News & Insights: john damico cpa
Complying With Federal Requirements for COVID-19 Funding in Your Single Audit
By John D'Amico | February 25, 2021
Nonprofits and state and local governments are subject to a federal Single Audit if they expend $750,000 of federal financial assistance or more in their fiscal year. This includes COVID-19 assistance either in grants or loans and all their other non-COVID-19 federal financial assistance expended in their fiscal year.
The Impact of COVID-19 on Single Audits
By John D'Amico | October 21, 2020
The 2020 OMB Compliance Supplement, which is required to be used by auditors performing a Single Audit, did not include guidance for auditing COVID-19-related federal financial assistance. The OMB advised that they will issue an addendum to the Supplement to address this concern but until it is issued, there is a great deal of uncertainty regarding compliance with the requirements for such assistance.
Ensuring Grant Compliance in the Wake of COVID-19
By John D'Amico | Joseph J. Kanjamala | May 27, 2020
Timely and clear guidance is necessary for recipients of federal financial assistance to comply with the terms and conditions of these awards.
Footnote Disclosure Overload
By John D'Amico | March 26, 2020
The FASB has had several projects over the years to improve the effectiveness of disclosures in footnotes to financial statements, but it seems that these projects have been somewhat forgotten for nonprofits, writes Partner John D’Amico.
Are You Ready for Your Upcoming Single Audit? The OMB Compliance Supplement Can Help
By John D'Amico | July 1, 2019
If your organization is subject to a Single Audit under Uniform Guidance, the OMB Compliance Supplement can be a useful resource.
The Overhead Myth: Finding Better Ways to Measure Nonprofit Performance
By John D'Amico | December 20, 2018
The Overhead Myth campaign, started in 2013 by Better Business Bureau’s Wise Giving Alliance, Charity Navigator and GuideStar®, aims to eradicate the practice of judging a nonprofit’s performance primarily on its overhead ratio.
Out with the Old and In with the New Financial Reporting Standards for Nonprofits
By John D'Amico | October 2, 2018
It has now been twenty-five years since the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements for Not-for-Profit Organizations
New Procurement Thresholds under U.S. OMB’s Uniform Guidance
By John D'Amico | August 2, 2018
The OMB recently issued Memorandum M-18-18 that raised the procurement thresholds for micro-purchases to $10,000 and the simplified acquisition threshold to $250,000.
GASB’s Guidance for Irrevocable Split-Interest Agreements is Now in Effect
By John D'Amico | May 29, 2018
The Governmental Accounting Standards Board (“GASB”) Statement No. 81 Irrevocable Split-Interest Agreements is now in effect for financial statement periods beginning after December 15, 2016 (December 31, 2017 year-ends and thereafter) and should be applied retroactively.
Recognizing the Symptoms of Fraud in Your Nonprofit Organization
By John D'Amico | February 2, 2018
“Where there is a will, there’s a way.” The old saying holds true even with employees bent on embezzling funds from their employer – whether directly or indirectly.
Nonprofit Alert: International Fraud Awareness Week and 10 Signs of Nonprofit Fraud
By Michael McNee | John D'Amico | November 16, 2017
It's International Fraud Awareness Week and Marks Paneth is doing its part to drive awareness!
What You Need to Know About Pass-Through/Subrecipient Relationships Under the Uniform Guidance
By John D'Amico | November 3, 2017
In this article, John D’Amico, Director with our Professional Standards Group, outlines the responsibilities of a pass-through entity under “legacy” OMB Circular guidance, as well as a relatively new rule stemming from the 2014 issuance of the Uniform Guidance.
Nonprofit Alert: New FAQs on Uniform Guidance for Federal Awards
By John D'Amico | August 28, 2017
Nonprofit Alert: FASB Proposes Improvements to Nonprofit Grant and Contribution Accounting
By John D'Amico | August 21, 2017
There has always been some “gray area” in determining whether a grant is an exchange transaction or a contribution – depending on whether the contributor/grantor (the resource provider) received something of approximate equal value in exchange for the resources transferred. This has resulted in difficulties and diverse reporting practices among nonprofit organizations.
Nonprofit Alert: Changes to New York State June 30, 2017 CFR Filing
By Joseph J. Kanjamala | John D'Amico | July 31, 2017
The New York State Consolidated Fiscal Reporting (CFR) and Claiming Manual for the reporting period from July 1, 2016 to June 30, 2017 is now available.
Amendments to New York Nonprofit Revitalization Act of 2013 are now in effect
By Michael McNee | John D'Amico | July 6, 2017
On November 28, 2016, additional amendments (the “2016 Amendment”) to the New York Nonprofit Revitalization Act of 2013 (the “NPRA”) were signed into the New York Not-for-Profit Corporation Law (“NPCL”). The 2016 Amendment is intended to “improve and make clarifying amendments” in order to “correct certain inconsistencies, and make the statute operate more smoothly and efficiently.”
New rules for telling your financial story
By John D'Amico | June 2, 2017
Nonprofits that are at least partially funded through government contracts face two ongoing challenges. One is finding funding for any associated administrative costs that are not covered by the grant. The second is managing cash flow when governmental agencies are notoriously late in reimbursing nonprofits for expenses they have already incurred. It is common for nonprofits to wait three to six months or more for reimbursement. This can result in serious liquidity issues. Combined, these issues often make it difficult for nonprofits to provide potential private donors a true picture of their financial status.
Effective date of OMB’s Procurement Standards extended
By John D'Amico | May 25, 2017
On December 26, 2013, the US Office of Management and Budget (OMB) published 2 CFR 200, “Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards” – also referred to as the Uniform Guidance (UG). One of the most significant changes introduced by the UG relates to procurement standards for non-Federal entities.
Nonprofit Alert: New Filing Requirements for New Jersey Charitable Registrations
By John D'Amico | April 10, 2017
New Jersey-based nonprofit organizations are required to file either Form CRI-300R or CRI-200, along with their IRS Form 990 annually. These forms are due to the State of New Jersey on the last day of the sixth month following the close of the organization’s fiscal year.
Ensuring Nonprofit Compliance with the Federal OMB Uniform Guidance and NJ's Circular 15-08 OMB
By John D'Amico | March 13, 2017
The federal OMB’s Uniform Guidance requires New Jersey-based nonprofit organizations with fiscal year expenditures greater than $750,000 to have a Single Audit. Organizations that receive new or incremental federal funding either directly from a federal agency or passed-through from the state or a local government after December 24, 2014 need to follow the federal OMB’s Uniform Guidance. For federal grants awarded prior to that date, OMB Circulars (A-110 and A-122 for nonprofits) are still in effect.
FASB Project on Not-for-Profit Financial Reporting
By John D'Amico | April 21, 2016
New Accounting and Auditing Matters on the Horizon -- The FASB is moving forward with the proposed ASU Presentation of Financial Statements of Not-For-Profit Entities. The proposed changes are considered to be the most sweeping changes since 1993. After receiving 264 comment letters and holding three public roundtables, which representatives of Marks Paneth LLP participated in, the FASB Board decided to separate the project into two phases. This summary provides useful information on the changes which lie ahead.