Nonprofit | Albin, Randall and Bennett

FASB ASU 2020-07: New Standard Addresses Nonprofit Gifts-in-Kind

On September 17th, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The FASB ASU requires nonprofits to change their financial statement presentation and disclosure of contributed nonfinancial assets, or gifts-in-kind. The FASB issued the update in an effort


U.S Office of Management and Budget (OMB) Issues Administrative Relief for Organizations Receiving Federal Grants and Aid

On March 19th, the OMB issued M-20-11 to provide relief to grant and award recipients and flexibility to the awarding agencies in order to expedite funding of grants to recipients affected by COVID-19. Exceptions to grant requirements under administrative provisions of the awards are being permitted, but must be documented by the agencies. This memorandum


Presenting Financial Statements to Your Board of Directors

As a nonprofit organization, governance lies with your Board of Directors. The Board holds the ultimate responsibility for your organization, including tax and reporting compliance, and are tasked with upholding your organization’s mission, strategy, and goals. The decisions your board makes set your organization’s policies and procedures, and those decisions affect daily operations and your