Category: Industry Updates

In today’s changing economic and political climate, federal grant terminations are happening more often. Agencies are reviewing existing grants to make sure they comply with current laws and …

Role of Charity Watchdog Ratings for Nonprofits: A Deep Dive into Charity Navigator In the complex landscape of the nonprofit sector, transparency, accountability, and effectiveness are paramount. Charity …

Federal Audit Clearing House Update The Federal Audit Clearinghouse (FAC) has introduced a new process to accommodate incomplete submissions under specific conditions. If your submission encounters issues such …

The IRS offers a registration process for entities such as businesses, tax-exempt organizations, and governmental bodies to elect payment or transfer of certain business tax credits, even if …

Deep Dive into Conditional vs. Unconditional Contributions: Understanding Through Examples (FASB ASC 958-605) In nonprofit financial management, accurately classifying contributions as conditional or unconditional is crucial for compliance …

Navigating Fiscal Sponsorship Due to the negative effects of the pandemic on many not-for-profit entities (NFPs), fiscal sponsorship has become a practical solution to keep essential programs running. …

Federal Audit Clearing House Update The Federal Audit Clearing House (FAC) transitioned from the U.S. Census Bureau to the U.S. General Services Administration (GSA) on October 1, 2023. …

Extension of time to file for those in federally declared disaster areas May 15 is the due date for filing Form 990-series returns for calendar-year tax-exempt organizations, however …

Implementation of Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments FASB Accounting Standards Update (ASU) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses …