By Erin Welch, CPA, Principal, Jacobson Jarvis
Jacobson Jarvis was a proud sponsor and attendee of the annual WSCPA Not-For-Profit Conference in November. Here a few of the topics and resources that we thought were worth sharing:
Board Training: Several speakers highlighted the importance of Board training. Here are links to a few of our favorites: Boards in Gear Finance Unlocked for Nonprofits Nonprofit Learning Center
Building Nonprofit Resilience: Sessions discussed scenario planning for nonprofits, revenue diversification, applying for a line of credit, and building reserves.
FASB Update: No major accounting changes that impact most nonprofits. If your organization has derivative instruments, crypto assets, or internal-use software, take a look at the related recently issued Accounting Standards Updates.
Fraud: No accounting conference would be complete without a session on fraud! Here are a few related resources: Institute of Internal Auditors, Fighting Fraud in Nonprofits, Association of Certified Fraud Examiners, Cybersecurity for Nonprofits
Nonprofit Advocacy: The Nonprofit Association of Washington emphasized the importance of nonprofit advocacy, clarified the differences between advocacy and lobbying, and shared a summary of their free advocacy resources.
Single Audit & Federal Funding: For those of you that receive federal funding, there were sessions on the future of federal funding and the upcoming changes in the Single Audit guidance. The much awaited Final 2025 OMB Compliance Supplement was just issued and is effective for audits of fiscal years beginning after June 30, 2024. Part 3.1 provides compliance requirements effective before October 1, 2024 and new Part 3.2 provides compliance requirements effective on or after October 1, 2024.
The Single Audit threshold has been $750,000 but will now increase to $1,000,000 for fiscal years beginning on or after October 1, 2024. Proposed changes to federal grants and grants management challenges were also discussed.
State and Local Taxes: Effective October 1, 2025 in Washington State, B&O tax rates increased and retail sales taxes expanded to cover more activities, such as advertising services and live presentations.
2026 FLSA and Exempt Salary Thresholds: Washington State minimum wage is increasing in 2026, so are some cities. Salary thresholds for exempt employees are also increasing in 2026.
About the Author:
Erin Welch, CPA, Principal
Erin Welch, CPA, Principal, has worked as a consultant, auditor, and trainer to not-for-profit organizations for over 25 years. She is committed to helping her not-for-profit clients achieve their missions by better understanding their financial statements and systems. Erin provides her clients with insight, training, resources, and practical solutions.