Not-for-Profit entities (NFPs) are not immune to the pain caused by the COVID-19 pandemic. In response to the pandemic, the organizations surveyed are canceling major events, having all or some employees work remotely, implementing new safety procedures, and revising short-term goals. Those responsible for the accounting and auditing of NFPs, face not only logistical, economic, and staffing challenges but also a changing regulatory environment. Since covering all of these areas in the space of one report would be impossible, in this report we focus on areas which we believe are most impactful to a wide range of NFPs such as the accounting for:
Higher Education Emergency Relief Funds (HEERF)
Provider Relief Funds (PRF)
We also discuss other financial reporting considerations resulting from COVID surrounding going concern and the potential need for a single audit as a result of receiving funds.