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
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 key features of the IRA is the direct pay option, which allows tax-exempt organizations to receive cash payments from…
Sage Intacct Q3 2024 Release Overview
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 enhancements and new features bringing you the…
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. In…
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
GRF presents a comprehensive overview of changes to employee benefit plan regulations and auditing standards. We summarize key changes that are applicable to employee benefit plan audits during 2024 and we will also summarize hot topics related to future industry changes. Discussion topics:OL Cyber Best Practices Secure Act 2.0 Form 5500 updates and changes On…
Illustrating Your Nonprofit’s Story with Dynamic Dashboards
Nonprofit leaders face a unique set of challenges: how to maximize their mission with limited resources, how to serve constituents effectively, and how to prepare for the future in a proactive and strategic way. Without the proper technology in place, leaders can get bogged down administratively, losing the bandwidth and energy to lead impactfully. Dynamic…
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…
Compliance Tips & Tools for 8(a) and Small Business Government Contractors
If you are an 8(a) or small business or contractor, U.S. Government compliance requirements can seem overwhelming. We’ve got you covered! In this on-demand video, our accounting and contracting experts provided real-world tips and recommendations to help you with your financial reporting. The session includes overview of requirements for both 8(a) government contractors, plus requirements…