Babita Sherchan, Principal, Assurance Services

Babita has more than 10 years experience in auditing not-for-profits, government entities, and schools. She serves as a liaison between the partner, client and professional staff. Babita has extensive experience in not only conducting, but also supervising multiple audits, agreed upon procedures, or attestations through issuance and presentation of the report. Babita works to develop responsible, trained staff by assisting in recruiting, developing training aids, and acting as an instructor or discussion leader in professional development programs within the firm.

Recent Posts

Shuttered Venue Operators Grant

One of the coronavirus relief options available for eligible not-for-profits is the Shuttered Venue Operators (SVO) Grant, created by The Economic Aid to Hard-Hit Small businesses, Nonprofits, and Venues Act, which is a COVID -19 relief bill. Eligible entities can receive grants equal to 45% of gross earned revenue, up to a maximum of $10 million. 

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FASB releases guidelines for reporting gifts-in-kind

The Financial Accounting Standards Board (FASB) has released Accounting Standard Update (ASU) 2020-07, Not-for-Profit Reporting of Gifts-in-Kind. The purpose of the ASU is to improve GAAP reporting by increasing the transparency of the presentation and disclosure of contributed nonfinancial assets.

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Topics: Not-for-Profit, FASB

Sound Financial Management Helps Not-for-Profits Through the COVID-19 Pandemic

As the new paradigm of the global pandemic sets in, many not-for-profit organizations are pivoting to adapt and cope. Many organizations are making changes to their services, operations, and fundraising activities.

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Topics: Not-for-Profit, COVID-19

SBA Loan guidance on Single-Audits for Nonprofits

On May 5, 2020, the Government Audit Quality Center (GAQC), issued an industry alert No. 404 to professionals that serve organizations subject to Government Auditing Standards. Below are the two key items that impact the not-for-profit entities (NFPs):

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Topics: Audit, NFP, loans

News for Not-for-Profits — June 2018 edition

Do you qualify for the new family leave credit?

The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.

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Topics: Accounting Tips, Not-for-Profit, Audit, Financial, consulting

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