Utilizing the Power of QR Codes for Non-Profit Organizations
In the New Media Age, non-profit organizations face increasing challenges when it comes to engaging with donors, volunteers, and beneficiaries. To overcome these obstacles, many non-profits are turning to innovative technologies such as QR codes (Quick Response Codes) to enhance … Read more…
Uniform Guidance: De Minimis Indirect Cost Rate
The Office of Management and Budget’s (OMB) Uniform Guidance (UG) makes available the use of the de minimis indirect cost rate to allow not-for-profit (NFP) organizations that do not have a current Federal negotiated indirect cost rate to have at … Read more…
Nonprofit Contributions: Donor-imposed Conditions vs. Donor-imposed Restrictions
Revenue recognition for nonprofits can be a tricky area to navigate as it typically involves making various judgments while following a lengthy decision tree. Despite the challenges, there is a relatively linear thought process to follow, and it is important … Read more…
Revisiting Current Expected Credit Losses (CECL) for Nonprofits
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 326: Financial Instruments—Credit Losses enacted changes to the credit loss recognition threshold for certain financial assets for financial statements presented in accordance with accounting principles generally accepted in the United … Read more…
Determining the Proper Date to Recognize Donations
Determining the proper date to report a donor receipt can sometimes be difficult. Ordinarily, a contribution or donation is considered “made” at the time when delivery occurs. This is the time when a donor gives up control of the funds … Read more…
Current Expected Credit Loss (CECL) Standard for Non-Financial Entities
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which enacted changes to credit loss recognition thresholds for certain financial instruments. … Read more…
Contribution Accounting Under U.S. GAAP
In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. The ASU was issued to improve the accounting … Read more…
ASC 842: Impact of the New Lease Accounting Standard on Private Companies
The long-awaited accounting standards update (ASU) for leases is finally at our doorsteps. ASU 2016-02, and its subsequently issued amendments, enacted some significant changes in accounting for leases, with the primary goal of increasing transparency and comparability among entities and … Read more…
When Should Your Executive Director Think Like a CEO?
Nonprofit leaders are known as “executive directors” and for-profit leaders are known as “CEOs.” Is there a difference between the two? Both are leaders of their organizations; both strive to meet the expectations of their board of directors; and both … Read more…
