Here are the highlights of what’s included in this edition. Please click here for the full version.
Top Considerations for the Nonprofit Sector
Since navigating the headwinds of the past year, nonprofit organizations have reimagined their operations to maintain relationships with donors, volunteers and the communities they serve while discovering new means to protect mission funding. Even so, the impacts of the pandemic and calls to further social justice work won’t subside overnight, leaving many organizations continuing to reassess their processes, approaches and impact. (1)
Breaking down barriers – and silos: addressing leadership challenges in a remote environment
Are you tired of the “new normal,” logging into yet another virtual meeting and hoping your internet will hold out for your key presentation? Or do you love being remote so much that you’ve thrown out all your business pants and shoes, replacing them with loungewear and comfy socks? Either way, it’s time to admit that even after the COVID-19 shutdowns end, remote work settings are likely here for the long haul. Given this change, it is key for management to adapt its training and interactions with teams while striving to keep the organization’s culture. (2)
Accounting for Shuttered Venue Operators Grants
On Dec. 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Act) became law as a part of the Consolidated Appropriations Act, 2021 (CAA). The American Rescue Plan Act also provides $16 billion in grants to shuttered venues, to be administered directly by the Small Business Administration’s (SBA) Office of Disaster Assistance. (3)
Changes to the Auditor’s Report are coming with the implementation of Statement on Auditing Standards No. 134 (SAS 134)
SAS 134 “Auditor Reporting and Amendments” was issued in May 2019 and its revised effective date is for audits of financial statements for periods ending on or after December 15, 2021 (so this will be for calendar year 2021).
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(1) (2) (3) These are articles that originally appeared in BDO USA, LLP’s ‘Nonprofit Standard’ newsletter (Fall 2021). Copyright ©2021 BDO USA, LLP. All rights reserved. bdo.