News & Insights: sibi thomas cpa cfe cgma

Practical Guidance for Implementing the New Lease Standard

By Sibi B. Thomas  |  June 18, 2021

The joint project between the FASB and the International Accounting Standards Board to enhance financial reporting standards for leasing activities has been underway since back in 2006. The time is now for organizations to adopt the reporting practices they will need to comply with
the new lease standard.

American Rescue Plan Act: Relief for Nonprofits

By Sibi B. Thomas  |  March 22, 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law providing an additional $1.9 trillion in COVID-19 relief. ARPA includes several relief provisions for nonprofits.

Consolidated Appropriations Act: Relief for Nonprofits

By Sibi B. Thomas  |  January 7, 2021

The Consolidated Appropriations Act of 2021 (the “Act”), signed into law on December 27, 2020, updates several provisions from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, specifically for Paycheck Protection Program (PPP) loans.

Increased Transparency on Gifts-in-Kind

By Sibi B. Thomas  |  October 21, 2020

The FASB has issued Accounting Standards Update No. 2020-07 that increases transparency around gifts-in-kind received by not-for-profit organizations.

7 Ways CARES Act Financially Supports Nonprofits

By Sibi B. Thomas  |  March 30, 2020

Sibi Thomas, Partner in Marks Paneth’s Nonprofit, Government & Healthcare Group, examines seven ways the $2.2 trillion stimulus bill provides assistance concerning donations and operational revenue for nonprofits.

Cryptocurrency: Considerations for Accepting Gifts of Virtual Currency

By Matthew Estersohn |  Sibi B. Thomas  |  September 30, 2019

Bitcoin was invented in 2009 and saw limited use for the first few years of its existence, with transactions limited mostly to novelty purchases and early adopters. The past few years, however, have seen increased growth, with bitcoin transactions now in the hundreds of thousands per day and price volatility that has made national news.

Tips for NFP internal reports

By Sibi B. Thomas  |  November 14, 2018

A not-for-profit should consider the following best practices to ensure that internal financial reports prepared for its board of directors and other governance committees are accurate, timely, and decision-useful.

Nonprofit Alert: Improved Guidance on Grant and Contribution Accounting

By Sibi B. Thomas  |  June 22, 2018

The Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) number 2018-08 on June 21, 2018 that clarifies the current accounting guidance on contributions made and received by nonprofit organizations and businesses.

Using Effective Ratio Analysis at Nonprofits

By Sibi B. Thomas  |  May 29, 2018

Analyzing key ratios in your nonprofit’s financial statements can be a very useful tool for gaining deeper insight into the organization’s financial condition and evaluating its overall performance, even at the programmatic level. Effective ratio analysis can be used to analyze trends over a period of time, plan for future strategies and measure current financial health.

New Liquidity Disclosure Requirements for Nonprofits

By Sibi B. Thomas  |  January 23, 2017

Under the Financial Accounting Standards Board’s new financial reporting standards for nonprofits released on August 18, 2016, nonprofit organizations are required to provide enhanced disclosures about the liquidity and availability of its resources in the audited financial statements. The disclosures must be both qualitative and quantitative in nature.  

Tips for improving the quality of your nonprofit’s audit

By Sibi B. Thomas  |  June 8, 2016

Audit quality is one of the most discussed topics in the accounting and auditing profession. Audit quality involves both qualitative and quantitative elements, some of which are not easily measurable. It is subjective and viewed differently by different stakeholders based on their expectations and perceptions. It’s important for all the involved stakeholders to align their expectations in order to produce a quality audit.

Monitoring your organization’s fiscal health to avoid financial failure

By Sibi B. Thomas  |  January 8, 2016

When considering the myriad of challenges the nonprofit sector faces today, it is important that nonprofit leaders take a holistic approach to understanding the factors affecting their organizations' financial viability. There are several tools and specific approaches to nonprofit governance that can greatly facilitate this undertaking. 

In this article, Partner Sibi Thomas discusses give factors that nonprofit leaders should consider to better secure their organizations against financial mismanagement and organizational risk.

This article was originally published in New York Nonprofit Media in January 2016.