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
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.
Read More
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
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.
Read More
Topics:
not-for-profit,
NFP,
COVID-19,
CARES Act,
Paycheck Protection Program,
PPP,
PPP Loan,
asc topic 958,
asc topic 470,
debt
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.
Read More
Topics:
not-for-profit,
NFP,
COVID-19,
CARES Act,
Paycheck Protection Program,
PPP,
PPP Loan,
SBA,
Small Business Administration
Not-for-profit organizations have been hit hard by the COVID-19 pandemic. Shelter-in-place orders have dwindled physical participation in religious and cultural activities while forcing charitable organizations to either suspend or heavily curtail operations. Financial pressures including declines in contributions, investments, and endowment balances will need to be addressed by organizational leadership so that your operations can be managed through these uncertain times. Recent pandemic-related stimulus legislation may provide some much needed resources—and stability—during this time. The following five benefits from the Coronavirus Aid, Relief, and Economic Security (CARES) Act are particularly beneficial for not-for-profit organizations.
Read More
Topics:
Amy O’Loughlin,
NOL,
NOLs,
Not-for-profit trends,
Coronavirus,
benefits,
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
Paycheck Protection Program,
charitable contributions,
mslp
