SBA Provides Clarification on PPP Loan Subjection to Single Audit Requirements
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On May 5, 2020 the Government Audit Quality Center (GAQC), issued an industry alert to professionals that serve organizations subject to Government Auditing Standards. Summarized below are two key items that impact the nonprofit community. PPP loans are not subject to single audits As many are well…
Retirement Plan Options during the COVID-19 Crisis
By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…
Continuity of Operations Considerations for Nonprofits during a Pandemic
Business Continuity Plans (BCP) are important part of risk management and can include scenarios such as pandemics like the coronavirus, government shutdowns, natural disasters and cyberattacks. Risk management planning for a pandemic involves identifying risks and assessing the impact and developing mitigation strategies to manage risks. If your nonprofit does not have a plan in…
Elements of Successful Nonprofit Cybersecurity
Nonprofits are more reliant on technology than ever before to deliver on their mission. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than ever…
The Bow Tie Method Addresses Risk Holistically
By Jay Mui, PMP, MBA | Supervisor, Risk & Advisory Services Well if you are being literal, 17th century Croatian mercenaries would use a scarf to hold together the openings at the neck of their shirts. King Louis XIII, a great employer of these mercenaries, so enjoyed and promoted this look that it soon became…
Why Associations Are Implementing Enterprise Risk Management (ERM)
By Melissa Musser, CPA, CITP, CISA | Principal, Risk & Advisory Services For years, associations have taken a siloed approach to risk management, focusing on areas like cybersecurity. More are now widening their nets, using ERM to ensure unexpected dangers don’t derail their association. When it comes to risk management, some may think of areas…
What Every Board Member Should Know about the Financial Statement Audit
As a member of a nonprofit board of directors, you and your board colleagues are charged with considering a variety of matters as part of your fiduciary duty to safeguard the organization. Even if you are not part of a designated audit or finance committee, you should have a basic understanding of the financial statement…
An Audit Committee Offers Substantial Value Beyond the Audit
By Laura Malcom, CPA | Audit Manager Most nonprofit organizations today are led by a volunteer board of directors responsible for helping the group achieve its mission while providing sound governance and financial management1. In keeping with their fiduciary duty to provide effective financial oversight, many boards appoint an audit committee if not already required…
Developing Our Women Leaders Requires Hands-On Involvement
By Jackie Cardello, CPA | Managing Partner What does it mean to inspire young women leaders? It is much more than lip service to hiring and promoting women and internal policies meant to encourage leadership. While progressive policies, leadership development, and mentoring programs are all important, leading by example is the most powerful message. As…
Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits
By Melissa Musser, CPA, CITP, CISA | Risk & Advisory Services Principal Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM). ERM is a proactive, multidimensional process of identifying, assessing, cataloguing, and preparing for potential negative organizational outcomes in order…