As the new finance person for a center, I have some questions that have come up over the past few weeks that I’d appreciate getting your input on. Currently allocations are based on wages paid by the grant that the
Can a center or SILC earn interest on federal funds?
The CILs are allowed to collect interest on federal funds, but if there is interest, the money isn’t being applied to its purpose, so that is discouraged. The expectation is that the money passes through just in time to pay
What should you do when you discover waste, fraud or abuse of funds?
Embezzlement is a very specific type of fraud, and most cases involve taking money from an employer through deceit. Usually the person embezzling is the person who cuts your checks, and often they have developed an elaborate ruse to use
Eight practices to prevent fraud and theft
From time to time you hear about theft within non-profit organizations. Usually the organization did not have sufficient internal controls to prevent or catch the situation, and sometimes the thief gets by with it for years. Here are eight practices
Your IRS Form 990 Questions Answered
by Cassie Strain on March 11, 2019 Reprinted from Blue Avocadohttps://blueavocado.org/finance/your-irs-form-990-questions-answered/ Do you ever have a question about your IRS Form 990 and can’t seem to find the answer? Today we’ll give you some valuable information concerning your filings, written
What are the IRS requirements for my CIL?
Just because your non-profit doesn’t pay federal income tax doesn’t mean you have no dealings with the Internal Revenue Service. You are required to file an annual report to the IRS of your standing as a non-profit. This form is
Contractor or Subrecipient? Does it matter?
In a couple of states the DSE (Designated State Entity) is allowing only overdue reimbursement and not advances or timely payment. Both SILCs are considered contractors by their state. I wondered if there is enough difference between a contractor and
Are indirect costs the same as administrative costs?
Question: I am interested in your thoughts on something. I know we’ve always said that the indirect costs are not the same as G&A. However, when we submit the proposal we have to include the statement of functional expenses from
A dozen ways to reduce the risk of theft
It happened again just a few weeks ago. This isn’t the first time a center has been victimized by employee theft. And usually it is the bookkeeper or accountant, someone you trusted. Often they are not small thefts, but larger
Are Resource Development Costs direct or indirect?
First a refresher — while fund raising costs are not typically allowed with federal dollars, the Rehabilitation Act specifically requires centers, and allows SILCs, to conduct Resource Development. Rule number one, always call your activities to increase your resources (including