Month: August 2022
Record retention policies (also called a ‘schedule’) describes how long an organization needs to keep a piece of information (record), where it’s stored, and how to dispose of it when the time comes. Having a record retention policy is critical to maintaining compliance and reducing risks. It also helps organizations save storage and operating expenses when dealing with large amounts of printed or digital files.
Nonprofit organizations are often the recipients of “gifts” from donors. While many gifts (or, non-cash contributions) are beneficial to nonprofits, others can be more of a hassle than a benefit. Creating a “gift acceptance policy” can help nonprofits manage the expectations of donors while providing guidance for board and staff members about which gifts are acceptable and the procedures that need to be followed.
Recently, many nonprofit organizations have received federal financial assistance as a result of the COVID-19 pandemic. This could make them subject to a Single Audit for the first time. The OMB Compliance Supplement provides guidance for those who want to understand the rules their auditing team must follow. Read more about the 2022 Compliance Supplement in this post.