Whether you are facing an audit for the first time or you have been audited for years, making sure that your nonprofit organization is ready might feel overwhelming. Here are a few tips to help you prepare for a first, or just the next, audit. First,...
The Main Street Lending Program's (MSLP) Nonprofit Organization New Loan Facility (NONLF) and Expanded Loan Facility (NOELF) are now fully operational and accepting submissions of eligible loans through the Main Street lender portal by registered eligible lenders. MSLP loans, funded under the Coronavirus Aid, Relief,...
Did you ever take an open book test in school? It always made doing well much easier. The 2020 Compliance Supplement is a textbook for your organization’s equivalent of a compliance exam (the single audit). Its primary purpose is to assist auditors in performing single...
By Barbara Finke, CPA Whether you are facing an audit for the first time or you have been audited for years, making sure that your organization is ready might feel a bit overwhelming. Here are a few tips that will help you get organized and ready...
Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has...
By Marc Berger, CPA, JD, LLM, Alex Lifson, MBA, MST, Norma Sharara, JD, and Joan Vines, CPA In June 2020 the IRS proposed regulations under Internal Revenue Code (IRC) Section 4960 that, among other things, would allow certain tax-exempt organizations and related for-profit entities to avoid...
This article discusses how humanity, as a whole, is becoming more and more technology savvy and even dependent at times. That is why it is important for different industries to adapt and change to customer needs. The pharmaceutical industry is no exception as technology trends...
By Robert Berdanier, CPA, David Duski, CPA, Paul Peterson, CPA, and Joyce Underwood, CPA On June 15, the Federal Reserve announced a proposed expansion to its Main Street Lending Program (MSLP) to address the liquidity needs of nonprofit organizations that have been impacted by the COVID-19...
By David Clark, CIA, CFE, CRMA The spring of 2020 was witness to an unprecedented disruption to life as we know it. The onset of the novel coronavirus (COVID-19) and rapid spread around the globe required an unexpected and immediate response to how businesses and individuals...
By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns, and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal...
