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…
Advantages and Strategic Considerations for Government Contractors with Commercial Clients
Government contractors who also serve commercial clients are uniquely positioned to leverage diverse opportunities while navigating complex regulatory environments. While this dual engagement offers significant benefits, it also requires careful management of compliance and operational strategies. Understanding the dynamics and strategic considerations of this business model provides valuable insights for contractors aiming to maximize their…
Maximizing Operating Reserves: Best Practices for Trade and Professional Associations
Despite the best of intentions, things don’t always go as planned. That’s why an organization’s reserves, or net assets without donor restrictions, serve as a hedge against economic fluctuations, unexpected expenses, and/or revenue shortfalls. With the financial cushion provided by reserves, your association can maintain operations and continue delivering services to members even during the…
Maximizing Clean Energy Tax Credits for Nonprofit Organizations
Are you curious about how your nonprofit organization can leverage the advantages of renewable energy, including Renewable Energy Tax Credits? Many nonprofits are surprised to learn they may be eligible for tax incentives under the Inflation Reduction Act of 2022 (IRA), a landmark legislation that aims to boost the transition to a low-carbon economy. One of the…
Sage Intacct Q3 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…
Navigating the Complexities of Endowments
For many nonprofit organizations, their endowment is critical to their bottom line. Endowments provide long-term financial stability by allowing organizations to plan for the future, knowing that they have a reliable source of funding to support their mission, programs, and activities. Despite their many advantages though, endowments also come with some rules and challenges. Join…
Unlimited PTO: Federally Funded Contractors & Nonprofit Grant Recipients Subject to FAR and Uniform Guidance
Before considering unlimited paid time off (PTO) as an incentive to new or existing employees, it is important to understand the implications. Government contractors subject to FAR and nonprofit grant recipients subject to the Uniform Guidance must understand what this benefit entails, how it can potentially impact existing and future government contracts, and potential challenges…
2024 Update on Retirement Plans
Join GRF for a comprehensive overview of changes to employee benefit plan regulations and auditing standards. We will summarize key changes that will be applicable to employee benefit plan audits during 2024 and we will also summarize hot topics related to future industry changes. Discussion topics: DOL Cyber Best Practices Secure Act 2.0 Form 5500…