Category: Non-Profit

Accounting standard updates for nonprofits

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.

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Due to the effects the pandemic has had on organizations, auditors, accountants, and financial statement preparers need to brush up on the existing going concern requirements to be ready to address those situations. There will likely be few exceptions where organizations do not have some amount of doubt about events and conditions being present that could indicate a going concern problem.

continuity plan for nonprofits

The end of the year is in sight. Therefore, this is an appropriate time for a charitable organization to review 2020 operations and activities. Particularly this year, it’s a good time to consider what this year’s COVID-19 pandemic revealed about the organization.

Join our nonprofit team on June 23 as we partner with Giving DuPage to share important information your nonprofit needs to complete your 990, audit preparation and minimizing common mistakes.