Financial Reporting & Budgeting

FASB Issues Much-Anticipated Revisions to Not-for-Profit Financial Reporting

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On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (the ASU).
The ASU is designed to improve and simplify the financial statement presentation and disclosures of not-for-profit entities.
For many organizations, the most important provisions of the ASU will […]

Maybe It’s Time to Challenge What is Reported on the Month-End Financial Statements

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By: Wavel Joseph, CPA, CGMA, CFO, Accounting Services Clients 
Your monthly financial package most likely includes a Statement of Financial Position (Balance Sheet) and a Statement of Activities (Income Statement). However, you may have to go beyond the regular month-end close financial reports that you receive to truly understand what is reported to you. For example, […]

Rolling Forecasts: Because Actuals Are What Happen to You While You’re Busy Making Budgets

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Budgeting is often held up as the critical process that must take place in the last quarter of a well-managed nonprofit’s fiscal year for the purpose of planning, evaluation, and control.  The resulting budgets often have the dual objective of outlining both “where we want to go” and “where we expect to go” over the […]

New York’s New Electioneering Disclosures – More Reporting for Nonprofits

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New York State Attorney General Eric T. Schneider announced new political campaign activities reporting requirements for all nonprofits (except 501(c) (3) organizations, which are already restricted from political activity).  The Electioneering Disclosure Schedule (EDS) will be added as another page of the Form CHAR 500 starting with the 2013 returns. The new rules require all non-501(c) […]

Form 990: Understanding Schedule D and Financial Reporting Requirements

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A key component of the 990 is understanding the differences between GAAP and IRS requirements. If an organization received audited financial statements for the reporting year that it is filing the 990, it must complete parts XI and XII of Schedule D; reconciling its revenue and expenses from the financial statements to the 990.  Preparing this […]

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