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Fed Seeks Commentary on Expansion of Main Street Lending Program to Nonprofits

This week, the Federal Reserve Board announced that it is considering an expansion of the Main Street Lending Program to nonprofit organizations. The current

Final Regulations Clarify Exempt Organization Filing Requirements

After waiting nearly eight months, exempt organizations finally have clarity on the reporting requirements of Form 990, Schedule B, Schedule of Contributors.

SBA Clarifies Single Audit Requirements

The Small Business Administration (SBA) has been issuing quite a bit of clarifying guidance and a number of interim final rules over the past few weeks

Additional Guidance Provided on Separating Unrelated Businesses Activities

The Internal Revenue Service (IRS) issued proposed Regulations (REG-106864-18) on the “siloing” of unrelated business income under §512(a)(6).

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Charity Registration Renewal Deadline Extended Amid COVID-19 Emergency

For Pennsylvania charitable organizations whose registration or renewal deadlines fall during April, May, or June 2020, a three-month extension has been

FASB Votes to Propose Delay of New Revenue Recognition Standards for Franchisors and Lease Standards for All Non-Public Companies and Not-for-Profit Public Business Entities

Acknowledging the disruption caused by the COVID-19 pandemic and the strain it has put on the resources of many organizations, the FASB voted on April

OMB Relief for Recipients of Federal Financial Assistance Due to COVID-19

The Office of Management of Budget (OMB) has issued additional relief to recipients and applicants of federal financial assistance due to the impact of

Resources for Not-for-Profits to Manage Cash Flow during the Coronavirus Pandemic

As organizations throughout the United States continue to reduce operations, cancel events and go dark the old adage “cash is king” comes into

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Changes to Gifts-In-Kind Reporting for Not-for-Profits

On February 10, 2020, the Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic

IRS Requires E-filing of Form 1023, Application for Tax Exemption Under Section 501(c)(3)

On January 31, 2020, Revenue Procedure 2020-08 (Procedure) was released by the Internal Revenue Service. The Procedure requires the filing of Form 1023,

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