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 [...]
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 [...]
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: [...]
By Courtney Rozen Initial estimates aren’t promising: The American Enterprise Institute projected June 18 that the law would reduce charitable giving by $17.2 billion this year, according to a static analysis. But in the six months since Republicans passed the 2017 tax act (Pub. L. No. 115-97), much of the impact is yet to [...]
I come across a lot of people who think non-profits (NPO) don’t need to make money. In fact, it’s called “non-profit” because it’s not supposed to make a profit. Right? Wrong. A NPO needs to make money and even show a “profit”. What is profit? Profit is when revenues/support exceed expenses. We use a different [...]
Interim Treasurer Fiatala Manu of the First Samoan Christian Congregational Church in Santa Ana has recently been charged with the embezzlement of upwards of $110,000. It is alleged that Manu wrote checks to himself from church bank accounts to feed a gambling addiction. He was called on the carpet about it when an [...]
At least this time is was in Las Vegas. Over 10 years apparently he pocketed $650k. Again ... no one ran into this guy in the casino? I'm just saying ... Some parishioners believed that he had a Robin Hood-type reason to steal. Remember, they're called con men because THEY GAIN YOUR CONFIDENCE AND THEY [...]
Now the Mayor of Compton alleges fraud. Who knew? It stopped the City from getting a line of credit to handle the $41mm deficit. Good luck getting an opinion from the auditors. Apparently the last audit had a "going concern clause". Here's hoping the auditor gives an opinion (rather than disclaiming). Oh ... what a [...]
Can I say "crappy"? Yes, I believe I can. And did. Apparently, First 5 Los Angeles has accumulated $800 million of taxpayer money that they're sitting on. They apparently spend $180 million per year but can't quite spend the whole amount they get ... so it sits in the bank. THAT'S OUR MONEY PEOPLE! "An [...]
Our now well known buddy, Robert Rizzo apparently secreted away $4.5mm in a hidden pension account. What I want to know is who the heck found this slush fund? My hat is off to the forensic accountants who discovered it.
