Nonprofit

The latest news on nonprofit fraud is here

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. In fact, this […]

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When nonprofit contributions are quid pro quo

Charitable contributions aren’t always eligible for tax deductions — even when the not-for-profit recipient is tax exempt and the donor itemizes. Take “quid pro quo” donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor with goods or services valued for less than the total payment. […]

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Nonprofits get guidance on audit requirements

For nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance.  The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]

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Here’s how to handle gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]

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