Part 1: Eligible Compensation Common Finding Plans have the ability to define the Plan’s eligible or ineligible compensation. It is vital that those involved in payroll are well aware of these delineations. The Company’s payroll calculations for employee retirement withholdings and employer match or profit-sharing benefit need to agree with…
Over the past 18 months, many commercial entities have received federal grant funding for the first time due to COVID-19. The information regarding how and when to use such grant funds has been limited, vague, or not provided until months after funding is received. To further complicate things, guidance is continually…
According to a recent survey from the Association of Certified Fraud Examiners (ACFE) and Grant Thornton, LLP, there has been a 51% increase in uncovered fraud since the onset of the pandemic and 71% of respondents anticipate fraud to increase over the next 12 months. Organizations typically face three categories…
Many for-profit, nonprofit, and governmental organizations have received and will continue to receive new federal and state grants funds, because of Covid-19. The information regarding how and when to use such grant funds has been limited, vague or not provided until months after funding is received or awarded. Guidance is…
Earlier this summer the Office of Management and Budget (OMB) issued Memorandum 20-26- (M-20-26). This memorandum provided additional guidance allowing flexibilities on audit requirements of federal award recipients. The memorandum also provided additional information (rescinding the previous extensions as issued in Memorandum 20-17) regarding extensions of the Data Collection Form…
The landscape surrounding revenue recognition is changing dramatically in 2019, and nonprofit organizations are not exempt from its effects. In fact, the way you record revenue for certain types of transactions could be changing. Two new revenue recognition standards are effective for years ending December 31, 2019. One relates specifically…
