In 2016, FASB issued Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities – Presentation of Financial Statements of Not-for-Profit Entities, which became effective for fiscal years beginning after December 15, 2017. Among other items, this update addressed the complexity and understandability of net asset classification, reducing the number of categories from three down to two. The …
Every year the Office of Management and Budget (OMB) releases one Compliance Supplement which is typically used by auditors to perform single audits. But for 2020, there were two. On Dec. 22, 2020, the OMB released the Addendum to the 2020 Compliance Supplement, which is effective for audits of fiscal years ending June 30, 2020, …
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 …
Back in January we wrote a blog about the COVID relief grant that will be made available for arts and cultural organizations called the Shuttered Venue Operators Grant (SVOG) program. Since this blog was written, the SBA has issued some updates to this program including a date for when arts and cultural organizations can start …
The new COVID-19 Relief Act has set aside $15 billion to be given out as “grants for shuttered venue operators”. This includes many types of nonprofit arts and cultural organizations such as performing arts organizations, theatrical producers, certain types of “relevant” museums and others. “Relevant” museums generally include arboretums, botanical gardens, art museums, children’s museums, …
There are a lot of different aspects to remember about recording contributions. Here is a bullet pointed refresher for you to refer to: Don’t miss: Electronically filing your forms 1023 and 1023EZ Contributions can be restricted for a certain purpose (e.g. to purchase computers) or restricted to a specific time period (e.g., a multi-year promise …