Non-profit

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First federal grant

A federal award appears for an organisation with no prior award.

Details
Standard cover
Probable gap
Needs
USAspending API, IRS Form 990
Exposure
Federal awards carry insurance requirements in the terms, and crossing $750k in a year triggers a single audit the organisation has never budgeted for.
Window
Award posts before the period of performance
Misfires
A subaward through a larger nonprofit carries the same terms and does not appear as a prime.

First paid staff

Form 990 reports employees where the prior filing reported none.

Details
Standard cover
Probable gap
Needs
IRS Form 990
Exposure
A volunteer board with no employees has no employment practices exposure. One hire creates it, and D&O for nonprofits usually excludes EPL unless it was asked for.
Window
990s lag the year they describe by 12–18 months
Misfires
The lag is the weakness here. It routes to a conversation, never to an assumption about today.