The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Are Changes in Store for New Jersey Nonprofit Reporting Thresholds?

By MICHELLE S. MARTIN

In New Jersey, nonprofit organizations that reach a specific threshold of the gross revenue received must comply with certain reporting requirements, including the mandatory submission of an audit conducted by an independent certified public accountant.

New PPP Changes Benefit Small Businesses and Nonprofits

By JOHN BLAKE

The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit organizations. It was reported by the Small Business Administration (SBA) since the start of 2021 that $133.5B in loans have been issued with an average amount of $73,966. These loans have helped businesses and nonprofits manage through the persistent pandemic.

COVID-19 Effects Are a Required Financial Statement Disclosure

By MICHELLE S. MARTIN

All organizations are required to detail the effects of the COVID-19 pandemic on their organization in the financial statement notes. This disclosure requirement is for commercial entities as well as nonprofit entities.

Preparing for an Audit in a Virtual Environment

By MICHELE D. SLOCUM

The COVID-19 pandemic has affected nearly every aspect of daily life, so preparing for your company or nonprofit organization’s audit may have some significant differences this year, considering the remote environment that many of us are working in today.

Fundraising in the Era of COVID-19

By MICHELLE S. MARTIN

The COVID-19 pandemic has left an indelible impression on American businesses, and nonprofit organizations are no exception. Adapting to the pandemic has been difficult, but it has also spurred innovation.

PPP Loan Accounting Guidance for Nonprofits

By THOMAS H. MARTIN

Paycheck Protection Program (PPP) loans have been a lifeline for many nonprofit organizations during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

PPP Loan Maximum Calculations for Nonprofits

By CHRISTOPHER S. MAYNARD

The Consolidated Appropriations Act, 2021, created many new opportunities for New Jersey and Pennsylvania-area nonprofit organizations.

COVID-19 Relief Opportunities for Nonprofit Organizations

By MICHELLE S. MARTIN

The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations.

Are Your Written Policies in Alignment with Uniform Guidance?

By THOMAS H. MARTIN

In the last few years, the Office of Management and Budget (OMB) retooled the administrative guidance for organizations receiving federal awards. The Uniform Guidance established – among other things – that non-federal entities should have written policies and procedures in place that support their control environment.

Update: Nonprofit Gifts-in-Kind Financial Statement Reporting Rules

By MICHELLE S. MARTIN

Today, we’re able to offer an update on that post: on September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.  The finalized standard confirms the information we previously provided.

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