PPP Forgiveness & The Nonprofit Double Dipping Dilemma
As borrowers near the end of their 24-week covered period and prepare to apply for PPP forgiveness, many nonprofit organizations face the issue of double dipping, or being reimbursed for the same expense twice by government agencies. A surprise to many is that the PPP guidance does not actually address double-dipping. Federal cost principles, detailed at 2 CFR, Subpart E, §200.400 through 200.475, provide guidance for determining allowable costs of federal award programs. These guidelines require that “costs be necessary and reasonable for performance of the federal award, allowable under the cost principles, and consistently applied to both federally-financed and…
More PPP Loan Funds Available For Small Businesses
Five Keys to Improving the Close Process for Nonprofits
The right nonprofit financial management team and reporting solution can be a critical driver of efficiency and visibility; the wrong solution can be a critical roadblock to strategic improvement. In accordance to “Close the Books” Survey Results – 2020 Edition, by Sage Intacct and our extensive experience with nonprofit outsourced accounting services, here are five keys to improving the close process for nonprofits: Choose a nonprofit financial management system that can consolidate entities with the click of a button. Over a quarter of respondents listed consolidations as a main barrier to closing the books on time. The best nonprofit organizations…
The SALT Cure!
No, we aren’t talking about preserving meat. But we are talking about preserving money. Yours.
What to look for in a business valuation under Corporations Code 2000
Typically, a minority shareholder has very limited rights regarding the operations of a company. There are a multitude of reasons why shareholders can disagree, including differing visions of strategy, financial issues or simply personality differences that can influence business valuation. Outside of an existing buy-sell agreement, the California Corporations Code provides the procedures for both an involuntary and voluntary dissolution. In extreme circumstances, a dissenting shareholder can force the INVOLUNTARY sale of the entire business, through the guidance set forth in California Corporations Code § 1800 (Code § 1800). In less severe scenarios, shareholders who combine to own 50% or…
Nonprofit CFOs Agree – Cloud Financials Key in Running a Nonprofit Today
In the mission-driven nonprofit world, accounting and financial management can sometimes slip down the priority list. It’s not always easy to allocate budget dollars to back office infrastructure that doesn’t directly support the nonprofit agenda, and it’s even harder to find the time and expertise to make it all work. Consider some of the obstacles: Capital investment for software and hardware Facilities and expert personnel to implement and maintain the system Lengthy deployment cycles Capacity / scalability Reliability / availability These issues aren’t part of most nonprofit organization’s core competencies. That’s why many nonprofits are increasingly turning to new-generation cloud-based…