Nonprofit Insights
What Are Your Internal Control Objectives?
Many nonprofits recognize the importance of establishing strong internal controls. But it is just as important to know why certain internal controls are in place. In other words, what are the objectives of your internal controls and what are you trying to accomplish...
New Lease Accounting Standard in Effect
It has been more than two years since Accounting Standards Update No. 2016-02 (ASC 842) became effective for private companies and nonprofit organizations for fiscal years beginning after December 15, 2021. However, some nonprofits are still adjusting to this major...
Beware of Employee Retention Tax Credit Scams
The Employee Retention Tax Credit (ERTC) was devised during the pandemic to provide financial relief to businesses and nonprofit organizations that continued paying employees while shut down due to COVID-19 or that had a significant decline in gross receipts during...
How to Combat the Nonprofit Workforce Crisis
A study of the nonprofit workforce conducted in 2021 by the National Council of Nonprofits revealed a rising workforce crisis. According to the study, nonprofit organizations were experiencing “intolerably high job vacancy rates,” causing harm to the individuals and...