In Brief The coronavirus (COVID-19) pandemic made remote audits a necessity rather than a luxury. CPA firms have adapted to the new environment, but challenges…
ICYMI | Reimagining Strategic Vision for Nonprofits
Evaluating Everything After COVID-19
In Brief The not-for-profit organizations that have weathered the storm of COVID-19 the best are those that have reimagined the organization's mission, strategic vision, and…
CPAs in the not-for-profit (NFP) sector are busy keeping up with financial accounting, tax law, technology, and operational changes. Many recent tax provisions affect NFP…
COVID-19 has greatly impacted the U.S. economy. This impact is ongoing, as many of those businesses that were shut down when the pandemic started are…
Reimagining Strategic Vision for Nonprofits
Evaluating Everything After COVID-19
In Brief The not-for-profit organizations that have weathered the storm of COVID-19 the best are those that have reimagined the organization's mission, strategic vision, and…
The coronavirus (COVID-19) pandemic has seriously disrupted and threatened the lives of all Americans, causing nationwide shutdowns, curtail businesses, affecting daily routines, and suspending entertainment…
Uniform Guidance is an authoritative set of rules and requirements for federal awards for both nonfederal recipients (i.e., state and local governments; nonprofits, including institutes…
The Not-for-Profit Board Challenge
How to Use Board Members’ Time More Effectively
CPAs and other accounting and finance professionals are often asked to sit on the boards of not-for-profit (NFP) organizations. The volunteer, unpaid status of NFP…
Nonprofit Liquidity
Better Financial Storytelling under ASU 2016-14
Having implemented Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, many nonprofits are beginning to expand their understanding of liquidity and sharpen…
Financial accountants and auditors who assist nonprofit organizations have been busy applying and educating nonprofit management about FASB Accounting Standards Update (ASU) 2016-14, Presentation of…
In Brief Key performance indicators (KPI), long familiar to corporate managers, are increasingly being used by financial managers at notfor-profit organizations to measure the effectiveness…
In 2016, FASB issued ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, effective for fiscal years beginning after December 15, 2017. The standard is…
On the timeline of financial accounting history, 2018 may well be the “year of the nonprofits.” Accountants and auditors began applying FASB Accounting Standards Update…
Functional Expenses by Nature and the Overhead Debate
Crafting an Alternative Approach to ASU 2016-14
FASB ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, is in full effect with the close of the December 31, 2018, fiscal year. As implementation progresses,…
Attest services rendered to not-for-profit (NFP) entities provide assurance to stakeholders as to the quality of the financial condition, results of operations, and internal controls…
While the overall responsibilities of a nonprofit director have remained the same over the years, the increasing complexity of the business environment makes fulfilling those…
In Brief Key performance indicators (KPI), long familiar to corporate managers, are increasingly being used by financial managers at notfor-profit organizations to measure the effectiveness…
The advantages of evidence-based decision making are clear, but there are several reasons why data-driven decision making is a relatively new concept for many notfor-profit…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
Top Challenges Facing Not-For-Profit CFOs Today
Revisiting the Toughest Challenges
In April 2017, the authors wrote “Top Challenges Facing Not-For-Profit CFOs Today.” The intent of the article was to affirm how complex and diverse the…
ICYMI | Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
ICYMI | Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
In 2016, FASB issued ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, effective for fiscal years beginning after December 15, 2017. The standard is…
Implementing ASU 2016-14 on the Presentation of Not-for-Profit Financial Statements
Changes Aim to Provide More Relevant Information and Perspective
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, contains changes in reporting requirements that will significantly affect how nonprofits communicate…
Preparing the Statement of Cash Flows Using the Direct Method
Illustrating a Simpler Approach
FASB's Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, removes the requirement that not-for-profit (NFP) entities that choose to prepare the…
Much has been written over the past several years, and especially in the last few months, about the evolving role of the CFO in the…
This issue focuses on accounting, auditing, taxation, and management issues specific to the not-for-profit and government sectors. Although these entities present unique challenges to the…
Whether a large established charity, a small not-for-profit private foundation, a school club, or anything in between, there are many ways for not-for-profit organizations to…
Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many…