First I would like to thank all of you for the support you have given this site. As I have said before I strive to provide only information that I believe will be of value to my readers. Saying that, I will not be posting to fill space or to show that I can post […]
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Budget for Government Grants Posted: June 6, 2009 Shawn H. Miller, CPA, CFE Calibre CPA Group PLLC This article was posted by Mr. Miller on the Non Profit Accounting Basics website in 2009 and is still very much prevalent today. When you receive a grant from a governmental agency, it will typically include a program
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This is a re-post from Journal of Accountancy that I would advise you subscribe to for updates on various issues that will affect non-profits. Here is the article: Not-for-profit executives and finance teams—and the boards that oversee those organizations—are facing challenging times. In addition to the uncertainty of the upcoming U.S. election, they are confronting
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Cost sharing or matching is the financial support contributed by organizations to sponsored projects. Compliance with federal cost accounting standards requires that cost-shared expenses be treated in a consistent and uniform manner in proposal preparation, award negotiation and the accounting of these expenses in the financial reports to sponsors. Your organization should assume a cost-sharing
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FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 3 of 3 Separation of Duties In parts 1 and 2 we looked at practical information on what is expected from organizations that have or anticipate receiving grants from federal funding either directly or as a sub-recipient regarding fiscal accountability. We also looked at Fiscal Policies that should
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FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 2 501 (c) (3) Fiscal Policies: Click here for a downloadable link to example Fiscal Policies (PDF) adapted for non-profit sub-section 501 (C) (3) organizations. This is presented as a guide to help you develop your fiscal policies. Some items and/or positions shown may not apply to you
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A CHECK SIGNER’S RESPONSIBILITIES Most businesses know that segregation of duties is an essential internal control within the accounting function. So, normally, the person with check signing authority is someone different from the person generating the checks within the accounting program. But this example of segregation of duties only works well if the check signer
FINANCIAL MANAGEMENT GUIDELINES FOR NON-PROFIT AGENCIES Part 1 Everyone in your organization who is responsible for grant management should be familiar with the processes and procedures concerning accountability and responsibilities. This includes those who prepare grant proposals and those who record and report on grant project activities. These guidelines regarding fiscal accountability are only intended
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New requirement for organizations intending to operate under Section 501(c)(4): Submit Form 8976 ________________________________________ New legislation enacted at the end of 2015 added section 506 to the Internal Revenue Code. Section 506 requires an organization to notify the IRS of its intent to operate as a section 501(c)(4) organization. The IRS has developed a new
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Yea, Great News for those who want to start a Non-Profit Organization! Would you believe the IRS actually drastically reduced the processing fee? User fee decreased for Form 1023-EZ On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was
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