Not-for-profit entities may find themselves bogged down in a plethora of audit findings, constantly trying to play catch-up, but unable to move into an improved position. Are you overwhelmed by the prospect of keeping up with regulatory changes? If so, start with the Omni Circular. Mastering this guidance is one proactive step you can take that will yield measurable results.

The audit issue most commonly experienced by nonprofits has to do with funding allocation -- what's allowable, what's supported, etc. To ensure that your nonprofit remains compliant in its documentation and reporting, be sure you have the proper resources and strategies in place, from staff -- not just any CPA will do -- to training and an updated cost allocation plan.