The GRF Blog


GRF's partners, auditors and accountants share their professional insights into financial management issues of interest to nonprofits, international non-governmental organizations, government contractors, businesses and individuals. Subscribe to our posts in the right column.



Understand, Assign and Update: Best Practices for Compliance Under Uniform Guidance

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Uniform Guidance was implemented over two years ago, but many Federal award recipients are still challenged by compliance and struggle with the organizational changes necessary to meet the requirements. By following some simple best practices developed by organizations already successfully achieving compliance, non-Federal entities can easily implement policies and procedures to thrive under Uniform Guidance.

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The Auditor’s Perspective
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Overcoming the 3 Most Common (and Persistent) Implementation Challenges with Uniform Guidance

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In 2014, the Council on Financial Assistance Reform (COFAR) implemented the Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, or “Uniform Guidance” to replace the guidance of eight earlier OMB circulars. While the intent of Uniform Guidance was to streamline administration and improve “performance, transparency, and oversight for Federal awards”, three areas remain challenging for many organizations receiving federal funding.

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Beyond the Audit: Nonprofit Accounting
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What is Uniform Guidance?

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The US Office of Management and Budget (OMB) issued Uniform Administrative Requirements, Cost Principles and Audit Requirements, also known as the “Uniform Guidance,” to deliver on the promise of a 21st-Century government that is more efficient, effective and transparent.

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Beyond the Audit: Nonprofit Accounting
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Springtime Isn’t Just About Taxes

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It’s springtime and it’s THAT time of year again…that’s right, it’s accounting system time.

Surprised?

While most businesses and individuals are hard at work on making sure they’re ready for tax time, many government contractors are also focused on a major bidding opportunity (proposals due mid-April).

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The Auditor’s Perspective
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The 401k vs. the Roth 401k

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When it comes to limiting your taxable income; pension plans are great first steps. I recommend that whatever plan you choose you always try to contribute the maximum. The sooner you start contributing the maximum the better because it builds up over your working life and you can take advantage of the compounding tax free. If you’re faced with the decision of whether to invest in a 401k or a Roth 401k, the following will explain key differences.

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Tax Talk
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Congratulations, You Are Now a Law Firm Partner! What about Your New Tax Forms?

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The following applies to partners in the local pre-jurisdictions of DC, Maryland and Virginia. When you first become a law firm partner, your federal taxes become very difficult and you can find them daunting. Prior to your partnership, your taxes probably revolved around a W-2 and tax return preparation was rather straight forward. As soon as you become a law firm partner, this process becomes complicated as you have to familiarize yourself with K-1 Forms.

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Tax Talk
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Omni-Circular: How the New Federal Regulations Affect Your Nonprofit Organization’s Audit

Nonprofit Audits and the CFR 200 –Uniform Administrative Requirements, Cost Principles and Audit

 

The CFR 200 “Uniform Administrative Requirements, Cost Principles and Audit” went into effect December 26, 2014. There are many regulation changes. This blog only focuses on audit threshold and requirements for procurement.

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Beyond the Audit: Nonprofit Accounting, The Auditor’s Perspective
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When to Complete Form 673

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IRS Form 673’s official title is “Statement for Claiming Exemption From Withholding on Foreign Earned Income Eligible for the Exclusion(s) provided by Section 911.” What a name? Why should you, an expat, worry about this form?

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International Insights: Finance Overseas
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Move for Hunger Food Drive

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By Ashari Taylor-Watson

My interest in the food drive began with other volunteer work. I was tutoring inner city youth, and time after time, hunger was a main concern that the children would bring up to me. I knew then that helping these kids do math and science homework would have no impact and was irrelevant if they were hungry. I wouldn’t dare ask these kids to do anything on an empty stomach.

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Community Impact
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Best Practices for Managing Employees Working Overseas: “The Big Three List”

Since more and more NGOs are sending their employees overseas, and/or hiring host country and third country nationals at foreign posts, Gelman Rosenberg and Freedman (GRF) has been asked more and more frequently how to manage the accounting and human resource components as they relate to these personnel.

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International Insights: Finance Overseas
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David is the consummate professional – knowledgeable, personable, confident, available, and trustworthy.  

Thomas V. Draude |  Brigadier General, USMC (Ret), President and Chief Executive Officer
Marine Corps University Foundation, Inc.