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How to Develop and Utilize an Effective Board of Directors

6/29/2021

A well-designed and utilized board of directors can greatly contribute to the success of a nonprofit entity. When recruiting directors, it is important to understand the purpose of the board, develop meaningful criteria for director selection and ensure that there are processes in place to fully utilize each director. 

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Cares Act vs American Rescue Plan Act Funding

6/25/2021

With the enactment of the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund (Coronavirus Recovery Fund) established under the American Rescue Plan Act (ARPA) on May 10, 2021, the U.S. Department of the Treasury has made available $350 Billion to state and local governments to cover the costs incurred as a result of recovery efforts related to the COVID-19 pandemic. 

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Finding Flexibility Amid COVID-19: How Nonprofits Can Scale for Success

5/24/2021

The COVID-19 pandemic has impacted nonprofits in dramatically different ways, with some organizations scrambling to meet rapidly rising demand and others shrinking to survive the ongoing crisis. Whether an organization’s situation has been one of boom, bust or somewhere in between, scalability is a universal asset in a global pandemic.

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CARES Act Employee Retention Credits for Nonprofit Employers

4/23/2021

Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental order as a result of the coronavirus pandemic, while others were forced to severely limit their offerings. One way to continue to pursue your organization's objectives is to ensure that you are still able to function, even if only in a limited capacity. 

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Nonprofit Data Breach Vulnerabilities and How to Avoid Them

4/23/2021

As more people are shifting to digital lifestyles and remote operations, data is being passed through the internet now more than ever. Proportionate to this, however, are the opportunities for potential compromise of the data, particularly via a data breach.

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Presentation of Covid-19 Related Federal Programs on the Schedule of Expenditures of Federal Awards

4/22/2021

New aid provided by federal agencies in response to the COVID-19 pandemic can impact the presentation of your organization’s Schedule of Expenditures of Federal Awards (SEFA), Notes to the SEFA, and Federal Audit Clearinghouse Data Collection Form (DCF). As you prepare for your audit, it is important to understand the funding you received and identify the COVID-19 related funds separately on the SEFA provided to the auditors to support an effective audit.

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Provider Relief Funds - Reporting and Audit Requirements

4/20/2021

When Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, it established the Provider Relief Fund (PRF) to support American families, workers and healthcare providers in the battle against COVID-19.

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IRS Issues Final Regulations on UBTI

4/19/2021

On Dec. 2, 2020 the U.S. Treasury and IRS published final regulations under Internal Revenue Code (IRC or Code) Section 512(a)(6), the provision requiring tax-exempt organizations with more than one unrelated trade or business to calculate unrelated business taxable income (UBTI) separately with respect to each trade or business. 

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IRS Extends Certain Tax Filing and Payment Deadlines to May 17

4/1/2021

The Internal Revenue Service confirmed in an announcement on March 29, 2021, that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15. 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part 10

3/24/2021

Our speakers break down PPP updates and the latest guidance from the SBA. They will also review the American Rescue Plan Act and Employee Retention Credit updates. Access webinar materials here.

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New IRS Guidance Regarding Tax Due Date Change 2021

3/18/2021

On Wednesday, March 17th, the U.S. Treasury Department and Internal Revenue Service extended the due date of individual Federal income tax returns and the deadline to make contributions to IRAs and HSAs from April 15, 2021 to May 17th, 2021.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 9

2/17/2021

Our webinar breaks down the PPP provisions, discusses the latest guidance from the SBA and eligibility for second draw loans. Access webinar materials here.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 8

1/12/2021

On December 21st, Congress passed the long-awaited $900 billion COVID-related Tax Relief Act (COVIDTRA) as part of the Consolidated Appropriations Act, 2021. In this webinar, we break down the PPP provisions, discuss the latest guidance from the SBA, and more. Access materials here.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part VII

9/17/2020

In this webinar we provide real-world scenarios to answer your common questions related to the deadline to file, payroll taxes, potential new bills, and latest guidance. Access webinar materials here.

 

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part VI

8/20/2020

Our webinar provides real-world scenarios to highlight key aspects of PPP and answer your common questions related to the deadline to file, payroll taxes, potential new bills, and latest guidance. Access webinar materials here.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part V

7/23/2020

Our webinar provides practical real-world scenarios to highlight key changes since the start of PPP, including current events, hot topics, potential new bills, and latest guidance on forgiveness applications. Access webinar materials here.

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Nonprofit Organizations: Staying Functional and Safe In the Age of Coronavirus

7/13/2020

This article is aimed at helping nonprofit organizations plan to cope with the new challenges imposed by the coronavirus pandemic from the BDO "Nonprofit Standard" newsletter. The first part of the article focuses on matters external to the organization, while the second part focuses on internal matters. 

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Strengthening Internal Control in the COVID-19 Environment

7/13/2020

Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Now NFPs are facing the challenges of dealing with the results of COVID-19. As a result, management staff are asking themselves—are the internal controls that were once effective still operating in a manner to achieve our objectives in this unprecedented time?

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Reforecasting Your Budget

7/13/2020

Most organizations have an established budgeting process. Whether the entity uses a robust performance management tool or a spreadsheet, there is likely a thoughtful process to predict the next year’s revenues and expenses. This article from the BDO "Nonprofit Standard" newsletter will give tips and guidance on how organizations can reforecast their own budgets.

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CARES Act: Expanded Opportunities for Charitable Giving in 2020

7/1/2020

Included in the CARES Act are three changes to current tax law that impact the effect your charitable giving will have on your 2020 tax returns. These changes were made to not only stimulate the economy but also to encourage Americans to continue to support charitable organizations during these trying times. View these changes in this brief overview.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part IV

6/30/2020

Our webinar provides practical real-world scenarios and focuses on key considerations for PPP loan forgiveness, including the latest guidance on new forgiveness applications, and 8-week vs. 24-week decisions and pitfalls. Access webinar materials here.

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5 Things PPP Borrowers Need to Do Now

6/20/2020

The Paycheck Protection Plan Flexibility Act further enhances the opportunity for loan forgiveness by expanding requirements on how the loans are spent and extending the period to use the funds to 24 weeks, with the ability to elect the 8-week period if funds were received prior to June 5, 2020. Borrowers of PPP loans should consider taking these steps to maximize the amount and accelerate the timing of loan forgiveness.

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PPP Loan Forgiveness Assistance

6/11/2020

If your business has received a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA), you may be concerned about meeting the loan forgiveness requirements. Our team can assist with reviewing forgiveness applications that present questions or need additional analysis and are here to address your questions regarding overall forgiveness.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part III

6/10/2020

Our presentation held on Wednesday, June 10th discussed the Paycheck Protection Program Flexibility Act (PPPFA), properly documenting expenses and answering frequently asked questions so you can maximize your PPP loan forgiveness. Access webinar materials here.

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More Flexibility for Paycheck Protection Program Loan Forgiveness and Payroll Tax Deferral (PPPFA)

6/9/2020

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19).

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