Non-Profit Endowments and ASC 958-205 (FAS 117-1): Compliance Challenges
Making Tough Decisions on Asset Classification and Disclosures
Recording of a 110-minute CPE webinar with Q&A
This teleconference will provide accounting advisors with an in-depth analysis of FASB's asset classification standards for non-profit endowments and will explore common compliance challenges to date in preparing future financial statements.
- Understanding UPMIFA’s impact on FASB’s guidance
- A brief history of the UPMIFA model law
- Discussion of UPMIFA adoptions by states
- 2010 adoption by New York; where state takes its own approach
- Florida UPMIFA bill awaiting governor’s signature
- Progress on Mississippi bill
- FASB’s interpretation of asset classification for donor-restricted endowments
- Classifying permanently restricted assets
- Historic-dollar-value vs. prudent investor standard
- Temporarily restricted net assets
- Current disclosure issues with financial statements
- The governing board’s interpretation of the law that regulates net asset classification of donor-restricted funds
- Explanation of the non-profit’s spending policies
- Explanation of the non-profit’s investment policies
- Report on the composition of net assets
- Report reconciling balances at start and finish of period
- Compliance scenarios and decisions that have occurred since adoption of ASC 958-205 (FAS 117-1)
- Accounting and legal cycles
- Foundation policy revisions
The panel will give you the tools you need to advise non-profits adapting to ASC 958-205 challenges, including:
- Reacting to the latest state actions on UPMIFA adoption, and using the standards set out in the UPMIFA model to facilitate FASB compliance.
- Developing best practices for the classification method for donor-restricted endowments.
- Meeting the information disclosure requirements for both donor-restricted and board-restricted endowments.
- Understanding compliance challenges that arise under ASC 958-205( FAS 117-1) and how to deal with them.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
He works on non-profit audits and has 13 years of experience, the majority of them in the public sector arena. Before... | Read More
He works on non-profit audits and has 13 years of experience, the majority of them in the public sector arena. Before joining the firm, he was controller for a private company.Close
Lane Gorman Trubitt
Ms. Duncan has more than 10 years of public accounting auditing experience on a variety of planning, risk assessment,... | Read More
Ms. Duncan has more than 10 years of public accounting auditing experience on a variety of planning, risk assessment, financial statement and other activities. She focuses on non-profit organizations such as healthcare related entities, private schools, and foundations. She has presented previously on FAS 117-1 and sits on NPO committees for two accounting societies.Close
She is attached to the firm's Not-For-Profit Services Group and handles endowment, audit, consulting, management... | Read More
She is attached to the firm's Not-For-Profit Services Group and handles endowment, audit, consulting, management reporting and internal control matters for NPO clients. She is a frequent speaker on financial and accounting matters affecting non-profits.Close