Author: Courtney Healy
The Treasury Department has released its Priority Guidance Plan (PGP) for 2021-2022, a projection of what they want to accomplish during the 2021-2022 fiscal year. The PGP provides an indication of where the Treasury wants to focus, which includes several issues relevant to nonprofit organizations.
Recently, the AICPA Auditing Standards Board issued a suite of standards that effect the Auditor’s Report. It places the auditor’s opinion at the front of the audit report and strengthens the transparency of the auditor’s opinion, clarifies responsibilities, and otherwise strengthens the audit process.
The new Encompass Rating System allows Charity Navigator to rate organizations at scale, automatically analyzing tax forms for three consecutive years. At the time of the rollout, Charity Navigator had increased the total number of rated nonprofits from 9,000 to 160,000. It also expands eligibility to smaller and less established nonprofits that didn’t meet the requirements previously.
While small businesses and larger organizations each face their own set of challenges, mid-sized businesses often grapple with a unique blend of the two—encountering ‘small-business’ issues like limited resources and thin margins, as well as ‘big-business’ challenges, like taxation on interstate trade and the planning of larger investments.