Luck of the Audit: The Role of Internal Controls in Audit Preparedness
Whether your organization is new to the audit process, or preparing for your 50th audit, savvy nonprofits know that the annual audit is a vital part of a sound financial management process. Audits ensure that information disseminated to the public about your organization’s financial position is fairly presented – and there are no shenanigans. The…
Mastering Your Statement of Functional Expenses
A statement of functional expenses is fundamental to nonprofit accounting. While providing a comprehensive breakdown of your expenditures, a functional expense statement also helps to enhance the accuracy and transparency of your nonprofit financial reporting. Not to mention, failure to accurately report functional expenses on your Form 990 could put your organization’s nonprofit status in…
Virtual Cyber Symposium for Nonprofits & Associations
Virtual Cyber Symposium for Nonprofits & Associations: Tax exempt organizations are not exempt from the growing threats of cyberattacks. Nonprofit organizations and associations hold valuable data and place a high value on their reputations, making them a frequent target for hackers. Join our experts for compelling insight into today’s threats to nonprofits, how to prioritize…
GRF CPAs & Advisors Supports International Fraud Awareness Week
GRF is once again promoting anti-fraud awareness as an official supporter of International Fraud Awareness Week, taking place November 12 – 18, 2023. Supporting organizations are spreading the word about identifying and preventing fraud, and GRF is sharing helpful tools and information, which can be accessed on the firm’s Fraud Awareness Tips and Resource Page….
Exploring the OMB 2023 Updates and Proposed Guidance
Each year, the U.S. Office of Management and Budget (OMB) updates the Compliance Supplement, which provides auditors with the federal government’s expectations for what they should be addressing as they perform single audits of federal programs under the Uniform Guidance. Understanding these updates and monitoring the developments centralized around single audits will keep your organization…
How to Become a Tax-Exempt Organization
By Richard J. Locastro, CPA, JD and Katelyn Miller, CPA, MST The terms “nonprofit” and “tax-exempt organization” are often used interchangeably. And while there may be considerable overlap in their definitions, there is a distinction, especially for a 501(c)(3) public charity or private foundation. As explained further below, the process to become a tax-exempt organization…
A Guide to Third Party Risk Management
Understanding and mitigating third party risk has become more important than ever, which makes now the perfect time for your organization to implement a third-party risk management program. This guide covers several aspects of third-party risk management, including steps for developing a program, tips for vetting new vendors, and the new risks presented by AI tools.
ESG for Non-Profit Risk Managers
Bottom Line: ESG is becoming more important to donors, employees, partners, and other stakeholders. Non-profit risk managers need to be prepared to answer tough questions about how their organization is managing critical ESG risks. ESG Basics for Non-Profits ESG refers to environmental, social, and governance factors in an organization’s operations. There is no universal definition…
Mitigate Online Donation Risks with PCI Compliance and Third-Party Risk Management
Taking donations online is a huge benefit to nonprofit organizations, but online payments also expose potential risks. To safeguard their operations and donors’ financial information, nonprofits must prioritize Payment Card Industry (PCI) compliance and third-party risk management. Nonprofits are at a higher risk of credit card test attacks than other organizations due to certain functionality…