Single Audit (OMB A-133)

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FASB Approves New Guidance on Certain Crypto Assets

FASB Approves New Guidance on Certain Crypto Assets

AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]

Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?

Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations.  One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]

2019 UFR Update: AAFCPAs Outlines Significant Changes

2019 UFR Update: AAFCPAs Outlines Significant Changes

The Operational Services Division (OSD) of the Executive Office for Administration and Finance just released its FY 2019 UFR Audit and Preparation Manual, FY 2019 UFR Auditor’s Compliance Supplement, and FY 2019 Excel UFR Templates. The FY 2019 Manual is effective July 1, 2018 for the UFRs to be filed for FY 2019.  Visit Mass.gov […]

OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax

OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax

AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that […]

Guidance on How UG Procurement Standards Affect Charter Schools

Guidance on How UG Procurement Standards Affect Charter Schools

AAFCPAs’ John Buckley, CPA, CGMA discussed challenges and opportunities facing Charter Schools while attending and presenting at this year’s National Charter School’s Conference in Austin, TX. In conversations, John learned that many schools have yet to formally update their procurement policies to reflect the Uniform Guidance (UG) procurement standards. As a reminder, the grace period for non-federal entities […]

OMB Clarifies Applicability Date for Micro-Purchase and Simplified Acquisition Thresholds Increase

OMB Clarifies Applicability Date for Micro-Purchase and Simplified Acquisition Thresholds Increase

The Uniform Guidance (UG) was issued in 2013 by the U.S. Office of Management and Budget (OMB) and effective on December 26, 2014 for all nonprofit entities.  OMB granted a grace period of three full fiscal years for the implementation of the UG procurement standard.  Nonprofit entities with a June 30th fiscal year end must […]

OMB Further Extends the Effective Date for the Procurement Standards of the Uniform Guidance

OMB Further Extends the Effective Date for the Procurement Standards of the Uniform Guidance

AAFCPAs would like to make clients aware that on May 17, 2017, the U.S. Office of Management and Budget (OMB) issued a correcting amendment extending the effective/applicability date of the procurement standards under the Uniform Guidance (UG). The procurement standards were one of the areas of significant change under the UG, and nonprofits receiving federal […]

Form SF-SAC Now Available on FAC Web Site, Submission Deadline Extended Further

Form SF-SAC Now Available on FAC Web Site, Submission Deadline Extended Further

The updated Data Collection Form (DCF or Form SF-SAC) for Uniform Guidance submissions and related instructions are now available on the Federal Audit Clearinghouse’s (FAC) website.  Click here to be directed to the Instructions and Documents. >> Due to the prior unavailability of the updated DCF, an extension was previously posted to the FAC website […]

Form SF-SAC Submission for Single Audits Deadline Extended

Form SF-SAC Submission for Single Audits Deadline Extended

The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG).  Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse […]