UBIT. Pronounced “you-bit.” It’s one of seemingly millions of acronyms that not-for-profit organizations (let’s add another one, NFP’s) have probably heard of, but don’t know much about. It stands for unrelated business income tax, and it’s an area of the Internal...
From the Field
Cerini Nonprofit Connection: Re-Opening and Working Remotely Strategies
Ken Cerini, CPA and guest speaker Maggie Madia of ADP discussed re-opening strategies amidst the COVID pandemic including safety risks, managing a virtual workforce, workers compensation, and more! (originally aired 8/13/20)
The Protecting Nonprofits from Catastrophic Cash Flow Strain Act signed into law
On Monday night the Protecting Nonprofits from Catastrophic Cash Flow Strain Act was signed into law. As part of the CARES Act, the Federal government had agreed to reimburse nonprofits that were self-insured for state unemployment 50% of the amount nonprofits had to pay states for those employees who were collecting unemployment against their accounts.
New Comparability Plan… Is it Right for You?
Pension plans should be an important part of every business’ benefits package. Not only do they let business owners/executives and employees to set aside funds for their retirement, but they provide the added ability for companies to assist in the process and make contributions on behalf of their staff, to help them better position themselves for retirement.
Why Testing is Important for Pensions
As auditors, we are always busy performing different types of testing, especially controls and compliance-based test work. While there is a common stigma about auditors and audits in general, and they have a “gotcha” sort of mentality, there is a tremendous benefit that a company can derive from the work they perform. The truth is, our goal is to ensure that companies and organizations are complying with rules and regulations so that they can avoid costly errors, especially when it comes to defined contribution pension plans.
Main Street Lending Launches Nonprofit Organization Loan Programs
On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).
Cerini Nonprofit Connection: Long-Term Property Solutions Amid COVID Pandemic
Ken Cerini, CPA and guest speakers Jane Brody of Vicus Partners and Ámbar Margarida of Spacesmith discussed developing real property strategies and long-term solutions as your nonprofit emerge from the COVID pandemic.
2020 NFP Update Part 9 – Q&A Panel
2020 NFP Update Part 9 – Q&A Panel. On June 30, 2020, Cerini & Associates, LLP, a leader in providing accounting and auditing services to nonprofits, held their annual Nonprofit Update conference … virtually.
2020 NFP Update Part 8 – Nonprofit Panel
2020 NFP Update Part 8 – Nonprofit Panel. On June 30, 2020, Cerini & Associates, LLP, a leader in providing accounting and auditing services to nonprofits, held their annual Nonprofit Update conference … virtually.
2020 NFP Update Part 7 – Virtual Fundraising
2020 NFP Update Part 7 – Virtual Fundraising – Darren Port, Powered by Professionals. On June 30, 2020, Cerini & Associates, LLP, a leader in providing accounting and auditing services to nonprofits, held their annual Nonprofit Update conference … virtually.
GIFTS IN KIND – NEW RULES
Feb 18, 2021
Many nonprofit organizations rely not just on donations of cash and stock, but also on the donation of in-kind contributions. Food pantries see a large portion of their donations in the form of food, around the holidays toys and gift cards are high on the list, and...
NY State DOL Changes Unemployment Regulations
Feb 5, 2021
Employers received some good news on January 14, 2021, with an extra big bonus for certain nonprofit organizations that are self-insured for unemployment insurance. As part of the CARES Act, the federal government agreed to cover 50% of the unemployment responsibility...
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09 – Revenue Recognition – Not-for-profit (“NFP”) entities (including private schools )
Jan 26, 2021
Nonprofit organizations are required to adopt the new revenue recognition standards during 2021. For schools, this means that if they haven’t already early adopted the new standard, they will need to adopt it for the 2020/2021 fiscal year. The new revenue recognition...
Nonprofit Trends 2021
Jan 22, 2021
Ken Cerini, CPA, CFP, FABFA, discussed trends in the nonprofit sector in: Marketing, Fundraising, Operations, Technology, and much more!
OMIG Changes Certification Requirements
Dec 15, 2020
According to the OMIG website, providers that receive Medicaid payments no longer have to perform an annual certification with the OMIG each December.
New CFR Claiming Manual and Software
Nov 30, 2020
In case you didn’t hear, the new CFR claiming manual and related software have been released. This is for CFRs for the year ended June 30, 2020. The NYS-issued CFR software is available for download on the CFRS Home Page. Due to the late release of the CFR software,...
IRS Issues Crucial New Guidance on Deduction of PPP Expenses
Nov 19, 2020
Following up on Notice 2020-32 issued in May 2020, the IRS has released Revenue Ruling 2020-27 & Revenue Procedure 2050-51 to provide guidance to taxpayers in relation to deductions for expenses covered by the Paycheck Protection Program (PPP) loans.
Arts Management Forum- Annual Appeal Messaging During a Pandemic
Nov 19, 2020
You can’t rely on the same messaging you use for your usual appeals! Afterall, these are not usual times. Your appeals need to reflect that if you want to connect with donors and raise money during this pandemic.