Regulatory Alerts (All)
Guidance on How to Comply with Procurement Standards Under the Uniform Guidance
In December 2013, the Office of Management and Budget (OMB) issued the new Uniform Guidance (UG), which includes comprehensive reform rules affecting all nonprofits receiving federal grants and contracts. One of the areas of significant change under the UG is the procurement standards, a component of Subpart D, Post-Award Requirements, contained in Sections 200.317 through […]
Form SF-SAC Now Available on FAC Web Site, Submission Deadline Extended Further
The updated Data Collection Form (DCF or Form SF-SAC) for Uniform Guidance submissions and related instructions are now available on the Federal Audit Clearinghouse’s (FAC) website. Click here to be directed to the Instructions and Documents. >> Due to the prior unavailability of the updated DCF, an extension was previously posted to the FAC website […]
Massachusetts to Issue Changes to Surplus Revenue Retention Regulations
AAFCPAs is pleased to report that there will be changes to the Massachusetts regulations regarding Surplus Revenue Retention, which appear favorable to human & social service providers. The 20 percent lifetime cap on Surplus Revenue Retention will be eliminated. Additionally, the 5 percent annual cap on Surplus Revenue Retention will be changed to a 20 […]
Form SF-SAC Submission for Single Audits Deadline Extended
The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG). Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse […]
Regulatory Update: Uniform Guidance – Required Policies
Listen to Podcast Click here to listen to podcast or use the above media player. Matt Troiano, Partner, provides guidance for nonprofits on 8 “must-have” written policies and procedures required under the new Uniform Guidance.
Implementation Guidance Related to Performance Obligations and Licensing
AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Accounting Standards Board (FASB) which clarifies the implementation guidance related to identifying performance obligations and licensing. ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, does not change the core principle of the […]
New Cost Report for FQHCs Published by CMS
On April 22, 2016, the Centers for Medicare and Medicaid Services (CMS) published the new Federally Qualified Health Center (FQHC) Cost Report, Form CMS-224-14. This form replaces the current Form CMS 222-92 for FQHC entities, and is effective for cost reporting periods (which typically coincide with the year-end) beginning on or after October 1, 2014. […]
Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates
The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16). The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. Details […]
FASB ASU Clarifies Principal vs. Agent Revenue Recognition Considerations
AAFCPAs would like to make clients aware of a recent accounting standards update (ASU) issued by the Financial Announcing Standards Board (FASB) which clarifies the implementation guidance related to principal versus agent considerations. ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), issued March 17th, 2016, […]