GRF Financial Foresight

Insights from the team on the GRF blog

UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas

By: Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…

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Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance

By: Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…

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The EU’s GDPR is Applicable to US Companies. Is Your Organization in Compliance?

By: Darren Hulem | Network Administrator Auditor GDPR, also known as General Data Protection Regulation (EU) 2016/679, was a regulation passed by the European Union (EU) in 2016 aimed at data protection and privacy for individuals within the EU. Enforcement, which began on May 25, 2018, has the potential to affect companies outside of the…

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Forensic Auditing and Artificial Intelligence Help Detect Fraudulent Activity

By: Mac Lillard, CPA, CFE, CITP, CISA, PCIP | GRF Audit Supervisor Fraud prevention is one of the most important aspects of an effective organizational risk management strategy. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, there were 2,690 cases of occupational fraud, resulting in $7+ billion in total…

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Best Practices for Nonprofits Implementing ASU 2016-14

By: Alison Albrecht, CPA | Nonprofit Audit Supervisor The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, to enhance the presentation of financial statements and provide more meaningful information to the readers of the financial statements. One of the changes included in the ASU 2016-14…

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