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I recently reviewed a draft contract between a nonprofit and a Washington State agency that required some significant edits. The nonprofit expected this to be a cost reimbursement grant with the work and expense to be spread fairly evenly throughout the period of performance. However, each expense line in the contract provided by the government…

Beginning January 2023 the salary thresholds for overtime exempt workers increased to $57,293.60 for organizations with 50 employees or less and $65,78.40 for 51 or more employees. Did you know this is part of a planned implementation schedule that will raise the threshold to $93,288 for all organizations by 2028? This increase will have budgeting…

If your organization applied for or has received the Employee Retention Tax Credit you may now be wondering how to record it in your financial statements. For nonprofit organizations the accounting treatment will be similar to how you record other government grants. The ERC is considered a non-exchange transaction with a governmental entity and is…