Good News for NFPs about PPP Loans and Single Audit Requirements

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The CARES Act created the Paycheck Protection Program (PPP) to provide loans to assist businesses and not-for-profit (NFP) organizations through the current crisis. However, many NFPs were concerned that if they received a loan and it was forgiven, the funds would be considered a government grant and would cause them to cross the Single Audit […]

Applying For-Profit Accounting Principles at Non-Profit Organizations

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At the SuiteWorld19 conference, Chris Whitfield, CFO of MANA Nutrition, talked about how he uses his background in for-profit companies at his newest position in the not-for-profit industry. He stressed that the organizations have more in common than one might assume, and those similarities offer finance professionals in nonprofits an opportunity to apply more for-profit […]

1-10-19 Not-for-Profit Seminar

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New Year’s Resolution: Instead of Changing Something, Learn Something! This seminar will help you identify which of your nonprofit’s activities may be subject to the Unrelated Business Income Tax (UBIT). We will also discuss how your organization can evaluate your internal control processes to recognize risk areas and monitor compliance to better prevent fraud. Two […]

Eliminating the Pain and Cost of Grant Accounting

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NetSuite’s SuiteSuccess for nonprofits product offers powerful new capabilities that transform how nonprofits handle grant accounting. Simply put, NetSuite is making it dramatically easier for nonprofits to track how, when and where a grant is spent on any given project, down to the line-item transactional level. This helps nonprofits better manage complex revenue streams from multiple sources, […]

FASB, ASU, NFP, not-for-profit entities

New FASB Guidance Issued for Not-for-Profit Financial Statements

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More than a year after the proposed changes were presented in an exposure draft in 2015, the Financial Accounting Standards Board (FASB) issued the final Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of Financial Statements of Not-For-Profit Entities.  Throughout the process, the FASB garnered feedback and issued updates, and the final […]