Nonprofit
How Nonprofits Can Stay Aligned and Adapt as Conditions Change
Stronger alignment and shorter planning cycles help organizations stay focused on what matters most while adjusting more effectively to changing conditions.
ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, affects substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. AAFCPAs provided insight to the Lawyers Clearinghouse’s network of nonprofits during a workshop on Understanding the New Nonprofit Financial Statement Presentation Standards, on October 12th in Boston, MA.
AAFCPAs addressed questions such as:
- What are the areas of focus?
- How do we digest the information within the new financial statement format to assess the financial health of the organization?
- How do we assess how well philanthropic dollars are being utilized? How much is invested in program versus overhead?
- How do we evaluate liquidity?
AAFCPAs provides financial management assistance on complex technical accounting issues, allowing clients to confidently apply new standards with greater efficiency and ease. We are happy to share our expertise for the benefit of nonprofits in our region on implementing this ASU.
AAFCPAs understands the nuances of the Nonprofit Financial Statement Framework, and we encourage you to take action now on this important issue. Implementation for many may be complex, time-consuming, and require requisite skills and expertise not found on your internal finance team.
