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Category: Accounting & Bookkeeping|Nonprofit Organizations

  • Non-Profits and the Employee Retention Credit

    Non-Profits and the Employee Retention Credit

      The employee retention credit (ERC) is a form of government assistance created under the Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses and organizations keep employees on their payroll during the pandemic.  While the credit provided an opportunity for substantial savings for non-profit organizations, these organizations now need to properly account…

  • Not-for-Profit Governance Checklist

    Not-for-Profit Governance Checklist

    Journal of Accountancy released a wonderful checklist that could help any not-for-profit organization strengthen its governance practices. Click here to read it online. Here is a PDF copy as well: Not-for-Profit Governance Checklist

  • FASB Issues Standard Clarifying Fair Value Requirements

    FASB Issues Standard Clarifying Fair Value Requirements

    Accounting Standards Update No. 2013-03 clarifies that the requirement to disclose the level of fair value (Level 1, 2, or 3) does not apply to private companies and nonprofits for items that are not measured at fair value in the statement of financial position, but for which fair value is disclosed in the footnotes. See…