Streamlining for Savings
I am the CFO…and bookkeeper. I am a finance, accounting and HR department of one. I work three days per week in a 10’ x 10’ office with minimal storage or desk space. What’s the key to my success?
More Lease Accounting Rules: Changes to Accounting for Leases
As you probably know, there are some significant changes to not-for-profit financial reporting that will affect your calendar 2018 and fiscal 2019 financial statements. Depending on the type of revenue streams that you have, the rules regarding how you recognize revenue may also affect your financial statements.
Holiday Fundraising Tip and Treats
For not-for-profits, this holiday season brings the opportunity to raise a few extra dollars amid all the revelry. However, fundraising is not as simple as just holding out a hand and expecting to receive a holiday bounty. Here a few things for not-for-profits to think about during this time of the year.
Take Another Look at Telecommuting
Marva M. Flanagan
These days, everyone seems to be working remotely from his or her home offices. If your organization has yet to turn to telecommuting, or offers it only on a limited basis, you might want to take another look at the option.
Revenue Recognition Standards: How Is Your Not-For-Profit Affected?
When the Financial Accounting Standards Board’s new revenue recognition standard was released in 2014, many organizations and businesses were unsure on how it would affect them. In particular, not-for-profit organizations were unclear on the potential impact. Here is a refresher on the standards to determine how your organization may be affected.
ASU 2016-14: The Rules of Restricted Donations
Caitlin G. Gibbs
With the upcoming net asset classification changes to not-for-profit financial statements under ASU 2016-14, now is as good a time as ever for a refresher on the rules of restricted donations. First, let’s briefly touch on the net asset changes that are rapidly approaching.
Strategies for Maintaining and Growing Donations Under the New Tax Law
When the economy improves, not-for-profits typically find that donations also grow. But, the latest economic swing comes on the heels of a sweeping new tax law that many fear will counter that effect. The Tax Cuts and Jobs Act may disincentivize charitable giving for all but the wealthiest contributors.
Liquidity and Availability of Resources Disclosures Under the New ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities
Sarah G. Widlock
In an effort to provide more useful information to users of the financial statements, the Financial Accounting Standards Board released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities. While the ASU focuses on five main areas that are changing, this blog will highlight just one – liquidity and availability of resources.
Implementing ASU 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
Charles J. Burke
The Financial Accounting Standards Board has recently issued Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This new ASU provides additional guidance to determine whether a transaction is a contribution or an exchange transaction. This determination is significant because it will identify which revenue recognition guidance is applicable.
Implementing ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
The time has come to begin implementing the new not-for-profit financial statement presentation standard. ASU 2016-14 is effective for all not-for-profit entities with calendar years ended December 31, 2018 or fiscal years ended in 2019. Do not let the name of the standard mislead you, there are more to these new rules than wording changes. […]