Compliance

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Subscription Based IT Arrangements for Government Entities

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…

October 16, 2023

Charity Raffles – Tread Carefully

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…

October 5, 2023

Provider Relief Funds Reporting Assistance

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…

July 21, 2021

Covid-19 Grant Funds

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…

June 7, 2021

Monthly Close Best Practices

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…

June 7, 2021

Grant Accounting Reminders

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…

June 7, 2021

New Federal Grant Funds

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…

January 21, 2021

Proper Accounting for PPP Loans

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…

January 7, 2021