Posted by: Troy Rector

Commercial recipients of Provider Relief Funds (PRF) under the CARES Act must be aware of existing U.S. Department of Health and Human Services (HHS) regulations that could impose an external audit requirement on them. If affected, the organization would need to contract with a CPA firm to perform the required audit.

What are the Source Regulations?

45 Code of Federal Regulations (CFR) 75.216 and 501(i) and (j) require that “Commercial Organizations” who receive HHS awards of $750,000 or more in a fiscal year are required to have either of the following two external audits performed within nine months of year end:

  1. A Single or program-specific audit (Single Audit) in accordance with 45 CFR Part 75 – Subpart F or
  2. A Financial-related audit of all HHS awards in accordance with Government Auditing Standards.

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This is the fourth post in a series of articles on Paycheck Protection Program loan forgiveness. Click here to read Part I: The Covered Period, Part II: Eligible Expenses, and Part III: Maintaining Wages and Employees.

The Paycheck Protection Program (PPP) loans, issued by the Small Business Administration (SBA), have provided substantial relief for businesses and organizations navigating through the pandemic. In this article, we will touch on the two ways PPP loans can be accounted for under generally accepted accounting principles (GAAP).

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Posted by: Christie Streit

On December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021 (referred to here as the Relief Act). The Relief Act contains a number of provisions that will provide much-needed assistance to the hospitality sector and other industries hit hardest by the coronavirus pandemic.

The most important changes include the following:

  • A Second Draw of the Paycheck Protection Program (PPP) is available, with a larger allowable dollar amount for certain industries (this includes owners and/or operators of restaurants or hotels!);
  • Tax deductibility of expenses paid using forgiven PPP funds and other exciting tax benefits; and
  • Changes to eligibility and amount of Employee Retention Tax Credits (you can now get both the PPP and Employee Retention Tax Credits).

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Posted by: Candi Avery

Not-for-profits may all have different missions, but a commitment to transparent and accurate financial reporting is something they all should have in common. Audit committees play a key role in providing governance and oversight of the financial reporting process. Here are some common considerations for building a strong and effective audit committee.

Can We Combine the Audit Committee with the Finance Committee?

Combining the audit and finance committees may seem like a practical and efficient use of both staff and volunteer resources and time, and it can be hard enough just filling the finance committee. However, it’s important to distinguish the different purposes these committees serve.

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