New Guidance for Nonprofits on Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards
The Office of Management and Budget (OMB) issued an omnibus OMB Circular – colloquially referred to as the “Supercircular” – to streamline the Federal government’s guidance on administrative requirements, cost principles, and audit requirements for Federal awards. The objective of this reform is to reduce both administrative burden and risk of waste, fraud, and abuse […]
Retaining Top Talent – Carla McCall on Panel at SBANE Event
Are you having issues retaining top talent? Becoming a great place to work requires a few key ingredients that are necessary to attract and retain top talent. The Smaller Business Association of New England (SBANE) is hosting a program this Thursday where you can learn first hand how companies are successfully dealing with this difficult […]
Stack up with benchmarking – Ratios can provide crucial insights
ABC Charity was applying for the first time to a national retailer for grant funding. As Roberta, the executive director, read through the application, she stumbled: The company wanted to know her organization’s “fundraising efficiency ratio.” This was a problem. Roberta could write at length about the organization’s fundraising efforts and successes, as well as […]
4 tips for retaining volunteers
Any nonprofit that has long-term volunteers realizes their value. They save your nonprofit the time and money you would spend training new volunteers. They also become ambassadors and recruiters for your organization. And through their knowledge and experience, long-term, or “repeat,” volunteers add value to your programs. So how do you keep this precious commodity […]
Accounting Alternatives for Private Companies – 2014
On January 16, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates No. 2014-02 and 2014-3. These updates proactively define a private company and set standards for accounting for goodwill and a simplified hedge accounting approach. Definition of a Private Company The FASB decided that it should proactively determine which entities would be within […]
Are your IT systems vulnerable? Are you aware of the consequences of IT risk?
IT Security and Risk affects businesses of every size. Your organization may have a lot at stake. Did you know that noncompliance can result in substantial fines? For example: A restaurant was fined $110,000 for failing to protect patrons’ personal information. A property management company was fined $15,000 for inadequately protecting unencrypted personal information. A […]
Grant Reform Increases A-133 Audit Threshold
The Office of Management and Budget (OMB) recently released new guidelines raising the threshold for compliance audits of entities that expend federal award money to $750,000 per fiscal year. Nonprofit organizations and other entities will be required to perform a single audit if they cross this threshold. The new rules are applicable beginning on or […]
Nonprofit Alerts: New 2013 Data Collection Form
The U.S Office of Management and Budget (OMB) issued a revised Data Collection Form SF-SAC on January 7, 2014. The revised form is applicable for audit periods ending in 2013, 2014 and 2015. The new 2013 form and instructions are available on the FAC website. OMB has granted an extension until February 28, 2014, for […]
New 2013 Data Collection Form and Federal Audit Clearinghouse (FAC) System
The U.S Office of Management and Budget (OMB) issued a revised Data Collection Form SF-SAC on January 7, 2014. The revised form is applicable for audit periods ending in 2013, 2014 and 2015. The new 2013 form and instructions are available on the FAC website. OMB has granted an extension until February 28, 2014, for […]