Spending HEERF Payments

Spending HEERF Payments

ISSUE The initial guidance on when Higher Education Emergency Relief Funds were to be spent was along the lines of, “promptly and to the greatest extent practicable… by one year from the date” of the recipient institution’s “Certification and Agreement” for the...
Spending HEERF Payments

Maturity Date of PPP Loans

ISSUE Happy 4th of July!  With all of the “guidance” flying around about the PPP, PPP Flex, etc.  There is a lingering question about the maturity dates for “unforgiven” portions of PPP loans. SITUATION Idaho Theological Seminary (ITS) is a private college exempt...
Spending HEERF Payments

Form 990: New Order of O/D/T/KE/HCE

ISSUE: One change in the 2019 Form 990 instructions has not received much fanfare – the re-ordering of the people listed at Part VII, Section A.       SITUATION: Saltwater Christian College (SCC) is a private college exempt under Internal Revenue Code...
Spending HEERF Payments

IRS: Medical Expenses to Include HCSM Memberships

ISSUE The Affordable Care Act required workers to have “essential coverage” health insurance.  An exemption was “carved out” for Health Care Sharing Ministry (HCSM) memberships.  However, the HCSM payments were not included in “medical expenses” under I.R.C. Section...