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Improve Your Regulator Response Plan: A Guide for Not-For-Profits
Posted by Michelle Spriggs on Tue, Apr 18, 2017 @ 08:43 AM

Even when you have a strong reporting team and positive audit results or audit results with only minor deficiencies, the IRS, the Department of Education, the Department of Labor and/or other regulatory agencies may want to take a closer look at the information you submitted. The first reaction to a notice of a federal audit or review may be panic, but not-for-profit organizations can more efficiently react if they approach the request as a new—albeit significant—project.

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Topics: not-for-profit, Michelle Spriggs, NFP, regulatory agencies, inspections, reporting regulations

Presenting the New Not-For-Profit Financial Statement: Implementation
Posted by Michelle Spriggs on Tue, Jan 31, 2017 @ 10:26 AM

The changes issued under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will bring more transparency to not-for-profit financial statement reporting.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, Not-for-profit financial statement, implementation

Highlights from the Department of Education Federal Student Aid Training Conference
Posted by Joel LaSalle on Mon, Jan 30, 2017 @ 02:39 PM

The U.S. Department of Education (ED) recently held its 2016 Federal Student Aid Training Conference in Atlanta. Among many topics discussed during the conference, the following items are the key takeaways to consider for the upcoming award year.

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Topics: not-for-profit, Michelle Spriggs, NFP, Department of Education, Federal Student Aid administration, Joel LaSalle, nonprofit, ED, FAFSA, Free Application for Federal Student Aid

Presenting the New Not-For-Profit Financial Statement: Liquidity
Posted by Michelle Spriggs on Tue, Dec 20, 2016 @ 10:20 AM

Liquidity reporting numbered among the key reasons the Financial Accounting Standard Board (FASB) amended financial statement reporting for not-for-profit organizations in August 2016. The FASB designed Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities to enhance transparency in the reporting of assets not-for-profit organizations can use to cover short-term needs. The changes made will affect reporting on liquidity and could have ramifications on not-for-profit organizations and the users of their financial statements.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, liquidity, Not-for-profit financial statement

Proposed Technical Correction Made to Not-For-Profit Endowment Reporting
Posted by Michelle Spriggs on Fri, Dec 2, 2016 @ 11:56 AM

Endowment reporting under the new not-for-profit financial statement reporting requirements could be changing again.

On October 27, 2016, the Financial Accounting Standards Board (FASB) issued an exposure draft of a technical correction to clarify the reconciliation disclosure not-for-profit organizations will have to make for their endowment funds.

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Topics: not-for-profit, FASB, Michelle Spriggs, NFP, endowment funds, Underwater Endowments

Presenting the New Not-For-Profit Financial Statement: Presentation of Operating Cash Flows & Investment Returns
Posted by Michelle Spriggs on Mon, Oct 31, 2016 @ 03:53 PM

In August 2016, the Financial Accounting Standards Board (FASB) finalized its guidance for the presentation of financial statements for not-for-profit organizations. The modifications take effect for fiscal years beginning after December 15, 2017 (i.e., years ending December 31, 2018, June 30, 2019, etc.).

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Topics: financial statements, Non-profits, Cash Flow Statement, Michelle Spriggs, NFP

Presenting the New Not-For-Profit Financial Statement: Net Asset Classes & Governing Board Restrictions
Posted by Michelle Spriggs on Mon, Sep 26, 2016 @ 06:28 PM

Not-for-profit financial statements will receive a significant overhaul with the release of the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. The ASU brings several changes, including the consolidation of net asset classes and enhanced disclosures regarding those net asset classes and governing board designations. In the second part of our series, we’ll look at these changes in more detail.

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Topics: financial statements, Non-profits, Michelle Spriggs, NFP

Presenting the New Not-For-Profit Financial Statement
Posted by Michelle Spriggs on Mon, Aug 29, 2016 @ 06:10 PM

Major changes to not-for-profit organizations’ financial statement presentation were recently finalized with the issuance of the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities.

Designed to enhance and clarify the information provided in a not-for-profit’s financial statements, the accounting standards update makes changes to the guidance for net assets classification, governing board designations, investment return, underwater endowment funds, expenses, liquidity and presentation of operating cash flows.

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Topics: financial statements, Non-profits, Michelle Spriggs, NFP

Four Lessons Learned from Year One of the Uniform Grant Guidance
Posted by Michelle Spriggs on Fri, May 20, 2016 @ 01:17 PM

The Uniform Grant Guidance (2 CFR 200), released in December 2013, replaced several Office of Management and Budget (OMB) administrative, cost and audit circulars, and as a result, it changed the way many not-for-profit organizations and universities administered their grants.

New awards and funding increments to existing awards to which the federal agency modified the terms and conditions received after December 26, 2014, must follow the administrative requirements and cost principles under Uniform Grant Guidance (UGG). The new Single Audit requirements are effective for fiscal years beginning after December 26, 2014. For most not-for-profit organizations, that means the first time they will be subject to the new Single Audit requirements will be for their upcoming June 30, 2016 year-end.

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Topics: Non-profits, Michelle Spriggs, OMB, NFP, Uniform Grant Guidance

Not-for-Profit Financial Statement Presentation Changes Update
Posted by Michelle Spriggs on Sun, Nov 15, 2015 @ 11:00 AM


For the past three years, the FASB has been evaluating how to streamline the financial reporting model used by not-for-profits and health care entities. In 2015, the FASB published the long-awaited exposure draft that included the following proposed changes to the NFP Financial Reporting Model: reducing the number of net asset classes from three to two, modifying the statement of activities including a requirement to present an intermediate measure of operating performance, and changing the presentation of cash flows. The Exposure Draft also called for enhanced disclosures by not-for-profit organizations about their liquidity.

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Topics: financial statements, Non-profits, FASB, Michelle Spriggs, NFP

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