As not-for-profit organizations adopt the new financial statement presentation changes, they may want to take another look at their accounting for fundraising costs. Not-for-profits have some flexibility when it comes to allocating costs to fundraising efforts.
Topics: not-for-profit, financial statements, fundraising, NFP, Heather Hernandez, program costs, accounting for fundraising, joint cost allocation
Every organization evolves. Boards turnover, communities change and reporting requirements receive updates. Not-for-profit organizations need to make continuous adjustments at every level of their operations in order to keep pace with shifting responsibilities.
Approaching updates with a “housekeeping” frame of mind may help your organization make the minor adjustments it needs to meet any new requirements. Periodic reviews of financial statement reporting processes, bylaws, board policies and mission statements help identify discrepancies between what the organization says it’s doing on paper and what activities it puts into practice.
Topics: not-for-profit, compliance, NFP, Heather Hernandez, Governance, Jon Grissom, Misson Statements
Stakeholders had a lot to tell the Financial Accounting Standards Board (FASB) about its exposure draft of not-for-profit financial statement presentation changes in 2015. In the fall, the FASB announced it would be segmenting its proposed changes to financial statements into two phases to make the changes more manageable.
Topics: not-for-profit, FASB, Heather Hernandez
Many not-for-profit organizations rely on various methods of fundraising to further their mission and tax-exempt purpose and to ensure a sustainable future. As such, they engage in fundraising efforts, either using internal resources or by using the help of an outside, professional fundraiser, to attract potential donors.
Topics: not-for-profit, fundraising, Heather Hernandez