Article Archives: Troy Rector

Posted by: Troy Rector

Grace periods are history and, by now, not-for-profit organizations (NFPs) administering federal grants subject to the Uniform Guidance must have procurement policies in place and operating in accordance with them. As mentioned in our previous article, the Uniform Guidance contained procurement standards that resulted in significant changes to how many NFPs procure goods and services […]

Posted by: Troy Rector

As one of its final deliverables, the Council on Financial Assistance Reform (COFAR) issued updates to the Uniform Guidance Frequently Asked Questions (FAQs). In all, the updated FAQs includes 24 new FAQs and revisions of four existing FAQs. The FAQs have been issued and updated several times since the Uniform Guidance’s issuance, with the last update being […]

Posted by: Troy Rector

By Troy Rector, CPA The lack of indirect cost recovery from Federal grants is nothing new for Not-for Profits (NFPs). This has been especially true for those NFPs who do not have a federally negotiated indirect cost rate, as they receive all, or predominant amounts, of Federal grants from pass-through entities. The Office of Management […]

By Vincent Stevens, CPA, CGMA and Troy Rector, CPA Imagine asking supporters of your nonprofit to donate to pay for all the administrative fees necessary to run the organization – items such as human resources, accounting and technology. Most funders – individual donors, foundations and government granters – like to fund the actual work, the […]

Posted by: Troy Rector

By Troy Rector, CPA For some, GAAP may seem like a typo. For others, it may seem like a government group. In fact, GAAP is the abbreviation for generally accepted accounting principles, which are the principles commonly used by Not-for-Profit (NFP) organizations for financial reporting. What does GAAP mean to you as a board member? […]

Posted by: Troy Rector

By Troy Rector, CPA The second of a two-part series covering the Proposed Uniform Guidance recently issued by the Office of Management and Budget (OMB). Part 1 provided an overview of the overall Proposed OMB Uniform Guidance document and specific changes to cost principles and administrative requirements applicable to Federal awards. Part 2 discusses OMB’s […]

Posted by: Troy Rector

By Troy Rector, CPA The first of a two-part series covering the Proposed Uniform Guidance recently issued by the Office of Management and Budget (OMB). Part 1 will provide an overview of the overall Proposed OMB Uniform Guidance document and specific changes to cost principles and administrative requirements applicable to Federal awards. Part 2 will […]

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