NEWS

Nonprofit Organization Updates

New legislation proposes to help “rescue” nonprofits
March 18, 2021

No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last year. Although the nonprofit sector received higher-than-usual donations in 2020, many nonprofits that sought COVID-19-related loans were shut out.

So the new American Rescue Plan Act’s (ARPA’s) provisions for nonprofits are welcome. Let’s take a look at some key elements.

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FASB Proposes to Defer the Effective date of Leases
April 30, 2020

Nonprofit Organization Deadlines

Don’t miss these important deadlines for your NFP organization
  • COVID-19 Extension Summary:
    • Data Collection Form** – three months beyond the normal due date

**Recipients and subrecipients that received COVID-19 funding with original due dates from October 1, 2020 through June 30, 2021.

  • December 31 year end
    • Form 990 and PC
      • Due May 15
    • Massachusetts Uniform Financial Report (UFR)
      • Due May 15
    • Data Collection Form
      • Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
  • June 30 fiscal year end
    • Form 990 and PC
      • Due November 15
    • Massachusetts Uniform Financial Report (UFR)
      • Due November 15
    • Data Collection Form
      • Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
  • September 30 fiscal year end
    • Form 990 and PC
      • Due February 15
    • Massachusetts Uniform Financial Report (UFR)
      • Due February 15
    • Data Collection Form
      • Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end