Recent Articles

Employee Files

Originally Posted: December 19, 2022

Keep only what you need in an employee's personnel file.

Key Disclosures

Originally Posted: November 15, 2022

A key component of all audited and reviewed financial statements are the footnotes. It is in the footnotes that key transactions are explained and other important information is disclosed.

FASB Clarifies and Improves Guidance for Not-for-Profit Grant and Contribution Accounting

Originally Posted: November 14, 2022

On June 21, 2018, the Financial Accounting Standards Board (FASB) has issued accounting standards update (ASU) No.

Are you a Nonprofit Finance, Accounting, Tax or Other Expert?

Originally Posted: November 14, 2022

We are currently soliciting contributions of short featured articles for this site.

Changes to Fair Value Disclosure requirements - What You Need to Know

Originally Posted: November 14, 2022

The FASB’s new guidance in ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, impacts the fair value d

FASB ASU 2016-14: Liquidity - Organization Liquidity is More than Cash

Originally Posted: November 14, 2022

The nonprofit financial statement format has a number of major areas affected by the new standard and the Liquidity is one of them.

Understanding Contributed Services

Originally Posted: November 14, 2022

Contributed services are professional services that have been donated by someone outside of your organization with specialized skills — such as those provided by doctors, nurses, lawyers or account

What Board committees are recommended for a newly formed nonprofit?

Originally Posted: October 31, 2022

Question: I will be forming a new nonprofit organization soon and I am in the process of recruiting the initial Board of Directors and drafting governing documents.

Nonprofit Funding Sources (Donor Types)

Originally Posted: October 31, 2022

Funding comes from a variety of sources for nonprofits. Every nonprofit has a niche and a funding strategy to match.

Protocol for Issues Involving Prior Period Checks

Originally Posted: October 17, 2022

Situation:

A check from a Prior Year (or prior period) has not cleared the cash account (lost, destroyed, etc.).

Solution: