CARES Act Opportunities for Nonprofits

Posted By Jonathan D. Moll, CPA Many nonprofit organizations are facing an uphill climb managing the financial challenges brought about by the COVID-19 pandemic. There have been several adjustments made to employee expenses, programs delivered, services offered, and fundraising. A recent study from the Charities Aid Foundation of America found that up to a third of nonprofits could close within … Continued

When Does a Nonprofit’s PPP Loan Convert from a Liability to Revenue?

Posted by Jonathan D. Moll, CPA Accounting for PPP Loans: When does a Nonprofit’s PPP Loan Convert from a Liability to Revenue? With the introduction of the CARES Act, our firm created a library of resources, mostly focused on the Paycheck Protection Program (PPP), to help entities, including nonprofit organizations, navigate the post-pandemic environment. However, lacking within the sea of … Continued

Families First Coronavirus Response Act Eases the Burden on Nonprofit Organizations

Posted by Jonathan Moll, CPA Nonprofits, similar to their profit-oriented counterparts, are feeling the negative effects that business interruption caused by the coronavirus pandemic can have on the ability to carry out their missions. Some nonprofit agencies have been forced to temporarily close their doors in Delaware after being classified as non-essential businesses. Many nonprofits in Delaware are considered essential … Continued

IRS Repeals “Parking Lot Tax” on Nonprofit Employers

Posted by Jonathan D. Moll, CPA When the IRS signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017, there were certain provisions directly affecting nonprofit organizations. The most widely debated topic of that act affecting the Nonprofit industry was, without doubt, the assessment of unrelated business income tax (UBIT) on certain transportation fringe benefits that nonprofits … Continued

Essential Resources for Delaware Nonprofits

Posted by Jonathan D. Moll, CPA Managing a nonprofit organization can be a challenging task. It takes passion and drive to create, refine, and implement programs that serve the community or members. Whether it’s a trade association of Delaware dentists or an organization that delivers supplemental educational services to Wilmington’s youth, the challenges are many. For example, managing volunteers, attracting … Continued