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…
We are pleased to announce that Sassetti LLC has been selected as one of the 2022 award winners of Chicago’s Best and Brightest Companies to Work For®. The award review process was organized by the National Association for Business Resources (NABR). Sassetti was evaluated on criteria such as Employee Engagement and Retention, Work-Life Balance, Education…
By: David Clark, CIA, CFE, CRMA and LaShaun King, CPA Like many organizations, colleges’ and universities’ worlds were flipped upside down when COVID-19 emerged in the spring of 2020. To maintain their mission of reshaping the future through educating future generations, colleges and universities had to reimagine their own operations and adapt to a digital…
By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.” Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of…
By Adam Cole, CPA, and Andrea Espinola Wilson Amid the early stages of the COVID-19 pandemic, many nonprofits saw an increase in goodwill as individuals and organizations were inspired to give back in a time of crisis. Now, nonprofit leaders are looking to understand how they can maintain that goodwill — and many are turning…
By: Stacey Powell, CPA, CFE, CICA The U.S. Department of the Treasury (Treasury) released the Final Rule for Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) on Jan. 6, 2022. The Final Rule provides broader flexibility and greater simplicity in the program and is effective April 1, 2022. Until that time, the Interim Final Rule…
By: Marc Berger, CPA, JD, LLM The IRS Tax-Exempt and Government Entities (TE/GE) Division released its “Fiscal Year 2021 Accomplishments Letter” on Jan. 6, 2022. The letter contains information about the TE/GE’s contributions to the tax administration process and describes the division’s accomplishments during the recently completed year. In fiscal year 2021, TE/GE continued to…
Office of Management and Budget (OMB) Issues Addenda to 2021 Compliance Supplement OMB issued a Federal Register notice announcing the issuance of Addendum #1 to the 2021 Compliance Supplement (Supplement) on Dec. 3, 2021. Addendum #1 includes the following two programs: (1) the Coronavirus State and Local Fiscal Recovery Fund (CSLFRF), and (2) an update…
