In the fall of 2020, we presented a three-part webinar series, Audit Committee Bootcamp. We created this webinar series to bring important information about the audit committee and its roles and responsibilities to light. The information we shared was broken out in...
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...
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...
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...
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...
Ken Cerini, CPA, CFP, FABFA, discussed trends in the nonprofit sector in: Marketing, Fundraising, Operations, Technology, and much more!
According to the OMIG website, providers that receive Medicaid payments no longer have to perform an annual certification with the OMIG each December.
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,...
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.
