Implementing FASB ASU on Contributed Nonfinancial Assets

By Matt Cromwell In September 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-07 Not-For-Profit Entities (Topic 958): Presentation and Disclosures by Not-For-Profit Entities for Contributed Nonfinancial Assets. The intent of ASU 2020-07 is to provide enhanced transparency related to the presentation and disclosure of contributed nonfinancial assets. These enhancements will allow…

Nonprofit Items to Note – Fall 2022

Shuttered Venue Operators Grant (SVOG) Updates The Small Business Administration (SBA) has updated the SVOG Post-Application Guidance and the Post-Award Frequently Asked Questions. These documents apply to both non-federal entity recipients (these include nonprofit entities, state and local governments and Native American tribes, and institutions of higher education) and for-profit recipients. Included in the updates made by SBA…

Inflation Reduction Act of 2022 Signed Into Law

President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs. The bill moved through the legislative process in near-record…

Nonprofit Items to Note – Summer 2022

For-Profit SVOG Recipients In February 2022, the Small Business Administration (SBA) issued updated Post-Application Guidance for Shuttered Venue Operators Grant (SVOG) applicants, as well as Post-Award Frequently Asked Questions (FAQs). The SBA also issued a new set of Post-Award FAQs, which contain answers to many common compliance-related questions for the program. The Post-Application Guidance, among…

OMB Issues 2022 Compliance Supplement

By Tammy Ricciardella On May 12, 2022, the Office of Management and Budget (OMB) issued the 2022 Compliance Supplement (Supplement). The Supplement is effective for fiscal years beginning after June 30, 2021 and can be accessed on the OMB website. The Supplement is issued to assist auditors by providing a source of information related to various…