SECURE 2.0 Act Requires 401(k) Plan Administration Changes for Employers
The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million active participants, as well as millions of former employees and retirees. So 401(k) plans are a key payroll responsibility for most businesses….
Workshop Highlights: Navigating the World of Uncertainties Impacting Non-Profit Organizations
The 4th Annual GRF /NC State ERM Workshop for Nonprofits was held on February 23 and 24, 2023. Nonprofit executives and board members from across the U.S. came together to share their experiences and discuss strategies and tactics for strengthening enterprise risk management at tax-exempt organizations. Melissa Musser, Partner and Director of GRF’s Risk Advisory…
Prepare Now to Implement Topic 326 – Current Expected Credit Losses (CECL)
By: Susan Colladay, CPA, Partner, Audit Announced by the Financial Accounting Standards Board (FASB) in 2016, Accounting Standards Update (ASU) 2016-13: Financial Instruments – Credit Losses (Topic 326) is also referred to as Current Expected Credit Losses (CECL). The new standard improves financial reporting by requiring more timely recording of credit losses on loans and…
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…
Nonprofits Should Prepare Now to Accept Cryptocurrency
By Omid Mohebbi, CPA, Audit Manager, GRF CPAs & Advisors (GRF) Over the past year, there has been exponential growth in both the volume of cryptocurrency (crypto) donations to nonprofits and the number of nonprofits accepting such donations, either as cryptocurrencies or as liquidation to cash at the time of donation. This growth has been…
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…
How COVID-19 Changed Nonprofit Accounting: Industry Experts Weigh In
This post was originally published on the Sage Intacct Blog To paraphrase the immortal lyrics of the Grateful Dead, “what a long strange trip this COVID-19 pandemic has been.” Though we’ve been living in the pandemic for a little over a year, for many of us, it feels like much longer. In the nonprofit industry,…
An Incident Response Plan Prepares You for a Ransomware Attack
By Darren Hulem, Senior IT and Risk Analyst An exponential increase in the number of ransomware attacks in 2021 has many businesses and nonprofits wondering whether they are next. In recent months, well-known ransomware victims made headlines when they elected to pay the ransom to quickly recover data and return to normal operations. Is your…
Charity Navigator Launches Impact & Results Beacon
By Richard J. Locastro, CPA, JD, Partner and Director, Nonprofit Tax Charity Navigator has added another beacon as part of the roll out of its new Encompass Rating System – Impact & Results. This follows Charity Navigator’s acquisition of ImpactMatters and identifies high-impact nonprofits who demonstrate “cost-effectiveness”. The Impact & Results beacon currently includes service…
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…