Institutional data can be one of a college or university’s greatest assets. Institutions with a focused commitment to the integrity and maintenance of their data – and a strategy for efficiently communicating it to external stakeholders – can enhance their reputations, drive fundraising, increase student recruitment and retention, and diminish operational risks. What Qualifies as Read More…
Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation Read More…
What are the benefits and risks? On August 3, FEMA implemented a regulatory change to increase the small project maximum in the Public Assistance (PA) program to $1 million from $139,800. The increase aims to simplify the application process and reduce the administrative burden on nonprofits and government entities that receive a FEMA grant following Read More…
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…
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…
Implementation Of GASB 87, Leases By: Sam Thompson, CPA In 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement (GASBS) No. 87, Leases (GASBS 87). GASBS 87 represents a significant change in accounting and financial reporting for leases by governments. After an 18-month postponement provided by GASB Statement No. 95, Postponement of the Effective Read More…
In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022 Read More…
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…
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…
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…
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