Nonprofit

NJ Funding Alert: Additional $235 Million in Small Business Relief

On Tuesday, June 22nd, 2021, New Jersey Governor Phil Murphy signed six bills, which provide additional assistance to small businesses that continue to struggle with the economic effects of the pandemic. The bill package provides $235 million to small businesses, allowing the New Jersey Economic Development Authority (NJEDA) to fulfill all eligible applications submitted during…

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Webinar Replay: The Diversity Imperative: How to Become a Diverse, Equitable, and Inclusive Nonprofit

Lovepreet Buttar, CPA, MBA, CGMA, PSA, Managing Director of Mercadien’s Nonprofit & Human Services Group participated as moderator in Fleming Petenko Law’s webinar, The Diversity Imperative: How to Become a Diverse, Equitable, and Inclusive Nonprofit on Tuesday, May 25, 2021. Other presenters included Noel Fleming, Esq. and Kayci Petenko, Esq. of Fleming Petenko Law and Ira…

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Times Are Changing – Have You Reviewed & Updated Your Strategic Plan?

It’s hard to believe that over a year has gone by since many of us have changed the way we do business. I have only been in the office a handful of times over the last year; I am fortunate and can work from just about anywhere. Of course, for many of you, this is…

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Why Your Organization May Benefit From a Process Efficiency Study

The world has changed since the COVID-19 pandemic hit over a year ago, causing organizations to adapt to these changes and adjust to operating in a remote environment. New policies and procedures along with increased regulatory requirements can be a hurdle for any organization. As such, your organization should consider performing an efficiency study. Efficiency…

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Funding Alert: NJEDA Announces Phase 4 of the SBEA Grant Program

On Wednesday, April 14, 2021, The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program, adding $85 million in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Phase 4 will provide short-term operating support to a broad group of New Jersey small and…

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Summary & Highlights of the American Rescue Plan Act

On March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, (ARPA or the Act) which will provide $1.9 trillion in relief funds across a wide spectrum of categories, including additional relief for nonprofits and small businesses, the extension of unemployment benefits, new tax provisions, assistance for restaurants and bars, and more.…

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Funding Alert: Small Business Lease Emergency Assistance Grant Program

Governor Phil Murphy and Lt. Governor Sheila Oliver announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program, which provides grants up to $10,000 for small businesses and nonprofits that have been impacted by COVID and are located in the New Jersey Redevelopment Authority’s 66 designated communities. The application process for…

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Funding Alert for Small Businesses and Restaurants in NJ & PA

NJEDA Announces $10 Million Second Phase of the Small Business Emergency Assistance Loan Program On Wednesday, January 27th, The New Jersey Economic Development Authority (NJEDA) announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. EST on Wednesday, February 10, 2021. The $10 million program expansion…

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Nonprofit Accounting Standards Update No. 2020-07

Does your organization receive donated goods or services? If so, accounting for these donated goods or services will be subject to new accounting guidance. In September 2020, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2020-07, which applies to nonprofit organizations that receive contributions of nonfinancial assets, also referred to as gifts-in-kind…

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2021 IRS TE/GE Division Update

The impacts of the COVID-19 pandemic in 2020 have forced us and our tax-exempt (and for-profit) clients to grapple with rapidly changing work environments, economic climates, and regulatory and compliance landscapes. The IRS Tax Exempt and Government Entities (TE/GE) Division is not immune from this rapidly changing environment either! The TE/GE recently released its fiscal…

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