (CARES) Act and additional funding to existing programs. For-profit and not-for-profit organizations of all types received support in the form of grants and may now find themselves with new reporting requirements. For-profit organizations that received coronavirus relief funds may even be facing their first Single Audit under the Office of Management and Budget (OMB)’s Uniform Grant Guidance (UGG).

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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, Coronavirus Relief Fund, Education Stabilization Fund, UGG

What Additional COVID-19 Legislation Could Look Like for Not-For-Profits
Posted by Bill Smith on Mon, Aug 3, 2020 @ 02:32 PM

In late July, Senate Republicans released a proposal for the fourth round of coronavirus relief legislation. The collective of bills involved are being referred to as the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The $1 trillion proposal contains nine separate bills that cover everything from expansions of existing coronavirus relief measures to additional funding for educational institutions. Below are five key proposals that could affect not-for-profit organizations..

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Topics: not-for-profit, NFP, university, tax credit, COVID-19, Paycheck Protection Program, Employee Retention Credits, PPP, PPP Loan, Heals Act, Senate Republican, Stimulus, Republican Party

As COVID-19 Vaccine Research Advances, So Do Cyber Threats from China
Posted by Kyle Konopasek on Mon, Aug 3, 2020 @ 01:15 PM

Healthcare entities that are conducting research related to COVID-19 treatment should note that U.S. intelligence officials have detected possible interference from foreign actors. The Federal Bureau of Investigation (FBI) reported in early July that it detected threats from China related to U.S. COVID-19 treatment and intellectual property.

.In an interview with the Washington Post, FBI Director Christopher Wray indicated that Chinese cyber actors have attempted to steal intellectual property, public health records, and information about vaccines, treatments, and testing from U.S. medical facilities, biotech labs, and academic institutions to send to the Chinese government.

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Topics: internal control, not-for-profit, NFP, cybersecurity, cyber risk assessment, cyber risks, cyber attacks, data attacks, data privacy, COVID-19, FBI

Liquidity Concerns Troubling Your Not-For-Profit? Consider the Main Street Lending Program
Posted by Jake McDonald on Mon, Aug 3, 2020 @ 11:33 AM

On July 17, the Federal Reserve Board officially expanded its Main Street Lending Program to make it easier for not-for-profit organizations to access its low-interest loan facilities. Organizations that do not qualify for the Paycheck Protection Program or that do not have an existing lending relationship may have been squeezed out of the federal relief efforts designed to offset the disruption from the COVID-19 pandemic. Proposed changes to the Main Street Lending Program (MSLP), announced in June, were more or less approved, with a few additional adjustments to minimum number of employees and rules surrounding donations.

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Topics: not-for-profit, NFP, COVID-19, Main Street Lending Program, Nonprofit New Loans, Nonprofit Expanded Loans

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