Nonprofit Organizations – The Impact of COVID-19 on Financial Reporting and Your Organization

McKonly & Asbury’s June webinar entitled, “Nonprofit Organizations – The Impact of COVID-19 on Financial Reporting and Your Organization” took place on Thursday, June 25, 2020. The webinar was hosted by Gary Dubas, Partner and Director of Nonprofit Services, Janice Snyder, Partner and Director of Assurance Services, and Jim Shellenberger, Principal and leader in our nonprofit practice.

This webinar covered the common reporting considerations nonprofit organizations need to consider in response to the COVID-19 pandemic. This included transactions and disclosures related to PPP and EIDL loans, as well as the other provisions of the CARES Act, and the unprecedented economic situations all nonprofit organizations are experiencing. The presenters also covered reporting changes with the IRS, State of Pennsylvania, and Federal Awarding Agencies, as well as a review of recently issued (and delayed) accounting standards and taxation rules impacting nonprofit organizations.

During this webinar, attendees:

  • Gained an understanding of the upcoming changes to nonprofit financial statements caused by the COVID-19 pandemic.
  • Learned information related to changes to regulatory deadlines and submission requirements.
  • Were provided a review of accounting standards changes on nonprofit organizations.

You can download a copy of the slides by clicking here.

This one hour-long webinar took place on Thursday, June 25th at 2:00 p.m. EST. One “A&A” CPE credit was available for this webinar. The level for this CPE was basic and there were no prerequisites for attending. This program was a live webinar which offered the opportunity to ask questions and interact with the presenters.

If you have any questions regarding the material covered in this webinar, please contact us. For more COVID-19 resources, check out our COVID-19 Resource Center by clicking here.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although McKonly & Asbury has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.