Understanding the New Accounting Standard for Nonprofits

Is your nonprofit ready for the new accounting standard 2016-14 that will be going into effect? Join us to learn about the changes and consider how they may impact your organization's financials. 

Learning Objectives

• Identify recently issued standards by the Financial Accounting Standards Board (FASB)
• Differentiate the differences between the current standards and the new standard
• Understand how changes could potentially impact nonprofits with grantors and donors 

Description

For nonprofits that are required to have GAAP financials, there is a new accounting standard 2016-14 which will be effective for the calendar year ending December 2018 (fiscal year June 2019). This new standard will change how these nonprofits present their external financials. In New Mexico all nonprofits that have gross receipts over $500k must be audited, so this new standard will apply. 

Controllers, CFOs, Executive Directors and board members need to be aware of the changes and start to consider how they may impact their financials. Participants will learn and discuss the changes to nonprofit financials and why the new changes are important to readers of their financials. 

Level

Intermediate

Audience

Executive Directors, Controllers and Finance Managers, Board of Directors, nonprofit auditors

Presenter

Donna Peace has been in public accounting for over 24 years and is a CPA in Texas and New Mexico. Donna has worked for both national and local CPA firms. She has consulted nonprofits in both audit issues and taxation. Donna has been the former Chair of the New Mexico Peer Review Committee and has served on several nonprofit boards in her career. She is currently a senior manager at Baca & Howard, P.C. a local Albuquerque firm.   

Guiding Practices for Nonprofits

• Boards of Directors should ensure the organization adheres to industry and regulatory standards that apply to its work. 
• Nonprofits with total revenue in excess of $500,000 in the previous fiscal year must have an audit conducted by an independent Certified Public Accountant in accordance with the Generally Accepted Accounting Principles (GAAP).

The Guide is available as a free digital download at CNPENM.org/Guide. Hard copies of the Guide and Companion Workbook will be available for purchase at this training for $25 each with a credit card or check.

The Center for Nonprofit Excellence often takes photos during our trainings to share on social media. If you prefer not to be photographed, please let us know in the Special Needs field when you register.