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To view this email as a web page, go here.
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| Single-audit extension, how to evaluate a new program, and more |
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| April 1, 2021 – Volume 21 No. 8 |
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We’re diving into spring with several new and updated NFP Section resources, plus a new FASB ASU that affects NFPs. Be sure to read on for information on evaluating new NFP programs, managing grants, understanding the Shuttered Venue Operators Grant Program, and more.
Did you know we’ve curated the most frequently accessed NFP Section tools and member benefits? Be sure to bookmark this page. You can tick the flag icon to save it under your aicpa.org profile, or bookmark it in your own web browser—whichever you prefer. Be sure to log in whenever you visit aicpa.org to access your saved items and your NFP Section-exclusive resources and discounts.
Reminder: Looking for a specific resource on our website? After you enter your keyword(s) in the search bar, be sure to use the filters on the left-hand side to narrow the search results to resources.
Sincerely,
The AICPA Not-for-Profit Team
Chris Cole, Ashley Whitaker, and Lana Richards |
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| Headlines and trends |
Opening April 8: Shuttered Venue Operators Grant (SVOG) Program
SVOG applications are expected to open April 8. Read about eligibility requirements, how this program interacts with the PPP and other COVID-related programs, accounting considerations, what you can do now to prepare, and much more in this comprehensive SVOG resource open to all AICPA members. Entities interested in applying can sign up for updates via a splash page for the SVOG application portal. The SBA will also hold a free webinar March 30 to provide information on the application process.
Single audit 6-month extension
Office of Management and Budget (OMB) Memorandum M-21-20, Promoting Public Trust in the Federal Government through Effective Implementation of the American Rescue Plan Act and Stewardship of the Taxpayer Resources, includes a 6-month single audit submission extension for single audits of fiscal years through June 30, 2021, that have not yet been submitted.
How to evaluate a new not-for-profit program
Especially during challenging times, it may be tempting to initiate a new program without a thorough evaluation. This resource discusses critical analyses to perform and key strategies to have in place before starting a new NFP program to ensure that it furthers your mission.
Grants management: Integrating finance and fund development
What's the best way for fund development to work with finance in managing grants? In this archived NFP Section webcast, industry experts share real-world experience to assist in successfully managing grants.
FASB provides goodwill triggering relief for not-for-profits, private companies
NFPs and private companies have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
A new risk-management tool, plus PPP and tax deadline updates
Uses for a new risk-management resource are discussed in the latest Journal of Accountancy podcast episode with transcript, along with news on tax deadlines, potential Paycheck Protection Program application-deadline changes and more.
PPP quiz: 5 frequently asked questions
NFPs, businesses, and CPAs who serve them have many questions about the administration and implementation of the PPP. See whether you can answer some of the questions most often asked of the AICPA's PPP experts.
6 reasons impairment of nonfinancial assets is a hot topic right now
Many entities are making impairment assessments to determine how COVID-19 ramifications might have affected nonfinancial assets. CPAs should be aware of several key challenges.
Ethics considerations for assisting clients with PPP documents
A special crossover episode of the Journal of Accountancy podcast delves into ethical concerns related to assisting clients with PPP loan and forgiveness applications. The full transcript is included. |
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