CPAR Accounting & Financial Reporting

CPAR - 2021/February, Seg 5 - NFP Organizations - Current Challenges, Internal Controls and More

The CARES Act provided financial relief for eligible businesses, including nonprofit organizations, but it is limited to charitable organizations exempt from tax under Section 501(c)(3) of the Internal Revenue Code. In order to qualify, nonprofits must have no more than 500 employees, including both full-time and part-time, and meet certain additional criteria. In addition to those programs, nonprofit organizations rely heavily on donors and fundraising efforts. The pandemic has affected many companies in many industries, where a lot of companies didn’t make it despite programs offered by the government. Lenore Sanchez, CPA, manager at PKF O'Connor Davies LLP, discusses various issues and challenges nonprofit organizations are currently facing, and addresses internal controls considerations and guidance provided under UPMIFA.

Learning Objectives:

  • Identify programs available to nonprofit organizations to enable them to carry out their mission in the current environment;
  • Understand the three significant matters under the CARES Act that nonprofits should be aware of;
  • Identify the five principles of a control environment and common internal controls weaknesses; and
  • Recognize the main ramifications of weak internal controls.


Prerequisites/Advanced Preparation:

Work experience in government accounting or auditing, or an introductory course in government accounting.


Speaker / Author:

Lenore Sanchez, CPA, manager at PKF O'Connor Davies LLP.

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1503-FM

Release Date : 03/01/2021
Expire Date : 04/02/2022
Credits :
CPE 2.00
QAS 2.00

Course Level : Update
Length : 1hr 40min
Course Type : Self-Study

Passing Grade : 70%

Mobile Compatible
Field Of Study : Accounting - Governmental

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