Certain accounting standards are specific to donations, contributions, and grants from governments and foundations and are uniquely applicable to not-for-profit organizations. Nonprofits do not exist…
Misconceptions in Single Audits
Understanding the Reality Behind the Requirements
Enacted in 1984, and subsequently amended, the Single Audit Act was established to provide assurance to the federal government that recipients of federal funds have…
In Brief The past several years have seen large sums of federal assistance directed to not-for-profit organizations in order to aid in dealing with and…
A First Look at the Addenda to the 2021 OMB Compliance Supplement
Helpful Guidance for Auditors and Not-for-Profit Organizations
The guidance and requirements that auditors must follow to perform single audits, including program specific audits, are included in the U.S. Office of Management and…
New Reporting and Disclosure Requirements for Contributed Nonfinancial Assets or Services
A Closer Look at ASU 2020-07
Almost all not-for-profit organizations rely on contributions to help fulfill their mission. Contributions can either be in the form of financial assets, such as cash…
COVID-19 has greatly impacted the U.S. economy. This impact is ongoing, as many of those businesses that were shut down when the pandemic started are…
Uniform Guidance is an authoritative set of rules and requirements for federal awards for both nonfederal recipients (i.e., state and local governments; nonprofits, including institutes…