Key Lessons Learned from CECL Implementation
The implementation of the Current Expected Credit Loss (CECL) model marks a significant shift in how nonprofits approach financial reporting and credit loss estimation. Introduced by the Financial Accounting Standards Board (FASB), CECL requires organizations to estimate expected credit losses over the life of a financial asset, replacing the previous incurred loss model. As we…
Sage Intacct Q4 2024 Release Overview
Another Sage Intacct quarterly release is here! Sage Intacct, a best-in-class cloud financial management platform, is the first and only cloud financial management solution endorsed by the AICPA. One of its many outstanding qualities is the frequency of new feature releases. Sage Intacct seamlessly releases four quarterly releases per year, and each is rich with…
Understanding 2024 OMB 2 CFR 200 Uniform Guidance Changes
The Office of Management and Budget (OMB) recently published its final revisions to the federal Uniform Guidance (2 CFR Part 200). This revision outlines compliance and reporting requirements for federal financial assistance, such as grants and loans. These changes become effective on October 1, 2024 and are noted as the most significant updates to Uniform…
The Road to Sustainability: Linking FAR Compliance with ESG and SDG Goals
Discover how the U.S. government’s increasing emphasis on Environmental, Social, and Governance (ESG) standards is transforming federal procurement practices. This whitepaper explores the integration of ESG objectives into the Federal Acquisition Regulation (FAR), highlighting the importance of sustainability, climate risk, and responsible supply chains for federal contractors. Learn how to develop a robust ESG strategy and achieve compliance with FAR.
D.C. Senior Center Revitalizes its Aging Financial Infrastructure
Challenge: Aging Infrastructure A nonprofit organization dedicated to serving its senior community was struggling with its aging financial infrastructure. The organization relied on multiple disjointed systems for accounting, budgeting, development and external billing. Using outdated systems meant that staff members had to update financial reports, budgets, employee expense reports, and other key information manually using…