Search Blogs
How to Solve Your Multi-Entity Nonprofit Financial Management Challenges
As a nonprofit leader, you likely think of financial management as a necessary evil—bogging down your staff and creating bottlenecks or compliance problems. But it doesn’t have to be that way. In fact, with the right technology, managing your finances can be easy, effective, and offer new insights into your organization. This is especially true…
How Multi-Entity Nonprofits Can Improve Financial Management
Nonprofits have unique obstacles to effectively managing their finances. For starters, you’re doing most everything on a dime, and then depending on your industry, you have compliance regulations and other metrics to worry about. If you’re running a multi-entity nonprofit, all of this gets more complicated. That’s where technology has emerged as a beneficial tool…
HHS Website Providing Indirect Rate Information is Currently Unavailable
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services Have you been to the US Department of Health & Human Services’ (HHS) Program Support Center (PSC) website lately? You may have noticed that their Cost Allocation Services landing page is down. The Cost Allocations Services website has historically provided valuable information to nonprofits, colleges and…
Decoding SBA’s Rules for 8(a) Financial Reporting
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services Small Disadvantaged Businesses with 8(a) status must observe important yearly financial reporting requirements per 13 CFR 124.602. To correctly interpret the annual receipts definition and submit the appropriate annual financial statement, participants must understand the requirements in the CFR. The chart below was developed by GRF’s…
IRS Issues Penalty Relief for Many Taxpayers
The Internal Revenue Service recently issued a notice (IRS Notice 2022-36) that provides broad penalty relief for specified delinquent 2019 and 2020 tax returns. For U.S. taxpayers who qualify, this relief will waive and refund delinquent filing penalties for many who filed their 2019 and/or 2020 tax returns late. Notably, certain penalties for international reporting…
Getting Started with Cybersecurity Training
By Darren Hulem, CISA, CEH, Security+, Supervisor and Tom Brown, CAPM, Security +, Senior Risk Analyst TLDR: End user cybersecurity training is essential for preventing malicious actors from gaining unauthorized access to your organization’s network. Creating a risk-averse organization involves making your staff aware of best-practices for identifying common attacks, like phishing scams. At the…
Internal Audit: Preventing Fraud through Travel & Expense Reimbursement Audits
By Kristen Ocampo, CPA, Senior Internal Auditor Travel & Expense (T&E) reimbursement fraud can have a significant impact on your organization. The Association of Certified Fraud Examiners’ 2022 Report to the Nations found the average loss from an expense reimbursement scheme was $152,000. The report, which is based on a worldwide survey of Certified Fraud…
Obtaining Cyber Insurance For Your Organization
By Darren Hulem, CISA, CEH, Security+, Supervisor, IT and Risk & Advisory Services As cyberattacks grow in frequency and complexity, organizations are asking, “Is Cyber Insurance worth it?” The short answer is “Absolutely!” Before contacting an insurance company, we recommend some research and due diligence to position your organization for reasonable rates. Coverages can vary…
Tips & Tricks of the Month from Sage Intacct: GL Outlier Detection
This year Sage Intacct launched an upgrade feature for users called “Outlier Detection for General Ledger”. Sage Intacct is the first and only mid-market cloud accounting solution to use AI to increase confidence in the accuracy of general ledger transactions. This new feature has the ability to auto-generate flags for entries that don’t match past…
Survey Highlights Pace and Complexity of Risks for Nonprofits
Enterprise risk management is becoming more common in the not-for-profit sector, but recent research finds that risk management practices are not keeping pace with the increased complexity of risks for nonprofits. On July 12, 2022, the Enterprise Risk Management (ERM) Initiative at NC State University published the 13th edition of its annual State of Risk…