By Jasmine Thompson | Stellar Consulting Inc. One of the first things I ask a new nonprofit client is: "Do you receive any federal funding?" If the answer is yes, the next question is: "Has anyone walked you through 2 CFR 200?" In almost every case, the answer is no, even from organizations that have been receiving federal grants for years. That always stops me in my tracks. Not because I'm surprised anymore, but because I know what that gap can cost an organization, in audit
You don’t need a huge finance department to stay compliant. You need a system that matches how grants work. 1) Start with the grant requirements (before you spend a dollar) Before spending begins, get clear on: the budget categories (and any restrictions) reporting deadlines match requirements (if any) documentation standards whether costs must be tracked by program, location, or funding source If you don’t translate the grant terms into your accounting system early, you’ll e
