The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the guidance suggested that a nongovernmental NFP may account for the PPP loan as a conditional grant/contribution in accordance with FASB ASC 958-605, Not-for-Profit Entities: Revenue Recognition, if certain conditions are met.

Matt Burke and guest speaker Theresa Regnante of United Way of Long Island discussed the nonprofit sector as it begins to emerge from quarantine, and what needs to happen to keep it healthy.

PPP Loan Q&A Session-On May 28, 2020, Ken Cerini, CPA, Managing Partner & Ed McWilliams, CPA, Tax Director answered questions concerning the Paycheck Protection Program (PPP).

The nonprofit group that provided high school students with a unique opportunity to meet professionals, didn’t get stopped by COVID-19. The organization coordinated with the Hicksville school district to provide the Career Day Inc. experience virtually!

The nonprofit organization, The Book Fairies, has officially set the Guinness World Record for the longest line of books. After a total of three hours, 150 volunteers, and 31,000 books winding through the halls and gyms of two Wyandanch schools for 3.81 miles, The Book Fairies broke the original world record of 2.6 miles of books set in Illinois in 2017.

Due to recent Coronavirus-based executive orders requiring non-essential employees to stay home, it has become difficult for nonprofits to continue running their programs as usual due to less community interaction. Nonprofits rely on connections with people and...

Ken Cerini and guest speaker Sherry Goldman of Goldman Communications Group discussed best practices for nonprofits wanting to tell their story – every day and also in these Covid-19 impacted times. They also discussed the various marketing communications/public relations tools nonprofits can use, how to transition missions into messages and stories that audiences will want to hear and that will move them to action, including becoming a donor, what corporations look for when evaluating which nonprofit organizations to sponsor/support, what the media looks for when evaluating stories to cover, and how your online presence can help generate earned media coverage (publicity).

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020, to mitigate the effects of the coronavirus pandemic on businesses, including nonprofit organizations. Due to cut-backs attributable to the Coronavirus outbreak and the need for social distancing and reduction of non-essential workforces, many nonprofit organizations found themselves having to furlough, reduce hours, or terminate some or all of their staff.

Many companies and organizations have received their PPP loans, which means that they are in the 8- week forgiveness period. During this 8-week period, any qualified costs are potentially forgivable. There are certain criteria that will dictate the forgivable portion, such as the amount of expenses (forgiveness is limited to the actual qualified expenses for the period – though it is still uncertain if this is calculated on the cash, accrual, or some combination of the two), type of expenses (qualified non-salary expenses cannot exceed 25% of the forgiveness amount), level of staff retained (any drop in staff FTE’s will reduce forgiveness), salary levels paid to staff (a reduction in the salary paid to any employee in excess of 25% will reduce forgiveness); and whether any governmental source is directly funding you for any qualified expenditures.

The Coronavirus has caused an immense strain on legal and transactional work, especially in the avenue of document approval. Important documents, whether personal or professional, have required a physical pen-to-paper signature for thousands of years. But in this new era, with technology being more prevalent than ever and making our lives so much easier, shouldn’t there be a more convenient way to approve documents? As it turns out, there is and it could help you and your company relieve a lot of headaches in the remote world we live in today.