On March 19, 2021, the Office of Management and Budget issued memorandum M-21-20 (the Memo), providing an automatic six-month extension for all single audit filings for fiscal year ends through June 30, 2021 (Appendix 3, part IX, of the Memo). For reference, here is a short list of those approaching: As mentioned above, the extension […]
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According to a study by the University of Maryland, cyber-attacks happen on average every 39 seconds. Blue & Co. hosted a webinar on Tuesday, July 13 from 12:00 p.m. to 1:00 p.m. EST entitled Cybersecurity & Data Management Best Practices for Nonprofit Organizations. Andrew Brock, CPA, sat down with two of Blue & Co.’s cybersecurity and […]
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Blue & Co. and Ashley|Rountree and Associates hosted a webinar on Thursday, June 10 from 12:00 p.m. to 1:00 p.m. EST entitled Not-for-Profit Revenue Sources – Earned Revenue. This is the second webinar in a two-part series. During the second part of the series, we will discuss unique opportunities where not-for-profit organizations can generate earned income, along with […]
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Organizational budgeting is far from a simple process, and this is especially true for those in nonprofit leadership. There are often many complexities to consider when developing a financial plan capable of carrying the mission forward into the next fiscal year and, certainly, the added challenges of the COVID-19 pandemic have not made this task […]
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If your organization is exempt under section 170(b)(1)(A)(vi), section 170(b)(1)(A)(iv) or section 509(a)(2) of the IRS code, it must annually meet one of two public support calculation tests (shown on Form 990, Schedule A) to maintain its publicly supported status: The organization is over 33 1/3% publicly supported. This means that 33 1/3% or more […]
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The Employee Retention Credit (ERC) is a refundable payroll tax credit that your tax-exempt organization may be eligible for. The credit was originally enacted with the CARES Act in March of 2020 and was extended and expanded with the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which passed in December 2020. An additional […]
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An area of common concern for not-for-profit organizations is how to best allocate certain expenses among the various functions between management and general activities, program services and other supporting activities like fundraising and membership development. Users of your financial statements, and of course your auditors, will want to ensure that expenses that are not directly […]
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The following article was made available and moderated by Ray Paprocki, publisher and general manager at Columbus CEO. In this article, Ray interviews Tom Skoog, the Cybersecurity and Data Management practice leader at Blue & Co., LLC. Columbus CEO Virtual Roundtable: Cybersecurity The U.S. government recently blamed the Russians for a major hack of federal […]
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On December 22, 2020, the Office of Management and Budget (OMB) issued the 2020 Compliance Supplement Addendum (Supplement Addendum). The Supplement Addendum provides guidance on auditing Coronavirus Aid, Relief, and Economic Security (CARES) Act money and other COVID-19 relief programs. The addendum has the same effective date as the original August 2020 Compliance Supplement for […]
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As we continue through the first part of a new year, it is important to be reminded of a new Accounting Standards Update (ASU) that has been issued by the Financial Accounting Standards Board (FASB). In September 2020, FASB issued ASU 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. This new standard […]
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By: Angela Crawford, CPA, Senior Manager The recently enacted Senate Enrolled Act (SEA) 382 (2022) makes significant changes in the way not-for-profit organizations purchase and sell items exempt from sales tax. Sales tax information Bulletin 10 has been revised to reflect these changes. While sales tax-specific changes are detailed within the bulletin, here are the […]
Blue & Co. has performed many Emergency Department Leveling Reviews for hospitals. The two most utilized leveling criteria are “points-based” or “intervention-based.” In either case, each hospital must determine which facility resources (or attributes) to include within its criteria, and how these resources crosswalk into ED visit levels (99281-99285). This can create significant reimbursement differences […]
By: Tom Skoog, Cybersecurity & Data Management Practice Leader Cybersecurity for the construction industry is a growing challenge. The industry is moving towards digital connectivity, not only across the supply chain, but also ‘on site’ as more metrics related to performance, progress, and health & safety are monitored in ‘real time’. This increase in connectivity […]
