Upcoming Changes to Revenue Recognition for Contributions Topic 958

Upcoming Changes to Revenue Recognition for Contributions Topic 958

RECOGNIZING CONTRIBUTIONS –ASU 2018-08 TOPIC 958 Changes to revenue recognition under ASU 2014-09 did not explicitly address contributions. ASU 2018-08 was created to provide guidance to nonprofit organizations with the goal to encourage consistent revenue recognition...
Do the math: Deciding whether you need a CFO

Do the math: Deciding whether you need a CFO

Nonprofits typically work hard to make the world a better place in one way or another. But their ability to pursue their missions depends greatly on their financial health and integrity. That’s why many nonprofits need to employ a chief financial officer (CFO)....
All eyes on performance

All eyes on performance

How to make data analytics work for you Your nonprofit is accountable to many constituents, including donors, volunteers and the people you serve. A surefire way to demonstrate your effectiveness is through the use of data analytics. With facts at your fingertips,...
Are your board members independent?

Are your board members independent?

Nonprofits must state on their IRS Forms 990 the number of independent voting members on their board of directors. Donors, state attorneys general and the media increasingly have been scrutinizing this reporting, believing that independent directors are a key...
Surveilling new EU privacy rules

Surveilling new EU privacy rules

Data protection regulations include U.S. nonprofits Most U.S. nonprofits have paid little attention to the European Union’s (EU’s) General Data Protection Regulation (GDPR), which took effect May 25, 2018. The GDPR revises the standards for privacy rights, information...
FASB issues new accounting rules for contributions and grants

FASB issues new accounting rules for contributions and grants

Accounting for contributions and grants has often proven complicated for nonprofits, especially when they come with donor-imposed conditions. New revenue recognition standards released by the Financial Accounting Standards Board (FASB) in 2014 only muddied the issues...