Many arts and cultural nonprofit organizations will be applying for the Shuttered Venue Operators Grant (SVOG) in early April. The SVOG was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Organizations can apply to the SBA to receive a grant up to 45% of their gross earned revenue up to …
When single audits are required, there are a few steps needed in order to determine which federal program will be tested. Auditors use a risk-based approach when looking at the programs and their backgrounds. Don’t miss: Are not for profits prohibited from lobbying? The steps are as follows: Identify the larger federal programs and label …
There are two primary bases of accounting – cash basis of accounting and accrual basis of accounting. The differences arise due to income and expenses being recorded at different times under the two methods. Here are the most common differences between the two methods. Don’t miss: Which 990 form is right for your organization? Cash …
Most investments held by nonprofit organizations are publicly traded and therefore easily valued at fair value or trading value. But sometimes nonprofit organizations also hold investments where it is not so easy to determine the fair value. One example is alternative investments which by definition do not have a readily determinable fair value (RDFV), meaning …
A CPA can perform a number of services for an organization based on the organization’s needs. Typically, the three financial statement engagements are an audit, review or compilation. In all three instances the result is a set of financial statements, that are the responsibility of the organization’s management, where different assurances are provided by the …
When addressing your SOFE (Statement of Functional Expenses) for the upcoming audit, it is important to remember that the SOFE must be broken out into its three functional categories. Those are program services, management and general (M&G) and fundraising. Now, your nonprofit may have a standing template for which you fill out the SOFE and …
Studies show that charter schools are growing by numbers and students. Among the largest growth leaders is the State of Arizona. At least 145,000 students in Arizona are now enrolled in charter schools, and the results of those schools are also making large strides towards better education with more and more Arizona students becoming competitive …
The Arizona State Board for Charter Schools recently released the USFR Compliance Questionnaire for the fiscal year ended June 30, 2012. Although there were not many changes to the questionnaire from the previous year, there is one notable question that was added to the attendance section that related to the residency requirements that schools are …
Imaging looking at your Schedule of Expenditures of Federal Awards (SEFA) and noting that the total is $502,000. Some of you might think, “Why couldn’t we have spent $3,000 less and save ourselves the cost of a single audit?” And you’re not alone. The United States OMB is working on reforming the Federal Grant process, …