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New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December...

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How to Get the Most Out of Your Nonprofit Board Experience

By Diana Miller Being asked to join the board of a nonprofit, whether it’s with a prestigious organization or one that’s relatively unknown, is an honor. Joining gives you the opportunity to do good for the arts, the underprivileged, the advancement of medicine or another worthy cause. And let’s be honest: It looks good on your resume, and the boardroom can be a great place to network. Saying yes to a board appointment is a no-brainer, right? While board membership is a great opportunity,...

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Are you Ready if the Not-for-Profit Financial Statement Standards Change?

By Diana Miller  Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards. The package of proposed Accounting...

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