The Soapbox and Toolbox for New York State's Nonprofits

Thursday, March 2, 2017 11:30 am

A FASB Update for Nonprofits [Lunch & Learn]

Presented by David M. Rottkamp, CPA, Audit Partner & Not-for-Profit Practice Leader 
Grassi & Co. | New York City Office - Partner-In-Charge

As you may already know, The Financial Accounting Standards Board (FASB) issued in August 2016, the long-awaited proposed Accounting Standards Update (ASU) for Not-for-Profit Entities and Health Care Entities and also Presentation of Financial Statements of Not-for-Profit Entities. The standard represent the most significant changes in nonprofit reporting rules since 1993. FASB sought to make nonprofits more easily comparable through their financial reporting, and to provide donors and lenders with liquidity information so they could better assess the financial health of the NFPs they are interested in supporting. Additional disclosures will also more succinctly identify board designated funds and endowment funds. All of these changes sound a little overwhelming to the average nonprofit Executive Director, Fiscal Officer or Board Member. Practically speaking, what does this really mean for your nonprofit? When do we have to implement these changes? How do the changes translate to what you see in your audited financial statements? Does this change how and what we prepare for the audit? Will these changes effect what we see on the form 990? Join us for a 90-minute webinar giving practical guidance for the "non" accountant and seasoned CFO alike

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NYCON develops and promotes an effective and vibrant charitable nonprofit community throughout New York State.  We strengthen organizational capacity, act as an advocate and unifying voice, help to inform philanthropic giving, and conduct research and planning to demonstrate relevance and impact.