Audit

The specific requirements for activities allowed or unallowed are unique to each Federal program and are found in the laws, regulations, and the provisions of contract or grant agreements pertainin

A nonprofit organization can engage a Certified Public Accountant (CPA) to prepare its financial statements.  There are three levels of financial statement services offered by CPAs: Audits, Re

When entities are funded on a reimbursement basis, program costs must be paid for by entity funds before reimbursement is requested from the Federal Government.

The Office of Management and Budget (OMB) issued a compliance supplement to its Circular A-133ⁱ.

The Davis-Bacon Act requires that wages for "laborers and mechanics" employed by contractors (including subcontractors) of federally-funded construction in excess of $2,000 be paid in accordance wi

Equipment and real property management provides standards for the use and disposition of equipment and real property purchased with federal funds.

What is FASB 117?

Statement of Financial Accounting Standard 117 “Financial Statements of Not-for-Profit Organizations” (FASB117) is the primary guidance relating to the financial statement

As your organization grows and becomes more sophisticated, your financial reporting needs to evolve as well.

The A-133 compliance supplementⁱ describes 14 types of compliance requirements and related audit objectives and procedures to be considered in performing audits subject

With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt

The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2016-14.  This ASU is intended to update, not overhaul, the current financial statement model to imp

What is OMB Circular A-122?

OMB Circular A-122 ("A-122") is officially named "Cost Principles for Non-Profit Organizations".