JV CPA PLLC is transitioning to a virtual/remote work environment

Due to the new dynamics of today's business environment and to have the best life-work situation for our staff, we are transitioning 100% virtual offices. After 22 years, we are closing our physical office and our staff will be working remoting. The last few years have proved that it is a more efficient model for us and will not affect our quality client services in the slightest. Most of our physical meetings already take place at client locations; but otherwise we will arrange convenient locations for other in-person meetings. Please use the below address for all physical mail or delivery services (FedEx , UPS, messengers etc.) and we will receive it promptly.

To ensure timely delivery, please use the following new mailing address:

John Vazzana CPA PLLC

Ste 164

6904 Colonial Road

Brooklyn New York 11209

Nonprofit Year-End Financial Statement Audit (or Review) process in a Nutshell

Nonprofit Year-End Financial Statement Audit (or Review) process in a Nutshell

Links to the Five Part Series of Blog Posts

Part I: Introduction

Part II: Different Roles in the Audit Process

Part III: Deliverables and Outputs of the Audit Process

Part IV: Preparing for the Annual Audit (or review)

Part V: The Year-end process - Step by Step Walkthrough

NYS Charities Bureau Guidance (and Extensions) due to COVID-19

The Charities Bureau currently grants to all registered charities an automatic six-month extension of the deadline for filing an annual financial report. Therefore, for example, organizations whose year-end was June 30, 2019 are required to file their annual financial reports by May 15, 2020. However, any organization whose filing deadline, including the automatic six-month extension, falls after February 15, 2020 will be given an additional six-month extension to file its annual financial reports.

COVID-19 Due Date Chart

Grant Making: WHAT IS EXPENDITURE RESPONSIBILITY?

This is from a 2019 article from The New York Community Trust called  Grants and Other Distributions from Donor-Advised Funds written by Jane Wilton

This is an excellent article summarizing grant making rules. Its focus is on Donor Advised Funds (DAFs), but since DAFs are 501(c)(3) charities, and follow the same rules, this is an excellent read for all Grant Making Organizations. My take-a-way, a clear explanation of Expenditure Responsibility that I can relay to clients.

Full Article HERE

WHAT IS EXPENDITURE RESPONSIBILITY?

Broadly speaking, “expenditure responsibility” is a formalized process for due diligence in grantmaking. It requires (1) advance collection and review of certain information about the grantee (known as a “pre-grant inquiry”), (2) a grant agreement containing certain IRS-mandated provisions (e.g., annual reporting to the funder, a requirement to maintain adequate books and records, a prohibition on use of the granted funds for political campaign activity, and a refunding obligation to the extent funds are not used as required), (3) reporting by the grantee to the sponsoring organization, and (4) reporting by the sponsoring organization to the IRS on Form 990 on the status of the grant and its use by the grantee organization.