Tag Archive | OMB

A Not-for-Profit’s Guide to Upcoming Accounting Changes

We remain in a relatively quiet time for changes in accounting and reporting standards affecting not-for-profit organizations, notwithstanding larger proposals affecting the intermediate and longer term. Some of the near term changes are essentially tweaks to ensure organizations are following standards with consistency rather than having the diversity in practice that can sometimes arise. Despite not having any major changes to report, […]

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Implementing the Uniform Grant Reform Guidance

If you receive federal grants, now is the time to evaluate how you manage them. December 26, 2014 is the start date of comprehensive grant reform which is the result of 2 CFR 200: Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Grant Guidance) which affects all nonfederal agencies that receive grants. Often […]

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Webinar on 4/17: Not-for-Profit Accounting and Federal Grant Update

If you are an auditor or are responsible for the federal reporting at a not-for-profit organization then you should not miss this course that will provide an update regarding accounting and auditing standards that most commonly impact not-for-profit and educational organizations. In addition, we will provide details regarding final changes related to the OMB Cost […]

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Is Your Nonprofit Ready for the New Federal OMB Grant Rules?

In December the Office of Management and Budget (OMB), in conjunction with the Council on Financial Assistance Reform (COFAR), published policy changes in the Federal Register regarding federal agencies’ interactions with contractors and vendors on federal grants, contracts and cooperative agreements. The long-awaited OMB guidance titled, “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for […]

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Proposed Changes to A-133 Audit Requirements Will Impact Not-for-Profit Organizations

At Mayer Hoffman McCann P.C., we’ve been closely following the federal Office of Management and Budget’s (OMB) initiative aimed at streamlining the Single Audit (A-133 audit) process “to make the most of taxpayer dollars and ensure financial integrity while delivering the right program outcomes.” Last month, the OMB issued for comment its long-awaited major revisions […]

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Key Changes Affecting Your Nonprofit Organization’s A-133 Audit

The Federal Office of Management and Budget (OMB) recently released the final 2012 OMB Circular A-133 Compliance Supplement effective for audits of fiscal years beginning after June 30, 2011. The supplement — among the most critical pieces of guidance related to performing single audits — identifies the important compliance requirements the federal government expects to […]

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