Non-Profits

financial audit

Is Your Audit Over? Here’s What to Do Next

October 14, 2020

Financial audits conducted by outside experts are among the most effective tools for uncovering risks in nonprofits. They help assure donors and other stakeholders about your stability, but be sure you properly respond to the results since failing to act on issues identified in an audit could threaten your organization’s long-term viability. Reviewing the draft…

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ppp loan

New Simplified Forgiveness for Paycheck Protection Program Loans Under $50,000

October 12, 2020

Small businesses with Paycheck Protection Program (PPP) loans of $50,000 or less can apply for forgiveness using a new, simplified application. The US Small Business Administration and Treasury Department released a new interim final rule that provides guidance for loans under $50,000. Under the new rule, PPP borrowers of $50,000 or less are exempted from…

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main street lending program

Gifts-in-Kind: What Nonprofits Need to Know About New Reporting Requirements

October 8, 2020

The Financial Accounting Standards Board (FASB) issued an accounting rule on September 17, 2020 that provides transparency about noncash contributions charities and other not-for-profit organizations receive, known as “gifts-in-kind.” Overview of gifts-in-kind Gifts-in-kind play an important role in ensuring a nonprofit operates effectively. They may include various goods, services and time. Contributed nonfinancial assets include:…

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ppp loan forgiveness

U.S. Department of Labor Revises Families First Coronavirus Response Act Regulations

September 23, 2020

The U.S. Department of Labor (DOL) issued new regulations on the paid sick leave as well as the family and medical leave provisions of the Families First Coronavirus Response Act (FFCRA). The changes are in response to a recent New York federal court decision invalidating certain regulation of the paid leave provisions. The revisions include:…

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main street lending program

Main Street Lending Program Is Now Available to Nonprofits

July 22, 2020

Not-for-profit organizations can now apply for loans under the Main Street Lending Program. Previously only available to for-profit businesses with more than 100 employees, the $600 billion program offers low-interest loans with relatively relaxed repayment terms. A Main Street loan may be an option if your organization needs funding to keep operating during this challenging time.…

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ppp loan

Paycheck Protection Program Application Window Extended

July 7, 2020

On July 4, President Trump signed the “PPP Extension Act”, a bill to re-open the application window for the Paycheck Protection Program (PPP). The new deadline to apply for a PPP loan is August 8, 2020. The additional five weeks gives small businesses the opportunity to apply for relief through the federal loan program. The…

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