Not-for-profit organizations that receive federal funds are subject to the requirements of the Uniform Grant Guidance (UGG), and the Subpart F Single Audit. For several reasons, from the introduction of new federal COVID-19 relief programs to the disruption that accompanied mass shelter-in-place orders, the COVID-19 pandemic is changing what the single audit may look like in 2020 and for your organization’s fiscal year. The following provides a brief recap of what to expect for your single audit in 2020.
Read More
Topics:
reporting requirements,
not-for-profit,
compliance,
OMB,
NFP,
single audit,
Uniform Grant Guidance,
COVID-19,
CARES Act,
Office of Management and Budget,
UGG,
GAQC
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).
Read More
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
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.
Read More
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
Now is the time for not-for-profit organizations to begin implementing the new changes to their financial statements. Changes issued under the Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities is effective for calendar year-end entities in 2018, and fiscal year-end entities in 2019.
Read More
Topics:
not-for-profit,
Michelle Spriggs,
NFP,
nonprofit,
Not-for-profit financial statement,
Financial Statement
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.
Read More
Topics:
not-for-profit,
Federal OMB Grant,
Michelle Spriggs,
OMB,
NFP,
Uniform Grant Guidance,
nonprofit,
micro-purchase
