The implementation of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, is officially here (after a one year optional delay granted by FASB. In addition, there is another revenue recognition standard that will have an impact on not-for-profits specifically. The FASB issued ASU 2018-08, Clarifying the Scope […]
Audit vs. Review vs. Internal Controls Assessment
Does your organization need an audit, review, or internal controls assessment? Because every organization is different, there are different types of assurance services that your company can undergo based on your needs. There are many things that will help determine which services are the right fit for your organization. Your organization’s primary purpose, mission, funding, […]
What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)
On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]
Best Practices for 2021 Budgeting for Not-For-Profits
With everything surrounding COVID-19 and this past year, budgeting for 2021 will prove to be a challenge for many not-for-profits. Some not-for-profits had to decrease their services and staffing. Others have redirected their mission to serve their community’s more pressing needs. Many fundraising events were canceled this year in an effort to adhere to social […]
FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits Webinar
In case you missed the webinar today on FEMA Reimbursement for COVID-19 Expenses, we have included information below that was discussed. In the webinar, we also spoke about the CARES Act and the Employee Retention Credit. You can access the FEMA Reimbursement for COVID-19 Expenses for Private Non-Profits presentation at the link below. FEMA Reimbursement […]
What Costs May Be Reimbursable By FEMA for COVID-19?
What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]
What Costs Are Eligible for Loan Forgiveness Through the Payroll Protection Program (PPP)?
Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period. Payroll costs are considered paid on the day that paychecks are distributed, […]
Paycheck Protection Program (PPP) – Payroll Costs Q&A
Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs. Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]
Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs
Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board. During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]
Private Nonprofits Eligible for FEMA Reimbursement
Are you wondering if your private nonprofit is eligible for FEMA reimbursement? This chart will help you determine if seeking reimbursement from FEMA may be an option for your organization. Additional information can be found in our COVID-19 Resources Center. For questions, please email our emergency management team leader Steve Stevens at sstevens@thf-cpa.com. […]
