A Practical Guide to Cloud Computing for Nonprofit Organizations
Cherry Bekaert works with many nonprofit organizations to leverage the benefits of cloud-based enterprise resource planning (“ERP”) and other software solutions to improve their operational efficiencies and further their missions. Cherry Bekaert’s Nonprofit Software Solutions practice allows our clients to effectively manage their organizations with our cloud-based platform that seamlessly integrates nonprofit accounting, fundraising, donor and volunteer records, inventory management and e-commerce. Given our dedication to the nonprofit sector, we are pleased to provide this cloud workbook series that offers practical guidance to help nonprofit organizations learn about and implement cloud-based solutions. This report is provided courtesy of NetSuite, the world’s number one cloud ERP provider.. Read More.
Wisconsin School Opens “Computerless” Lab
Adjusting to students’ growing dependence on personal computers and smart devices, a private liberal arts school in Wisconsin has incorporated a bring-your-own-device policy into its renovated computer lab. St. Norbert George’s new policy requires students to bring their personal laptops to campus. Students are even allowed to use financial aid to pay for their computers. Policies like St. Norbert’s and the increased use of personal devices have created a shift in colleges’ information technology services can create unexpected windfalls and provide opportunities for resources to be allocated. More on St. Norbert’s computerless lab is available on Inside Higher Ed.
Auditor Strikes Back: No Changes to Alcohol Allowability Guidance
As we reported in October, the Defense Contract Audit Agency (“DCAA”) Contract Audit Manual (“CAM”) was recently updated. One of the thirteen areas of cost updated related to alcoholic beverages. This topic is covered in Chapter 2 of the new Selected Areas of Cost Guidebook. The revised guidance has not reflected a change in position by DCAA or the Federal Acquisition Regulation with respect to allowability on alcoholic beverages. The guidebook has added a frequently asked question related to whether alcoholic beverages are unallowable for nonprofit entities. The short (and long) answer is yes, alcoholic beverages are expressly unallowable in accordance with. Read More.
Final Overtime Rule on Hold
A November 22 preliminary injunction has blocked the Final Overtime Rule scheduled to become effective Thursday. Last week’s ruling by Federal Judge Amos Mazzant determined that the Department of Labor overstepped its authority by amending the salary threshold for employees exempt from overtime pay. The overtime rule would have increased the salary level for exempt white collar employees to $913 per week. Nearly two dozen governors and attorneys general challenged the overtime rule. Judge Mazzant sided with the plaintiffs, saying that the Department of Labor could not create a distinct standard for overtime eligibility. The Department of Labor is likely. Read More.
Small Edit to Nonprofit Guidance Approved
A phrase accidentally included in Accounting Standards Update (“ASU”) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, has been removed by the Financial Accounting Standards Board (“FASB”). On Wednesday, the FASB unanimously agreed to remove “that contain no purpose restrictions” from its most significant update to nonprofit accounting guidance in over two decades. The slight clarification will help nonprofits meet the minimum reconciliation requirements for disclosing their endowment funds. The FASB called for the small edit in Proposed ASU No. 2016-350, Technical Correction to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements — Endowment Reporting . Nonprofits must apply the new guidance to annual statements issued for fiscal years starting after December 15, 2017, and interim periods within those fiscal. Read More.
FASB November 9th Meeting Recap
Progress was made last week concerning two of the Financial Accounting Standards Board’s (“FASB”) key projects. During its November 9 meeting, the FASB agreed that early application of its upcoming Accounting Standards Update (“ASU”) for clarifying the definition of a business will be allowed for certain transactions prior to the standard’s issuance date. Staff members were ordered to draft the final ASU for vote. Furthermore, the FASB agreed to restore the consolidation guidance previously under Subtopic 810-20, Consolidation—Control of Partnerships and Similar Entities. The guidance will be reinstated under Subtopic 958-810, Not-for-Profit Entities—Consolidation, and impacts nonprofit entities when adopting the. Read More.