Month: March 2020

Pitfalls of Revenue Recognition for Nonprofits

One of the challenges many not-for-profit organizations face is determining whether or not revenue falls under the category of a contribution or exchange transaction. In some cases, it’s a pretty straightforward  determination, but the waters can occasionally become a bit murky. In June 2018, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update

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LvHJ’s COVID-19 Update

We hope you and your loved ones are well! It has been an unprecedented week for California. We are all learning how to adjust to our new circumstances; both professionally and personally. In the wake of Governor Newsom’s Stay-at-Home order for California, we have had no choice but to further restrict our activities to stay

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OMB Provides Single Audit Extension Due to COVID-19

The US Office of Management and Budget (OMB) released memorandum M-20-17 on March 19, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations. This memorandum is addressed to federal awarding agencies and instructs that the federal awarding agencies are authorized to take

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