Many financial executives are a little stunned to hear NFP organizations do not use fund accounting any more for their financial statements. To add to complexity of the situation some of the guidance produced by the Financial Accounting Standards Board has is not clear and confusing (at least to my mind).

To help out your understanding of the accounting requirements of your NFP organization I am sharing an article from Scot Levy, an outstanding financial professional, on the new accounting requirements for contributions received and contributions made. This new accounting guidance is effective for any NFP entities with a year-end of December 31, 2019. So, the new rules will need to be reflected in the financial statements your organization is preparing now. Is your organization ready? Good luck with implementation!

The article can be found at: https://www.linkedin.com/pulse/nonprofits-you-ready-new-contribution-guidance-scott-levy/

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Published by Mark Koscinski

I am an assistant professor of accounting practice at Moravian University in Bethlehem PA, after a long and multifaceted business career. I am a CPA in the State of New Jersey, and hold a doctorate from Drew University in Madison NJ. I also served as a Byzantine Catholic deacon, hence the religious articles included here. Moravian University is a liberal arts college, encouraging the complete formation of a person.

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