Friday, November 4, 2011
Update on Recovery Act Funding
Posted by Armanino Nonprofit Team
On February 17, 2009, Congress passed the American Recovery and Reinvestment Act of 2009. The Recovery Act’s three immediate goals are to create new jobs and save existing ones, spur economic activity and invest in long-term growth and to foster unprecedented levels of accountability and transparency in government spending. As of October 21, 2011, $723.2B has been paid out to the following purposes: $298.5B for tax benefits, $212.4B for contracts, grants and loans and $212.3B for entitlements. The number of jobs funded by the recovery act for the period July 1, 2011 to September 30, 2011 amounted to $400,803 (job numbers based on the number of hours worked in a quarter and funded under the Recovery Act).
Organizations receiving funding from the Recovery Act are subject to special reporting requirements. Also, an organization is required to have a Single Audit if it expends $500,000 or more of federal funds (Recovery Act funds are considered federal). We can help with any questions surrounding Recovery Act funding and Single Audit requirements.
More information can be obtained at the Recovery Act website.
Nonprofit organizations have specialized audit, tax and operational needs that require specialized service. Armanino has been committed to the nonprofit sector since 1953, and we now work with more than 500 nonprofit clients. This hands-on experience gives our staff of CPAs and former CFOs a deeper understanding of the issues nonprofits face, so we’re able to meet their needs and help them fulfill their missions in the most efficient, cost-effective way possible.