FASB has issued a proposed Accounting Standards Update intended to increase transparency regarding such contributed nonfinancial assets. As many nonprofit organizations rely on these contributions to carry out their programs and related activities – the following is a brief overview of the changes, and how they may apply to your organization. ASU – Not-for-Profit Entities (Topic …
We need to start out with a disclaimer here. Currently, there is no authoritative guidance on how to account for PPP loans. If you google this topic, you’ll find that there is diversity in thought and approaches. However, there is some unofficial guidance from the Center for Plain English Accounting (CPEA), which is the AICPA’s …
So you got through the process of obtaining your PPP loan. Now is the time to plan for the amount of your loan forgiveness. There may be things you can do now to maximize that amount. Here are some examples that you may help. Don’t miss: Beware of PPP scams Example #1: The loan amount …
Work-from-home mandates intended to stop the spread of the COVID-19 virus have many of us in uncharted territories, which is causing us to react and change the way our organizations operate. The coronavirus has forced many organizations to change the way they operate, but there are certain factors that should not be overlooked, such as …
The Families First Act was signed into law prior to the CARES Act and provides for government reimbursement of amounts employers pay to employees for sick leave and family leave due to COVID-19. It’s quite confusing how this is calculated, but here is a summary: The government will reimburse up to $2,000 or $5,110 per …
Being a not-for-profit board member is a great way to get involved in causes that are important to you, but before diving in and offering your services, keep in mind there are responsibilities to being a board member. Don’t miss: CARES Act – Forgivable government loans for non-profits Board member responsibilities can be broken down …
Congress and the President signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. One of the big items in this Act is the Paycheck Protection Program which provides for a forgivable loan that can be obtained through an SBA lender under the SBA 7(a) loan program. Don’t miss: What should nonprofits focus …
There is no doubt COVID-19’s impact is like nothing we have experienced from the food and toilet paper shortages to the state mandated closures of non-essential businesses and schools. There is so much uncertainty as things are continually changing day by day. Nonprofit organizations are not immune to this impact. In fact, they are probably …
Not too long ago, I attended a presentation on Arizona tax credits for donations to qualifying charitable organization, sponsored by Child Crisis Arizona. I had the pleasure of not only attending the event with Donna, an amazing tax partner here at Henry+Horne, but also of listening to an excellent portion of the presentation done by …
This disclosure is easy to overlook but it’s important for proper financial reporting. A related party footnote disclosure is needed when transactions are recorded in the financials between the preparer and related parties. Understanding whom and what is considered a related party will help alleviate missed opportunities in disclosing related party transactions. Per ASC 850 …