Category: Non-Profit

An audit is one of the most important accounting functions, and it’s something every business and nonprofit should understand. In this short article, we’ll break down the basics.

Facing a single audit for the first time? You’re not alone. In this article, we break down what a Single Audit is, how it’s done, and how you can prepare.

After multiple delays ASC 842, which provides new guidance on leasing standards, is taking effect for private companies and nonprofits for fiscal years beginning after December 15, 2021. Earlier guidance allowed organizations to omit certain lease assets and liabilities from their balance sheet. ASC 842 was designed to close the loophole. Read our analysis to learn more.

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.