Key Takeaways A Single Audit is required for any nonprofit that expends $1 million or more in federal awards in a single fiscal year. “Expended” has a specific meaning under federal guidelines — and it includes pass-through funds from state and local...
Key Takeaways Fund accounting is the system that assigns each gift to a specific fund based on donor intent or board designation. FASB ASC 958 is the governing accounting standard for all nonprofit entities, including churches. It requires net asset classification...
Mark is a Principal at Rea specializing in Assurance services for the Construction and Not-For-Profit sectors. With over a decade of experience since joining Rea in 2011, Mark is known for his technical expertise and ability to provide clear, practical solutions. A...
The IRS housing allowance for pastors is one of the more nuanced provisions in the tax code, and the compliance burden falls squarely on the institution, not the individual. A procedural gap in the designation process, an error on the W-2, or a misunderstanding of the...
Key Takeaways The single audit threshold increased from $750,000 to $1,000,000, effective for fiscal years beginning on or after October 1, 2024. A single audit combines a financial statement audit with a compliance examination of federal program expenditures — HRSA...
