Implementing FASB ASU on Contributed Nonfinancial Assets

By Matt Cromwell In September 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-07 Not-For-Profit Entities (Topic 958): Presentation and Disclosures by Not-For-Profit Entities for Contributed Nonfinancial Assets. The intent of ASU 2020-07 is to provide enhanced transparency related to the presentation and disclosure of contributed nonfinancial assets. These enhancements will allow…

Nonprofit Items to Note – Fall 2022

Shuttered Venue Operators Grant (SVOG) Updates The Small Business Administration (SBA) has updated the SVOG Post-Application Guidance and the Post-Award Frequently Asked Questions. These documents apply to both non-federal entity recipients (these include nonprofit entities, state and local governments and Native American tribes, and institutions of higher education) and for-profit recipients. Included in the updates made by SBA…

Creating a Legacy

Creating a Legacy By Jeff Schroeder, Partner In recent years, I’ve been focused on two main areas of practice: privately owned businesses and not-for-profit organizations. It’s at the intersection of these two topics that we come to the topic of today: creating a legacy. What do we mean when we talk about legacy? Often the…

When to Hire an Accounting Firm

When a Not-for-Profit Organization Should Hire an Accountant. By Jessica Freiburg, Managing Partner Today, we’re going to talk about when a not-for-profit organization should hire an accountant. First of all, I want to say that it’s great that you’ve created a not-for-profit organization. Whether you’re helping animals, feeding the hungry, or working with a medical…