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.



Employers Should Review and Implement the Latest Revisions to the Form I-9

U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification on July 17.  Click here to download the revised form.

Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States, including citizens and non-citizens. The employer must examine the employment eligibility and identity document(s) an employee presents to determine whether the document(s) reasonably appear to be genuine and to relate to the employee and record the document information on the Form I-9. Employers must also retain Form I-9 for a designated period and make it available for inspection by authorized government officers.

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The Auditor’s Perspective
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Alternatives to the Financial Statement Audit May Offer a Better Solution

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The annual audit of financial statements is required for many organizations, often becoming a process their accounting staff has come to dread. For a lucky group, a review or compilation of their annual financial statements is adequate and is an attractive and less burdensome alternative to an audit. Understanding the difference can save your organization time and money and help you easily navigate many operational activities.

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Beyond the Audit: Nonprofit Accounting
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GRF’s Interns Take DC!

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GRF’s Interns toured the Capitol Building! We went inside the dome and saw statues representing historical figures from each of the United States, carved from marble and bronze. After our guided tour, we went out to lunch nearby. Thanks to our audit and nonprofit tax staff for coming along, too! See below for some of our interns’ thoughts on the experience:

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Community Impact
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8 Steps for an Easier Audit

GRF Partners Ian Shuman and John Pace and Senior Manager Elinor Litwack recently presented a webinar on planning for an easier audit. Additional information including the webinar recording and PowerPoint slides are available here.

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Beyond the Audit: Nonprofit Accounting
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Manna Community Service Day!

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GRF’s summer interns got to spend a day volunteering at Manna Food Center in Gaithersburg, MD. They helped by creating boxes of fresh food that Manna’s clients would receive that same day. Manna’s clients include 78,000 Montgomery County residents who experience hunger and food insecurity. GRF is proud to help Manna Food Center in their goal to fight hunger, feed hope and transition recipients from a place of scarcity to prosperity. Check out some photos from the day below!

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Community Impact
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The Role of the Form 990: Developing a Strategy for Managing Your Charity’s Rating

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Just like in business, competition in the nonprofit sector is evolving each year. These days, individuals are continuously solicited over social media to volunteer and support various charities. Would-be donors are encouraged by the media and watchdog groups to be more conscious about how the money they give is ultimately used. Charity Navigator, Great Nonprofits and other websites have been gaining popularity among potential donors, who rely on these sources for accurate information to inform their giving decisions.

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Beyond the Audit: Nonprofit Accounting, Tax Talk, The Auditor’s Perspective
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Leveraging an IT Assessment Can Protect Nonprofits from Cybercrime

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“Cybercrime keeps climbing” was the key finding of the 2016 Global Economic Crime Survey recently completed by PwC. In fact, the survey results show cybercrime “jumping from 4th to 2nd place among the most-reported types of economic crimes .” While organizations are embracing new ways to make their operations digital for efficiency and effectiveness, criminals are becoming progressively more skilled at obtaining valuable information. As a result, cybercrimes such as phishing, ransomware, hacking, identify theft and malware are on the rise.

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Beyond the Audit: Nonprofit Accounting
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Chart Your Course to Compliance Under the New Procurement Standards

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Time is up for many nonprofits! The two-year deferral period for implementation of the procurement standards under Uniform Guidance (UG), Title 2, CFR 200 for non-Federal entities was officially over as of January 1, 2017. . Effective immediately, federally funded organizations with a calendar year end of December 31 must implement appropriate policies and procedures to be in compliance. . As your organization begins to review current policies and procedures and consider revisions, your leadership should not underestimate the significance of the new procurement standards, not to mention the staff time and resources required to ensure compliance. . What does procurement look like under the new standards? What can you do to make sure your organization is compliant without causing an unnecessary burden for those involved in your procurement process?

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Beyond the Audit: Nonprofit Accounting
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Foreign Bank Account Reporting – New Due Dates and Recently Announced Extensions

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The FinCEN Form 114, Reports of Foreign Bank and Financial Accounts (FBAR), is filed by taxpayers (both individuals and entities) that have a financial interest in, or signature authority over, a foreign financial account.  In prior years, the FinCEN Form 114 required filing by June 30 to report foreign accounts for the previous calendar year and no extension was available.  In legislation signed last year, the due date to report 2016 (and future years) foreign bank accounts changed to April 15, with a maximum six-month extension available. 

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Tax Talk
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The Potential Impact of Tax Reform on Exempt Organizations

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With a new administration taking office, tax reform is a topic that has received a lot of attention.  While what will ultimately pass and be signed into law is anyone’s guess at this point, there are a number of potential provisions that could have an impact on charitable giving and ultimately, on the tax-exempt sector.

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Tax Talk
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“We chose Gelman, Rosenberg & Freedman from a pool of applicants because they impressed us with their knowledge and awareness of issues facing our organization.”

Darla Mecham |  Vice President-Finance
International Center for Not-for-Profit Law