Over 20 years in the Making: The FASB Non-Profit Accounting Standard Update

The new Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-14 is effective for fiscal years starting after December 15, 2017. This new standard addresses a nonprofits’ ability to tell their story through transparent financial reporting, improving upon and changing existing rules which had not been updated in 23 years.

This new ASU affects all non-profit organizations. You should be familiar with the impact on your organization. The changes impact the following areas of financial reporting:
1. Net Asset Classification
2. Information about Liquidity and Availability of Resources
3. Information about Expenses and Investment Return
4. Presentation of Operating Cash Flows

Support Kansas City is here to help you navigate these changes. We provided links below to resources that provide detail about the changes and their implementation. Support Kansas City is also addressing these changes in the March and April Support Kansas City Coffee Cup Conversations. The information about those trainings are listed below. We hope to see you at the presentations!

Links:

FASB website and white papers
www.FASB.org
http://www.fasb.org/cs/ContentServer?cid=1176168380887&d=&pagename=FASB%2FFASBContent_C%2FNewsPa

Nonprofit Quarterly article
https://nonprofitquarterly.org/2016/08/22/new-fasb-accounting-standards-for-nonprofits-released/

About the Author


Support KC

For the benefit of the nonprofit sector everywhere, we wanted to provide resources for ways we can continue to operate and grow within this era. And once social distancing begins to fade, what lessons can we take from this to improve our operations permanently. Come back often for more updates.

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SUPPORT KC

OUR MISSION

To provide nonprofit organizations with business and development expertise, empowering them to focus on their missions.

OUR VISION

A high performing, sustainable nonprofit community. Support Kansas City, Inc. is a 501(c)3 nonprofit organization and a 509(a)3 supporting organization.

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CONTACT US

Support Kansas City, Inc.
6750 Antioch Rd. Suite 305 Merriam, KS 66204

Phone: (913) 831-4752

Accounting & Fiscal Management

  • Structure general ledger, chart of accounts, setup assistance
  • Monthly accounting support: accounts payable, accounts receivable, deposits and receipts, bank reconciliation
  • Payroll preparation
  • Preparation of management reports
  • Financial report preparation for board meetings
  • Grant tracking and reporting
  • Preparation of IRS Form 990
  • Preparation of annual 1099’s
  • Preparation of schedules for independent audit, assistance with audit completion
  • Cleanup of past accounting records
  • Budget preparation assistance, reporting and analysis
  • QuickBooks training

Governance & Strategy Development

  • Governance training
  • Executive mentoring and coaching
  • Board retreat facilitation
  • Strategic planning documents
  • Outcomes and impact measurement and reporting
  • Survey assistance

Database Management

  • Database design and development
  • Gift and demographic data entry
  • Donor acknowledgement letters
  • Import and export of data; mail merges; exports to mail house
  • Data and donor analysis
  • Integration with accounting systems, fund development and social media activities
  • Database training
  • Ongoing support and technical assistance

Fund Development

  • Create annual fund development plan
  • Fund development plan audits
  • Board Training
  • Capital campaigns
  • Grant management: research, writing and reporting
  • Major gifts and planned giving
  • Special event planning and support
  • Annual fund drives
  • Annual appeal mailings