Nonprofit Organizations

HOW TO GET STUFF DONE

Businesses face disruption on multiple fronts, and they are struggling to get things done. Company leaders must contend with and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with uncertainty about how long the Read More…

IRS MID-YEAR CHANGE TO STANDARD MILEAGE RATE

Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…

HOW TO ENSURE YOUR FUNCTIONAL EXPENSE ANALYSIS ACCURATELY DEPICTS YOUR ACTIVITIES

By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of Read More…

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

NONPROFITS GEAR UP FOR SUSTAINED OPPORTUNITY IN 2022

2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the onset of the “Great Resignation” and other hurdles, nonprofit organizations had to reimagine operations and prioritize financial health to sustain mission-driven work. Now, they’re faced with a pivotal moment to turn crisis into opportunity. Despite COVID-19’s toll on health and Read More…

NEW BILL IS A BIG WIN FOR NEW JERSEY NON-PROFITS

This week New Jersey non-profits received some welcome financial relief.  On January 18, 2022, Governor Phil Murphy signed legislation raising the State’s audit threshold for non-profits from $500,0000 to $1,000,000 in gross revenues. In addition, the new legislation allows non-profits to exclude from gross revenues the value of in-kind donations that are directly related to Read More…

TERMINATION OF THE EMPLOYEE RETENTION CREDIT

The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…

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