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The Latest FASB Accounting Standards: “How Do I Characterize Thee? Let Me Count the Ways: Fish or Fowl; Reciprocal or Nonreciprocal; Conditional or Unconditional?”

There have been a lot of changes in the accounting practices for nonprofits over the past couple of years. It’s not really surprising, because it has been 25 years since the Financial Accounting Standards Board (FASB) has made major updates to generally accepted accounting principles (GAAP) for nonprofits. The recent changes began with Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which modified the timing and methods nonprofits use to recognize revenues generated through contracts. ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, which goes into effect this year (“for annual financial statements issued for fiscal years beginning after December 15, 2017”), revises several accounting practices. It changes the classification of net assets from unrestricted, temporarily restricted, or permanently restricted to net assets without donor restrictions and net assets with donor restrictions;increases disclosure requirements, including those related to asset liquidity; and requires that expenses be presented by function.


Why Internal Controls Should Matter to Your Nonprofit

Almost every month news articles are published about an employee at a nonprofit that was caught in fraudulent behavior.  Unfortunately, the “do good” missions of nonprofits and their staffs do not necessarily make them less susceptible to incidences of internal fraud. According to the 2012 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners, the median loss related to fraud for a nonprofit is $100,000 per occurrence. When it happens, it not only depletes the organization of precious financial resources but also damages the nonprofit’s reputation among its donor community.


TnC Is Not Just a Cable Channel: Loan Tips for Nonprofits

I’ve been lending to nonprofit organizations for close to 20 years. Most organizations take on debt responsibly, but I’ve also seen some nonprofits with loans that are more harmful than helpful.


What Are the New Significant Changes Required by FASB for Nonprofit Financial Statements?

Q & A with Rick Cole, Supervising Project Manager, FASB

Nonprofits need to be aware of changes to accounting standards issued by the Financial Accounting Standards Board (FASB) because those standards will play a significant role in how the nonprofit prepares its financial statements and how people view the nonprofit’s financial health through its financial statements.


How to Maximize Your GuideStar Nonprofit Profile, Part 3

For part 3 of this series, we’ll be discussing one of the most important tools you’ll need to update your organization’s Nonprofit Profile on GuideStar—a level (to balance your nonprofit’s checkbook).


Philadelphia-Area Nonprofits: A Fragile Ecosystem

What happens when nonprofits that provide vital services suddenly aren’t there anymore? A new report by Oliver Wyman, SeaChange Capital Partners, and GuideStar reveals what could happen in Philadelphia.


Sage Intacct and GuideStar Announce Exclusive Relationship to Strengthen Stewardship of Funds for Nonprofit Finance Teams

New Sage Intacct Nonprofit Financial Board Book Powered by GuideStar Enables Real-Time Access to Financial Metrics to Support Nonprofit Health

Sage Intacct, the innovation and customer satisfaction leader in cloud financial management software, today announced a new, exclusive relationship with GuideStar, the world’s largest source of nonprofit information. During the opening keynote of Sage Intacct Advantage 2017 in Las Vegas, the two companies unveiled a new Sage Intacct Nonprofit Financial Board Book Powered by GuideStar.

The Nonprofit Financial Board book is built on the Sage Intacct platform and incorporates the best practice metrics and insight that GuideStar uses to demonstrate the financial health of nonprofit organizations, as well as ensure the organization is on track in accomplishing their missions.