New and Improved Amortizing of Goodwill for Nonprofits

FASB has given NFP’s the option to use private company treatment of goodwill. This means that NFP’s can elect to Amortize goodwill over a 10 year period (or less if the entity can justify the accelerated schedule). If NFP’s elect this method, they get the benefit of only having to test for impairment of goodwill during “triggering events” as opposed to annually. This saves NFP’s both time and money as goodwill impairment tests usually require the contracting of a specialist.

functional expenses

Lessons Learned from Implementing ASU 2016-14 – Functional Expenses

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) with the stated purpose of improving financial reporting by not-for-profit entities (NFP). The update is effective for annual financial statements issued for fiscal years beginning after December 15, 2017. One area has presented challenges to nonprofits is the presentation of the analysis of expenses by function and natural classifications. This article provides some great guidance on options available under the ASU for the presentation of expenses.

Nonprofit Lunch & Learn – Annual Accounting & Auditing Update

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In this session, we will deliver an overview of the Accounting Standards that have been issued by the Financial Accounting Standards Board and a status report on current projects relevant to the nonprofit sector. Join us for an interactive discussion after viewing this webinar from BDO. Lunch will be provided. (Qualifies for 1.5 CPE credits in Accounting) Please Register By November …

Nonprofit Lunch & Learn – Annual Nonprofit Tax Update

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The Tax Cut and Jobs Act of 2017 made major changes for tax exempt organizations. There are also significant new initiatives at the IRS including a focus on Incomplete Returns. Join us for the Annual Nonprofit Update for the status of tax reform and other nonprofit tax updates. Join us from one of two locations for an interactive discussion regarding …

Nonprofit Lunch & Learn – From Metrics to Mission: Highlights From BDO’s 2019 Nonprofit Standard Benchmarking Survey

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Nearly one in five nonprofits expanded the scope of their mission in the past year. As the need for services continues to grow, so too does the pressure for expanding programming—and with it, the danger of scaling unsustainably and risk of falling into the starvation cycle. Underfunding critical infrastructure is one of the top areas explored in BDO’s third annual Nonprofit …

Nonprofit Lunch & Learn – What You Need to Know About the New Lease Accounting

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In this session, we will deliver an overview on the new lease standard from the FASB. Join us for this webinar to learn how your organization’s finances and operations will be affected. This new standard represents a significant change in the accounting principles that nonprofits use to recognize leases and affects virtually all Nonprofits organizations no matter their sizes and …

Nonprofit Lunch & Learn – Navigating Revenue Recognition for Nonprofits

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In this free Lunch & Learn, we will discuss the lessons learned from organizations that have recently implemented the new Accounting Standards Update related to Revenue Recognition. In recent years, FASB has issued, Not-for-Profit Entities: Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made (Topic 958) and Revenue from Contracts with Customers (Topic 606). These standards represent …

Nonprofit Lunch & Learn – GASB Update

taradavis@harriscpas.com

This session will highlight recently issued standards, due process documents, and recent GASB activities on the following topics: Leases Financial reporting model and conceptual framework Revenue and expense recognition Public private partnerships Note disclosures Conduit debt Subscription-based information technology arrangements Fiduciary activities Please join us for an interactive group discussion surrounding a webinar on this topic. This is open applicable …

Nonprofit Lunch & Learn – Grants Management

taradavis@harriscpas.com

Internal controls over grant activities are often undocumented or misunderstood. The management of complexities and risks associated with the acceptance of federal is important to provide assurance to management and oversight bodies that the funds are properly spent. This webinar will focus on understanding internal controls that need to be in place to help organizations comply with financial and compliance requirements …