In the ever-evolving landscape of nonprofit funding, federal grants remain a crucial lifeline for organizations striving to make a difference. Recently, a significant shift has occurred in how these funding opportunities are presented, with the introduction of simplified Notices of Funding Opportunity (NOFOs). This change promises to reshape the way nonprofits approach and secure federal funding, potentially opening doors for a more diverse range of organizations.

Learn about the new $1 million Single Audit threshold for nonprofits starting in fiscal year 2025. Understand how these changes impact your organization and how to prepare for the updated requirements.

Discover how nonprofits can leverage new federal funding allowances for evaluation and data analysis. Learn about Uniform Guidance updates, allowable costs, and implementation strategies.

Discover expert insights on ASC 842 compliance for nonprofits, healthcare, and higher education. Learn best practices and lessons from Temple Management Consulting's experience.

As we approach 2025, nonprofit organizations are navigating an evolving landscape of audit requirements and best practices. Effective nonprofit audit preparation remains crucial for ensuring compliance, enhancing transparency, and maintaining stakeholder trust. In this comprehensive guide, we'll explore key aspects of preparing for your 2025 nonprofit audit, including lessons learned from recently implemented standards, emerging best practices, and strategies to navigate common challenges.

In 1993, FASB introduced SFAS 116 and 117. These standards revolutionized nonprofit financial reporting. They established guidelines for contribution recognition and financial statement presentation. For over two decades, these standards served as the backbone of nonprofit accounting. SFAS 116 focused on accounting for contributions received and made. It provided clear guidance on how to recognize […]