Featured Articles

Rachel Werner
Apr 14, 2026

How to Read a NOFO Without Missing What Really Matters

A Notice of Funding Opportunity (NOFO) is often treated like a checklist. Teams look for eligibility, deadlines, and funding amounts, then move quickly into proposal mode. While that approach feels efficient, it is also where compliance risk often begins. A NOFO is not just an announcement. It is the funder’s first and clearest statement of expectations for how the award will be managed if funding is granted.

Why NOFOs Are More Than Application Instructions

Lila Leno, CPA, MBA
Mar 31, 2026

In July 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update is designed to simplify how organizations apply the current expected credit loss (CECL) model to short-term receivables.

For not-for-profit (NFP) organizations, this change can significantly reduce the cost and complexity of estimating credit losses on receivables arising from revenue transactions.

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