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The Two Key Financial Statement Changes Not-For-Profit Boards Should Know About
Posted by Tracey McDonald on Wed, May 9, 2018 @ 07:47 AM

As not-for-profit organizations prepare to adopt the new financial reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), Board members should take an active role in overseeing the implementation of this standard since one of the key fiduciary responsibilities of those charged with governance is to oversee the financial reporting process. ASU 2016-14 is designed to provide more transparency into the financial reporting process of an organization and does so by addressing updates to several areas, including net asset classifications, investment reporting, expenses and the presentation of statement of cash flows information.

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Topics: Non-profits, Not-for-Profits, NFP, Not-for-profit financial statement, board of directors, financial statement audit, financial statement reporting, tracy mcdonald, not-for-profit board of directors

Frequently Asked Questions About Not-For-Profit Audits
Posted by Joyce Masse Troy on Mon, Oct 23, 2017 @ 04:11 PM

A financial statement audit is bound to produce questions on financial statement reporting, and many are matters that are better addressed before the start of the audit. Questions addressed during the reporting year can save not-for-profit organizations a lot of time during their next audit and could eliminate potential control deficiencies reported as a result of addressing these prior to the audit. The following are among the top questions we routinely hear from our clients.

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Topics: Joyce Masse Troy, not-for-profit, endowment funds, Not-For-Profit Audits, Split-Interest Agreements, financial statement audit, financial statement reporting

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