Not-for-profit organizations face a big question going into their next fiscal period: how will the revenue recognition standard affect the not-for-profit sector? The answer is: it depends.
If your organization uses a basis of accounting other than the U.S. generally accepted accounting principles (GAAP), such as a cash basis of accounting, then the changes to revenue recognition under ASC Topic 606, Revenue from Contracts with Customers will not impact your organization. Organizations that follow U.S. GAAP will have some evaluating to do, particularly if your entity receives a high volume of contributions, is a membership organization, or provides goods or services (such as by operating a gift shop).
On June 21, 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions received and Contributions Made, which provides accounting guidance around contributions of cash and other assets received and made by not-for-profit organizations and business enterprises.
Medical emergencies can happen at any time to anyone. Having the information you need at your fingertips, from emergency contact information to passwords and file access, can help ensure that if one of your employees experiences a health crisis, your organization is able to notify the people who need to know as soon as possible. A back-up for system for passwords can help operations to recover after an emergency event has occurred.