GRF Financial Foresight

Insights from the team on the GRF blog

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Audit and Assurance, Nonprofit Tax, Outsourced Accounting

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…

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Audit and Assurance

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…

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Audit and Assurance, Employee Benefit Plans

Updated Management Responsibilities Under SAS 136

by Jennifer McCahill, CPA, Partner The implementation of SAS 136 is finally here. After being delayed an additional year during the pandemic, this new standard represents the first significant change to employee benefit plan audits in the past several years. For organizations subject to an audit of their retirement plan, below are several changes that…

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Audit and Assurance | Nonprofits and Associations

New Lease Standard: Practitioner Tips for Implementation of Topic 842

After helping numerous clients implement Accounting Standard Update (ASU) 2016-02, Leases (Topic 842), GRF’s team of audit specialists has compiled a list of tips, from their perspective as practitioners, to help organizations struggling with the new standard. Before considering the steps outlined below, it’s first helpful to understand the impact of Topic 842. Overview of…

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Audit and Assurance | Businesses and Individuals, Government Contractors, International NGOs, Nonprofits and Associations

Preparing for an Audit Made Easier with Financial Compilations and Reviews

By: Steven Lyons, CPA | Senior Manager, Outsourced Accounting and Advisory Services  In addition to providing a more cost-effective alternative to a financial statement audit, compilations and reviews offer businesses and nonprofit organizations a number of important advantages. Perhaps most important, compilations and reviews help your organization prepare for a future financial audit because they…

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Audit and Assurance, Nonprofit Tax | International NGOs, Nonprofits and Associations

Charity Navigator Rolls Out New Encompass Rating System

By Katelyn Miller, CPA, MST, Manager, Nonprofit Tax In one of the largest updates in recent memory, Charity Navigator has rolled out the first of four significant changes to their rating system. The Encompass Rating System expands the number of charities the organization rates from 9,000 to 160,000 – the most in its history. What…

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Audit and Assurance, Compliance | Businesses and Individuals, Nonprofits and Associations

DfID Merger with FCO Creates Uncertainty with UK Aid

By Tricia Katebini, CPA, MBA, Senior Manager, Audit On June 16, United Kingdom (UK) Prime Minister Boris Johnson announced a merger between the Department for International Development (DfID) and the Foreign and Commonwealth Office (FCO). Together the two departments will become the Foreign, Commonwealth and Development Office. Johnson said the merger will “unite our aid…

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Audit and Assurance | Nonprofits and Associations

The COVID-19 Crisis Highlights Best Practices for Virtual Audits

By Thomas Netznik, CPA, Audit Manager, GRF CPAs & Advisors In recent years, nonprofits have begun investing in technology that not only appeals to a younger workforce, but also achieves some organizational goals related to digital transformation. Gone are the days when most organizations relied on paper documents and files, and not a moment too…

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Audit and Assurance, Employee Benefit Plans | Businesses and Individuals, Government Contractors, International NGOs, Nonprofits and Associations

Retirement Plan Options during the COVID-19 Crisis

By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…

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Audit and Assurance, Compliance | International NGOs, Nonprofits and Associations

OMB offers Relief for Recipients of Federal Financial Assistance Directly Impacted by COVID-19

On March 19, 2020, OMB issued M-20-17 authorizing agencies to provide short-term relief for certain administrative, financial management and audit requirements under Uniform Guidance (2 CFR 200) to recipients (including sub-recipients) affected by a loss of operational capacity due to the COVID-19 crisis. M-20-17 expands the reach of a memo issued earlier this month (M-20-11)…

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