In December 2020, the Office of Management and Budget (OMB) issued new guidance on single audits in the form of an addendum to the 2020 OMB Compliance Supplement.
Due to several common factors—including a lack of internal controls, as well as less resources available for prevention and recovery—many nonprofit organizations are particularly vulnerable to fraud and identity theft.
Recently, the IRS issued the 2021 annual inflation adjustments for many tax provisions, including several that pertain to nonprofit organizations. Let’s take a look at the adjustments that matter to you:
In 2020, the FASB issued a number of accounting standard updates (ASUs) that will impact nonprofit organizations. Below is our roundup of what nonprofit organizations need to know.