Update for Nonprofits on the American Rescue Plan Act’s Employee Retention Credit

Posted by Jennifer Solot on Jul 13, 2021 7:13:00 PM

The American Rescue Plan Act (the Act) was signed in March and expanded the eligibility for the Employee Retention Credit (ERC), as well as extending the credit period through the end of 2021. While the 2020 credit was limited to 50% of $10,000 in qualified wages per employee, the Act increased this amount to 70% of qualified wages paid per employee per quarter. That’s a potential credit of $28,000 per employee for 2021!

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Nonfinancial Gifts-in-Kind: Impact of ASU Update 2020-07 On Your Nonprofit Organization

Posted by Melissa Dunn on Jul 6, 2021 8:30:00 AM

As you receive gifts-in-kind, it's important to keep these new reporting requirements in mind.

The term “gifts-in-kind” is used broadly to refer to all noncash gifts, both tangible and intangible. Tangible gifts-in-kind include contributions of items such as stock, land and supplies. Intangible gifts-in-kind include contributions of items such as advertising and other professional services. While greatly appreciated by an organization, it can be challenging to account for these gifts.

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Pennsylvania Nonprofits: Don't Forget to File Your Decennial Report

Posted by Jennifer Solot on Jan 5, 2021 4:00:00 PM

Beginning January 15, 2021, the Pennsylvania Department of State will begin notifying all corporations, including nonprofit corporations, of their need to file a Decennial Report. 

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COVID Update: Consolidated Appropriations Act of 2021

Posted by Jennifer Solot on Jan 4, 2021 12:29:00 PM

On December 27, 2020, the Consolidated Appropriations Act of 2021 (Act) was signed into law. The Act affects several provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The largest of these relates to the Paycheck Protection Program (PPP) loans.

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