NONPROFIT REPORTING STANDARD

View From The Top – Nonprofit Board Review of Form 990

While it is true that the annual Form 990 each nonprofit organization must file with the IRS is filled with numbers, it also contains much more. The Form 990 provides insight into the organization and how it functions and—unlike tax reports of other entities—is a document that must be made available to the general public. [...]

2018-11-12T15:43:09+00:00February 7th, 2018|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|

3 Minutes on the 3 Main Changes of the New Nonprofit Reporting Standard

The Financial Accounting Standards Board’s (FASB’s) new standard for nonprofit financial reporting will dramatically change how not-for-profit organizations present their financial statements. The new regulations are designed to help financial statement users more clearly understand how nonprofits manage their funds. Watch as Alyssa Hill explains three key changes the FASB’s standard will introduce, [...]

2018-11-12T15:45:17+00:00March 10th, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS, VIDEO|

Dispatching Guidance for Properly Recording Contribution Revenue

Navigating nonprofit accounting can be confusing, especially in relation to recording contribution revenue. Determining when contribution revenue is unrestricted, temporarily restricted, or permanently restricted may involve many twists and turns. However, it is important to note that – much like air traffic controllers – the donor directs an organization regarding how to categorize his or [...]

2018-11-12T15:45:22+00:00March 5th, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|

How Nonprofits Cluster Functional Expenses on Financial Statements

Like grapes, a nonprofit entity’s expenses are “clustered” on the organization’s financial statement. Nonprofits are required to report financial information using functional expense classification, which is a method of grouping expenses according to their purposes (e.g., program services and supporting services). By contrast, natural expense classification is based on the type of expense – such [...]

2018-11-12T15:45:27+00:00March 2nd, 2017|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|

The Premiere of the FASB’s New Standard for Nonprofit Financial Statements

The Financial Accounting Standards Board (FASB) has rolled out the red carpet for the first major changes to its standards for nonprofits’ financial statement presentation in more than two decades. The new mandate is intended to clarify net asset classification requirements. In turn, users of nonprofits’ financial statements can more easily understand how not-for-profit organizations [...]

2018-11-12T15:47:10+00:00October 7th, 2016|NONPROFIT REPORTING STANDARD, NOT-FOR-PROFITS|