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Nonprofit

Best Practices to Ensure Your PPP COVID-19 Loan is Forgiven

NOTE: In early June, new legislation was enacted that extends the time period during which PPP loans may be used and the percentage of the loan that must be used for payroll. We continue to…

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FAQs: Understanding the New Paycheck Protection Program

[UPDATED 5/26/2020] The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on Friday, March 27, 2020. In addition to expanded unemployment benefits and tax changes, the CARES Act includes the Paycheck Protection…

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If You Guessed PPP Loans Are Tax-Free, Guess Again

Many small businesses have been approved for and now may have received loans through the Paycheck Protection Program (PPP). The PPP was created as part of the Coronavirus Aid, Relief and Economic Security Act (CARES…

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IRS Extends Additional Deadlines

In this time of widespread uncertainty, the Department of Treasury and the Internal Revenue Service have attempted to calm some nerves by announcing the extension of several deadlines for both individuals and businesses. Below is…

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What Should Independent Schools Know about Recent Changes to Financial Accounting Standards for Nonprofits?

One way independent schools and other nonprofits communicate with donors or other stakeholders is through their financial reporting. Sound accounting practices result in financial reports that signal responsible stewardship of donations, tuition or assets in…

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Nonprofit Financial Statement Red Flags: The Board Member’s Role in Combating Fraud

The Director’s primary role on a nonprofit board is to make strategic decisions that impact the operations of their organization. In addition, they can and should take an active role in protecting their organization from…

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Internal Controls on a Shoestring: Five Effective Fraud-Fighting Strategies for Nonprofits

Nonprofits may be more susceptible to fraud than many other organizations. With their missions of helping others and serving the public at large, most people think that no one would steal from a nonprofit organization. …

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