Friday, July 23, 2010

NeighborWorks America Helps Nonprofits Navigate NSP with Do's and Don'ts Accounting Webinar

With more than $7 billion of federal money flowing into communities through the Neighborhood Stabilization Program (NSP), and nonprofit organizations playing a key role in using the funds to strengthen neighborhoods affected by foreclosure, NeighborWorks America, in partnership with the Lydon, Fetterolf, Corydon, P.A., recently offered tips on navigating the processes of cost allocation and reimbursement for nonprofit NSP grantees. In all, 38 organizations discussed how to accurately manage the NSP process under the rules established by the Office of Management and Budget in Circular A-122.

"The rules for NSP and other similar federal programs can be a challenge for nonprofit organizations who are not accustomed to managing federal funds, and the consequence of missteps can be delayed reimbursement or in the worst case, having to return grant funds to HUD,” said Sarah Greenberg, senior manager, Community Stabilization, at NeighborWorks America.

There are 109 organizations in the NeighborWorks network managing over $146 million of NSP Round 1 funds, and an additional 19 NeighborWorks network organizations are direct recipients of competitive NSP Round 2 funds. NeighborWorks America believes that it’s important for all participating nonprofits to have the best guidance on running a cost-effective program.

The webinar is part of NeighborWorks America's overall effort to make information readily available to nonprofits working to restore communities devastated by the foreclosure crisis. To this end, NeighborWorks will also be hosting a peer convening for nonprofit NSP2 grantees in Philadelphia on August 16, 2010, as part of the NeighborWorks Training Institute.

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