This article is relevant to entities following generally accepted accounting principles as issued by the Government Accounting Standards Board (GASB). In general, this article does not apply to for-profit or non-profit entities. Most governments have put the final polishing touches on their implementation of GASB 87 – Leases. So, it’s…
Raffles can be a fun and effective way for non-profit organizations to engage the public and raise funds to support the organization’s mission. However, from the perspective of the non-profit, there are legal considerations that must be kept in mind when conducting gaming activities in South Dakota. Federal Rules From…
Beginning April 10, 2020, entities within various facets of the healthcare industry (medical, dental, behavioral health, nursing homes, etc.) and certain governmental entities began receiving Provider Relief Funds (PRF). These funds were electronically deposited and, depending on when received, have specific reporting requirements to the Department of Health and Human…
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…
Closing the books on a monthly basis can reduce work at year-end, and allow accurate financial statements to be reviewed throughout the year to identify any potential issues timely. Additionally, management and boards can monitor benchmarks and budget activity. Depending on different software, the closing process may range from an…
This past year has been a whirlwind of changes and innovative problem solving for nonprofits everywhere, and the last thing anyone needs is year-end adjustments to properly recording grants received. Hopefully, we can give you some comfort by providing a quick refresher! The process for deciding how to record a…
The Small Business Administration (SBA) was tasked with helping struggling businesses with EIDLs loans. These loans were are a great source of easy terms funding for those suffering the economic impact of the COVID-19 pandemic. It is essential you read the detailed terms of your EIDL loan documents. Despite that…
Many for-profit, nonprofit, and governmental organizations are receiving new federal and state grants funds during the pandemic. In some instances, organizations receive the funds in their bank account with limited information on how to use such funds. In addition to limited or vague information on how and when to use…
The CARES act provided funds through the Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA), to support businesses and nonprofits that were impacted by the COVID-19 pandemic. Many businesses were successful in being granted these funds. With the modifications to the program, most businesses in our region…
When it sounds too good to be true, that is most likely the case. Beginning September 1, 2020, willing employers were able to defer withholding the employees’ portion of Social Security tax in an attempt to keep more money in employees’ pockets during the pandemic. Social Security tax could be…
