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Not For Profit

3 Tips to Help Your Board Members Succeed

May 25, 2022   |   Posted in: Affordable Housing, Not For Profit

A board room full of happy people

Board members have a fiduciary duty as stewards of public trust to act in the best interests of the organization that they serve. They lay aside personal interests to focus on ethical oversight of the organization’s mission accomplishments, results of operations and financial position. Nonprofit board members may monitor support and other funding to ensure that it is used in accordance with the nonprofit’s mission. They are concerned that the ... more

New IRS Guidance: Non-Deductibility of Expenses Paid with PPP Loans

December 03, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws, Timely News

The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan funds to small businesses in order to help them pay eligible expenses (payroll costs, mortgage interest, rent, and utilities).  These covered loans are to be fully forgiven and not to be treated as income to the loan recipients as long as the loans are used to pay eligible expenses.    While it was clear that a ... more

Nonprofit Purchasing Policy Considerations

November 23, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws

Nonprofits have a multitude of compliance standards to juggle, and constructing a comprehensive nonprofit purchasing policy is no exception. Maintaining tax-exempt status requires adherence to very specific behaviors, and written policy should be reviewed periodically to ensure your organization meets or exceeds standards.  Under the new procurement standards, all NPOs receiving federal awards must have a written procurement policy that outlines ... more

Webinar Round-Up: Risk Identification Matrix Unveiled

September 30, 2020   |   Posted in: Affordable Housing, Not For Profit, Timely News

S. Scott Seamands, partner at Lindquist von Husen & Joyce, LLP, and Julie Goldfine, COO/CFO at Mutual Housing California, revealed a risk identification matrix currently under development by our firm that serves as an information network for financial learning in the nonprofit affordable housing industry. After years of interviews and discussions with CFOs about their approach to risk, we are creating this comprehensive tool designed to help ... more

Pandemic Heightens Sustainable Affordable Housing Efforts

September 14, 2020   |   Posted in: Affordable Housing, Not For Profit

Since the PATH Act in 2015, no major federal legislation has come about to address massive shortages in affordable housing across the U.S. While the House and Senate introduced many bills   since then, legislation seems to die in committee or across the aisle. Much more legislation is enacted at the state level, but we know that new affordable housing can be a tough sell at the   neighborhood level. There is still a public perception that ... more

How Affordable Housing Really Happens: Finance + Community

August 25, 2020   |   Posted in: Affordable Housing, Not For Profit

An article last fall in the New York Times demonstrated what billions can and can’t do to bring about more affordable housing in a large metropolitan area. It can’t, for example, convince community groups to allow development in their neighborhoods or local government leaders to support it. Money alone also can’t ensure that a deal is properly structured to support sustainable affordable housing. Citing efforts by tech giants Apple, Google and ... more

FASB Updates Post COVID

August 19, 2020   |   Posted in: Not For Profit

As a result of COVID-19 and the disruption it is causing, FASB has issued an Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective Dates for Certain Entities regarding deferral of effective dates for Revenue from Contracts with Customers and Leases.   Revenue from Contracts with Customers (ASC 606) According to FASB, “The deferral of the effective date applies to private ... more

Pitfalls of Revenue Recognition for Nonprofits

August 19, 2020   |   Posted in: Not For Profit

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 straight forward determination, but the waters can occasionally become a bit murky.  In June 2018, the Financial Accounting Standards Board (the FASB) issued the Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance ... more

SBA Revises Forms for PPP Loan Forgiveness, Including New EZ Form

July 06, 2020   |   Posted in: Affordable Housing, Not For Profit, Timely News

The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application.  The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ.  The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. Form 3508EZ This new three-page form reduces the documentation and calculations required to apply ... more

Paycheck Protection Program Flexibility Act of 2020

June 08, 2020   |   Posted in: Affordable Housing, Not For Profit, Timely News

The Paycheck Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020, to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). One change allows recipients of loan forgiveness under PPP to also defer a portion of 2020 payroll taxes, but there are several other modifications.  The following chart summarizes the key provisions compared to the original CARES Act ... more

PPP Loan Forgiveness Application and Instructions Now Available

May 21, 2020   |   Posted in: Affordable Housing, Not For Profit, Timely News

The Small Business Administration (SBA) has finally released the much-anticipated guidance on how borrowers can request forgiveness of their Paycheck Protection Program (PPP) loans. Borrowers will file SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application. Form 3508 is an 11-page application with instructions that provide guidance on calculating the amount of loan forgiveness. The application form consists of four components: ... more

CDFI Fund Seeks Comment on Proposed Certification Standards

May 20, 2020   |   Posted in: Not For Profit

  The Community Development Financial Institutions Fund (CDFI Fund) is seeking public comment through August 5, 2020, on proposed changes to the CDFI Certification Application and two additional Certification reports that are intended to improve the process for certifying, evaluating and recertifying CDFIs.    CDFIs are certified by the U.S. Department of the Treasury to deliver capital and credit to families, businesses and communities ... more

SBA Provides New Safe Harbor for PPP Loans, Extended Repayment Date

May 14, 2020   |   Posted in: Business Advisory Services, Not For Profit, Timely News

Ever since the Coronavirus Aid, Relief and Economic Security (CARES) Act introduced the Paycheck Protection Program (PPP) in late March 2020, the U.S. Small Business Administration (SBA) continues to release piecemeal guidance to the public.  One major concern for the borrowers is whether they had met the requirement that the loan was necessary, as borrowers not meeting the necessity requirement could be subject to fines and criminal ... more

Accounting for Forgivable Loans and Other Revenue

April 13, 2020   |   Posted in: Charitable Giving, Not For Profit

Bundles of money with ribbons around it.

With recent passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, 501(c)3 non-profit organizations and 501(c)19 veterans organizations with 500 or fewer employees (or that meet SBA size industry standards) can apply for emergency relief. Part of that relief comes in the form of potentially forgivable loans through the U.S. Small Business Administration. In our last blog post on revenue recognition, we talked about how to ... more

Pitfalls of Revenue Recognition for Nonprofits

March 25, 2020   |   Posted in: Not For Profit

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 (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for ... more

OMB Provides Single Audit Extension Due to COVID-19

March 20, 2020   |   Posted in: Not For Profit, Timely News

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 certain actions, as they deem appropriate and to the extent ... more

Don’t Risk Having Procurement Costs Disallowed

January 24, 2020   |   Posted in: Not For Profit

Framework of house

Federal grantee procurement standards, as stipulated in the “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,” impose strict requirements on not-for-profits receiving federal funds. These standards have significantly altered nonprofit purchasing policy and documentation.  After a lengthy grace period to allow more time for implementation, the requirements became effective in calendar year 2018 or ... more

Affordable Housing Outlook Cites Concern Over IRS Bond Caps

January 07, 2020   |   Posted in: Not For Profit

Stock market monitor with trending charts on it

At a recent boot camp for affordable housing accountants, we heard several leaders voice concerns and some optimism for the coming year of affordable housing development finance and legislation.  In California and its biggest cities, there are several new laws put forth to support new construction and rehabilitation of affordable housing, but concerns over lack of available land is dampening some optimism.  Of biggest concern to CFOs, however, ... more

Make your Nonprofit Stand out on National Day of Giving

November 14, 2019   |   Posted in: Not For Profit

Change jar with the word donate on it

National Day of Giving is a great opportunity for nonprofits and philanthropic organizations to procure donations before the end of the year. However, it has become a popular day on the calendar and many organizations like yours are looking to benefit from this day created just for them. For 2019, National Day of Giving, also known as Giving Tuesday, falls on December 3rd. Start your planning with these tips to make your nonprofit stand out from ... more

Maintaining Not-for-Profit Compliance and Tax-Exempt Status

October 01, 2019   |   Posted in: Not For Profit

Business numbers flagged with multiple post-it notes

Not-for-profit organizations need to be continuously aware of what is required to maintain their tax exemption. Engaging in activities that affect this status can result in penalties called intermediate sanctions or the revocation of the organizations tax-exempt status. Here are a few areas that could put your not-for-profit’s tax-exemption status at risk: Earning Unrelated Business Income (UBI). Earning too much income that is not ... more

Nontraditional Funding Methods for Not-for-Profit Organizations

August 27, 2019   |   Posted in: Not For Profit

Funding a not-for-profit is a big endeavor. Most organizations are familiar with the usual funding sources consisting of grants, donors, membership fees, crowdfunding sites, foundations, sponsorships and planned giving programs. What happens when you’re doing everything you can but you still need to generate additional revenue? This is when it’s time to look at some new and different funding sources that cut expenses and/or generate ... more

Government Grants: Exchange or Contribution? It Depends.

August 15, 2019   |   Posted in: Not For Profit

When nonprofit organizations report certain government grants, revenue recognition standards can still be tricky. Although FASB has provided clarification, new accounting standards regarding revenue recognition from contracts (FASB ASC 605) have created more questions about how to categorize grants. Are they an exchange or a contribution? But first, let’s define the difference between an exchange and a contribution. Exchange transactions ... more

Charitable Giving Planning Through Automated Giving Programs

June 26, 2019   |   Posted in: Charitable Giving, Not For Profit

Automated giving programs are on the rise as a convenient way to boost monthly charitable nonprofit revenues. Sometimes called recurring givers, donors who choose this method can give the same amount at regular intervals, usually through credit card transfers or automated account deductions. Here are some strategies to create or increase monthly automated giving programs.  But first, consider the additional work required: Educate your team and ... more

GAAP Alternatives Extended to Not-for-Profit Financial Reporting

June 13, 2019   |   Posted in: Not For Profit

GAP for Goodwill graphic

In an effort to make accounting less complicated and less costly for not-for-profit financial reporting, FASB recently announced a new standard that will extend two GAAP alternatives that were originally developed for private companies.  The standard will make not-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. An announcement in ... more

NPOs Must Review Procurement Policies Regarding Federal Awards

June 04, 2019   |   Posted in: Not For Profit

Procurement policy graphic

Not-for-profit organizations (NPOs) that receive federal money in the form of loans or grants will probably need to update their written procurement policies to conform to the new federal requirements. Previously only applicable to state and local governments, NPOs that receive federal awards are now included in this requirement under the new Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (aka ... more

States Scrutinize Joint Cost Allocation and GIK Reporting

February 01, 2019   |   Posted in: Not For Profit

State regulators in several states, including California, are bringing enforcement actions against not-for-profit organizations, citing “materially false statements” specific to joint cost allocations reporting and gifts in kind valuations. The rules underlying these accounting and financial statement reporting activities are highly technical and, if misstated and not closely reviewed during an independent audit, can lead to enforcement actions, ... more

Managing the Influence of Donor-Advised Funds

November 16, 2018   |   Posted in: Not For Profit

To what extent should donor-advised funds influence the mission and outcomes of not-for-profit organizations? This question is part of a larger debate about what some are calling “The New Gilded Era” of philanthropy: although levels of giving are way up, the gap between rich and poor is expanding. In a recent article in The New Yorker, staff writer and author Elizabeth Kolbert noted that while thefederal deduction for charitable contributions ... more

Make Your Nonprofit’s Accounting Function More Efficient

November 02, 2018   |   Posted in: Not For Profit

How efficient is your not-for-profit? Even tightly run organizations can use some improvement — particularly in the accounting area. Adopting the following six tips can help improve timeliness and accuracy. Set cutoff policies. Create policies for the monthly cutoff of invoicing and recording expenses — and adhere to them. For example, require all invoices to be submitted to the accounting department by the end of each month. Too many ... more

Why Low Nonprofit Overhead Doesn’t Equal Efficiency

October 17, 2018   |   Posted in: Not For Profit

Public perception that overhead for nonprofits is “bad” has been a pervasive problem for decades (made worse by national ratings agencies), primarily based on public attitudes that nonprofit leaders should be paid less than their corporate counterparts because they chose to work in public service roles. The common attitude is that these leaders were drawn to service, and compensation is the opposite of that desire. Even in democratic states, ... more

Funding Best Practices in Foundation Partnerships

October 08, 2018   |   Posted in: Not For Profit

We know it isn’t easy to crack the code of funding best practices when working with private foundations. But a recent survey of 51 foundation trustees, foundation staff and grantee representatives — all of whom were recruited independently from 13 states in the U.S. — has helped to shed some light on what these highly engaged foundation leaders look for and expect from their closest nonprofit grantee partnerships. Respondents were significantly ... more

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