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.



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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The Importance of Nonprofit Leaders

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By Managing Partner Jackie Oneto

Gelman, Rosenberg & Freedman was founded a little over 30 years ago under the philosophy that it was important to give back to the community. The founding partners felt that nonprofits were extremely vital in our community and our economy, and they really supported the missions of these organizations.

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Beyond the Audit: Nonprofit Accounting, Community Impact
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Beware of Online Shopping during the Holiday Season

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It’s the holiday season and a lot of us will turn to online shopping to avoid the crowded malls. Online shopping is an easy solution during the holiday season and vendors have worked hard to make it safe for us to pay online. However, there are some things that are out of their hands such as “cybersquatting” or “typosquatting.”  Don’t be fooled into shopping at “ebays.com” or “amazone.com” this season. Altering a trusted shopping site’s name is extremely popular during the holiday season as identity thieves want to get your information any way they can. Sometimes typos will get us to a website that looks just like the real thing and we will shop and pay for our items without noticing that there was fraud.   Typosquatting can leave us empty-handed and our credit card’s limit depleted.

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Fraud Awareness
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Amy is more than an auditor for CFED. She is a valuable business advisor helping us navigate through complex regulations and opaque guidance.

Adnan Bokhari |  Chief Financial Officer
The Corporation for Enterprise Development