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Here's a light-hearted piece to take us into the long weekend! If you stop to think about it, the experiences of astronauts in space are not so dissimilar from what we are experiencing at home as we shelter in place during the COVID-19 pandemic. Astronauts orbit the earth every 90 minutes, and therefore get to view a sunrise and sunset every 45 minutes. If not careful, their days can blur together. Similar to what we are experiencing here on earth, their work and personal spaces aboard the space shuttle and the International Space Station are the same. They see the same people 24 hours a day for weeks and sometimes months at a time. This mirrors our current ...
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An unprecedented collaboration between workers and organizations has created a major cultural shift. As a result of the coronavirus pandemic, organizations like Twitter and Square are offering   work from home forever   options to employees. Others, like Facebook, have announced work from home for the foreseeable future, but not indefinitely.   Laurel Farrer   is the CEO of the Work From Home Association. She says that most companies are allowing work from home out of necessity. “But allowing is not the same as embracing,” Laurel says. Creating a sustainable work-from-home workforce requires a cultural shift from business leaders today. Here’s how to embrace ...
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The COVID-19 pandemic has created an uncertain landscape across all corners of society, and unfortunately, it seems as though the effects are sticking around for the near future. When the pandemic first emerged, conversations in the nonprofit sector were built around “staying the course,” as in how organizations could continue pursuing their goals in spite of the crisis. Now, however, the conversation is changing. With the current landscape a reality for the foreseeable future, it’s time to consider:   How can you set your organization up for success over the next six to 12 months of uncertainty? Strategic planning, and the ability to be agile when doing ...
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CPAs have been especially busy in recent weeks counseling clients through the sudden economic challenges brought on by COVID-19. Because you’ll be communicating with a large number of your clients, this can be a timely opportunity to also remind them to update essential documents, such as living wills and power of attorney designations. During this time, many firms have increased their communication to clients with phone calls, webinars, emails, and more, said Lisa Featherngill, CPA/PFS, head of legacy and wealth planning at Abbot Downing in Winston-Salem, N.C. In these communications, CPAs can add a reminder to clients to check their documents and make ...
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The   employee retention credit   is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. Eligible employers are employers who operate a trade or business and has experienced one of these:    •  Fully or partially suspended operations because of a government order due to COVID-19    •  A significant decline in gross receipts in a calendar quarter when compared to 2019 How   is the credit figured ?    •  The amount of the credit is half of qualifying wage0s paid ...
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The IRS announced Monday it is hiring 3,500 new phone operators to answer taxpayers’ questions about economic impact payments ( IR-2020-97 ). The IRS cautioned, however, that “telephone assistance and other services” will remain limited due to the COVID-19 pandemic. In March, the IRS announced that it was scaling back operations, closing offices, and having employees work from home in response to the pandemic. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying ...
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Here's a short article by Erica Waasdorp on monthly giving. When I first started working in monthly giving 27 years ago, generating monthly gifts and processing their monthly payments was a long and time-intense process. Now if a donor makes a monthly gift online, completes their information and clicks the button, the gift is processed in seconds, real-time. And the payment processor will continue to process that gift amount every month. Acquiring new monthly donors doesn’t have to be a long drawn out process any longer. A button in an email, a ‘P.S.” in an email, a special-focused email — you can send those emails out and see results on the same day. ...
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When the economy reopens, life will not go back to the way it was. It’s time to be creative and leverage change to achieve your mission and have even more impact. But we can’t do that by looking over our shoulder at what was and trying to recapture the past. Instead, let’s accept the changes, and see how we can use them to serve our clients and make the world better. There will be businesses that support nonprofits that will go out of business. Individual volunteers and donors may be looking for work. Government budgets will be slashed. And the needs of the communities you serve may have changed completely. The services you offered for years may no longer ...
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Nonprofit leaders have encountered numerous challenges over a few short months. How can we pursue our mission when our office is closed? Can we continue to make payroll? How do we recover after cancelling major fundraisers? As nonprofits adapt to a changing landscape, the question remains: What’s next? As our attorneys speak with nonprofit leaders, nearly every conversation veers toward whether the institution can establish a level of giving that allows it to perform its mission in the future. The nonprofit landscape seems to be moving toward two competing realities: (1) nonprofits have slowed their appeals to donors, while (2) giving continues at historic ...
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The Small Business Administration (SBA) today released the promised guidance regarding the good faith certification of the necessity of a Paycheck Protection Program (PPP) loan in new  FAQ 46 . As a reminder, the certification in the loan application states, “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” This new guidance is a mix of good news and less good news. Loans Under $2 Million First, the SBA has now stated that “[a]ny borrower that, together with its affiliates, received [a] PPP [loan] with an original principal amount of less than $2 million will be deemed to have made the required ...
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I pray your church is doing well and managing through this new normal of uncertainty. I know it has not been easy learning to have virtual church services,   adjusting budgets   to fit new giving trends, and   managing   e mployees   from afar. As you continue to manage remote employees, try to be aware of how they are managing this new normal, and work to provide the support and resources they will need until they can return to the office. 8 Things To Consider As You Manage Remote Employees 1. Communication Church leaders understand the   importance of communication . Now is the time to take communication up a notch and communicate, communicate, ...
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We recently spoke to our friends at Nexonia about Sage Intacct expense tracking. They shared some of their thoughts around the cloud and how cloud-based solutions are shaping the future, especially when most organizations are working remotely during COVID-19.   Nexonia recently published a guide for evaluating solutions to assist professionals in your situation create their plan. They recommend the following five steps:   Determine your goals: By focusing on your desired outcomes for all users, you’ll have a more efficient evaluation process. Map your current process: Diagram your expense process end-to-end for every user to understand the time it ...
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Within nonprofit Finance and Accounting, church back offices have unique challenges to solve with church accounting software solutions. Thankfully, with new accounting and ERP technologies designed for and affordable for churches, these unique challenges have better results than ever before to help maximize stewardship. At AcctTwo, we've done more than 100 software implementations for churches across the country. I'd like to highlight some of the biggest challenges we see among our church customers, along with their solutions.   Challenges: #1 - Credit Card Management #2 - Budgeting #3 - The Chart of Accounts #4 - Fund Management   Check out ...
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Action is a powerful user interface built to save you time because it models the way you work. It utilizes new innovations to facilitate high productivity across your organization. On May 15, 2020, Sage Intacct will officially switch to the new Action UI by default. This means that the option to switch back to the previous UI will be disabled for most Sage Intacct cloud accounting users.   Check out the full article: https://www.accttwo.com/blog/sage-intacct-cloud-accounting-software-action-ui-change
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Hard conversations are unavoidable during these times and these suggestions can be applied to more than just clients. These suggestions can be applied to volunteers and employees as well. The economic shockwaves emanating from the COVID-19 pandemic have rocked the millions of American small businesses that constitute the core clientele of many accounting firms. Business owners now more than ever need advice they can trust to help make the often difficult decisions that will determine the ultimate fate of their enterprise. As trusted advisers, accountants are ideally positioned to have these conversations. Doing so will require courage — both in broaching ...
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In today’s uncertain times, you may be wondering how to keep your fundraising operations going. The thought of asking for more support right now could seem overwhelming. And while your board exists to help your organization through tough times, you might be worried about asking more from them. But nonprofits need funding to provide the goods and services people rely upon — now more than ever. Your board members know this and will be willing to help. You’ll need to point them in the right direction and give them support to best activate them for fundraising. Refocus Board Members on Core Mission With so much in flux, you might feel the temptation to delay ...
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As your organization examines it’s fundraising efforts and anticipates your strategy for the post-COVID-19 world, we encourage you to consider F2F fundraising. As society slowly reopens, your supporters are going to crave genuine F2F connections with you and your charity. These supporters will appreciate the chance to speak with a representative from your organization and begin to develop a genuine relationship. Furthermore, F2F fundraising is one of the most effective ways to secure recurring sustaining donors,   something that’s essential during uncertain times . Of course, you can’t launch a F2F fundraising effort while COVID-19 lockdowns remain in place. ...
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Some states are beginning to lift quarantine restrictions and allowing the public out at 25% capacity. If you are opening your church, this Smart Church Management article will help you plan to reopen within social distancing guidelines. Take this article as a starting point and do your own research before opening up your sanctuary to keep you and your members safe. Here is the article: We are now in the fourth week of the   CDC Shelter In Place Guidelines   aimed to slow the spread of the Covid-19 virus. We have adjusted as recommended. We have recreated how church is done, and had unprecedented virtual Easter services. We have learned a lot ...
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As we  previously reported , U.S. Treasury Secretary Steven Mnuchin has announced that the Small Business Administration (SBA) will perform a “full audit” of the loan applications of all recipients of Paycheck Protection Program (PPP) loans of more than $2 million. According to the Wall Street Journal, loans for smaller amounts will be subject to “spot checks.” These announcements were followed by the SBA’s release of   PPP loan FAQs 31 and 37 , 1   which state that access to other sources of liquidity without significant detriment to an entity’s operations is a factor in assessing whether it could, in good faith, make the required certification. These ...
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As the world transitions to more  remote work , companies are feeling growing pains. Whether you’re new to the concept of working from home or not, we’ve all been a part of failed virtual meetings that wasted time due to technical and logistical difficulties.  Remote meetings , set up with the help of conference calls or video chats, are hypothetically good substitutes for in-person meetings, but they tend to be riddled with issues. Someone keeps glitching out. Someone else has screaming kids and barking dogs in the background. And the delay between speaking participants rivals space transmissions, ultimately resulting in people talking over one another.  ...
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