Going through a financial statement audit can sound like a daunting task, especially if your company has never been audited before. Why are we being audited? What does the process entail? What do we do once the audit is complete?These are all valid and common questions asked by first-time audited...
Read MoreBusinesses continually look for ways to improve their processes and streamline operations, giving them a competitive edge in their industry. Technology plays an important role, with organizations looking to either buy or develop software that can help them achieve critical efficiencies.But how do...
Read MoreNot-for-profit and for-profit entities receive federal grants in many capacities. If your entity receives any federal dollars, you must understand the applicable requirements, which include understanding allowable costs to be reimbursed under the grant.Track Grant Expenditures SeparatelyFirst...
Read MoreIn the complex landscape of financial reporting, entities in the U.S. must navigate a unique set of standards and regulations. Our recent CPE seminar on financial reporting for private companies shed light on not only the governing bodies that create these unique reporting requirements, but also...
Read MoreWhen your entity receives federal funds, any purchases you make with federal funds, whether goods or services, must adhere to the Uniform Guidance rules outlined in the Code of Federal Regulations (CFR), specifically 2 CFR Part 200. These rules are designed to ensure procurement processes are...
Read MoreNot-for-profit entities are typically well-versed in the need to track grant expenditures, and may have robust accounting systems or policies and procedures in place. However, for-profit entities may not be as familiar with the importance of tracking grant expenditures separately. Grant...
Read MoreThe real estate markets have endured countless boom-and-bust cycles over the years, resulting in extreme valuation highs and some very significant lows. One day your property has positive cash flow, the valuation has more than doubled, new tenant move-ins are out pacing move-outs and expectations...
Read MoreWhile a not-for-profit entity receiving federal funds is subject to what’s known as a Single Audit, a lesser known fact is that for-profit entities awarded federal grants also have an audit to prepare for, helping to ensure those funds are being used appropriately. As such, for-profit...
Read MoreWhile not-for-profits such as schools, housing agencies and local charitable organizations commonly receive federal grants in many capacities, these dollars are available to many types of entities, including for-profit entities. Often, grants are made to for-profit organizations from agencies...
Read MoreA grant audit, also known as a compliance audit or program-specific audit, is a type of financial audit conducted on organizations that receive grants or funding from federal sources, such as government agencies. The purpose of a grant audit is to ensure the funds provided are used according to...
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