The Importance of Briefing Government Contracts
By Paul Calabrese, Principal, Outsourced Accounting and Advisory Services In the realm of government contracting, the complexity of agreements can significantly impact the success of a contract. Unlike commercial contracts, government contracts come with stringent requirements and regulations that demand a meticulous understanding for compliance. The practice of “briefing” these contracts is crucial for any…
2024 Update on Retirement Plans: Impact of SECURE Act 2.0
The SECURE Act 2.0 is transforming retirement planning by encouraging savings, enhancing retirement plan rules, and reducing employer costs. GRF hosted the 2024 Update on Retirement Plans on May 16th, 2024, where we explored the significant changes introduced by the SECURE Act 2.0. The session provided a comprehensive overview of the new provisions aimed at…
2024 Update on Retirement Plans: Recent Changes to Form 5500
Navigating the complexities of retirement plan reporting just got easier with the latest updates to Form 5500. These transformative changes promise to streamline processes, enhance data accuracy, and significantly reduce administrative burdens for plan administrators and sponsors. GRF hosted the 2024 Update on Retirement Plans webinar on May 16th, 2024, which delved into significant changes…
Update on Employee Retention Credit Claims
By Pam Harrison, CPA, Manager, Outsourced Accounting and Advisory Services As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in 2020, the Employee Retention Credit (ERC) was established to assist businesses impacted by the COVID-19 pandemic. Unfortunately, the program later became a target for aggressive marketing efforts by ERC promoters…
How Internal Audit Can Support Whistleblower Investigations
Do you know if an employee is stealing from your company? Quite often, the first hint of a problem comes from an insider tip. Having a comprehensive whistleblower program in place is a powerful early warning mechanism for identifying potential fraud or misconduct. If you have an internal audit function, you already have the tools…
Four Things You Can Do Today to Improve Your Cybersecurity Posture
Cybersecurity is always changing and evolving as threats grow. Here are ideas that you can start on today that will help reduce your risk and improve your cybersecurity posture: 1. Require Multi-Factor Authentication Having multi-factor authentication (MFA) is essential for granting access to confidential data. It helps to reduce the risk of credential loss and…
Wakeup Call: Protecting your Nonprofit from the Banking Crisis
By Elinor Litwack, Partner, Outsourced Accounting & Advisory Services As the 2023 banking crisis unfolds with the recent collapse of Silicon Valley Bank (SVB) and Signature Bank, all eyes are on what happens next. Fueled by the “blame game” and the media frenzy around vulnerabilities in the banking system, many businesses and consumers have lost…
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…
HHS Website Providing Indirect Rate Information is Currently Unavailable
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 universities, and state and local tribal units of government…
Internal Audit: Preventing Fraud through Travel & Expense Reimbursement Audits
Travel & Expense (T&E) reimbursement fraud can have a significant impact on your organization. The Association of Certified Fraud Examiners’ 2022 Report to the Nations found the average loss from an expense reimbursement scheme was $152,000. The report, which is based on a worldwide survey of Certified Fraud Examiners conducted between July and September 2021,…