Blog & Newsroom

Posts By: Sue Krantz, CPA, Partner
What Has COVID Taught Us From a Not-for-Profit Perspective?

What Has COVID Taught Us From a Not-for-Profit Perspective?

Not-for-profit organizations, just like other business entities, had significant changes thrust upon them due to the pandemic, and in response, had to make changes to their programming activities, staffing and budgets, among other things.

There are a number of things these organizations learned, as well as short-term and long-term decisions they had to make. They are navigating through the various government funding programs to ensure they are bringing the necessary funds to their organization so they can support people in need. Additionally, they are working with the people they serve to help them determine funds directly available to them, so they do not risk missing out on any well-needed payments.

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Not-for-Profit? What you need to know about the new FASB rules

Not-for-Profit? What you need to know about the new FASB rules

After more than three years of debate, comment, and revision, the Financial Accounting Standards Board’s (FASB) much-anticipated Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, was released on August 18, 2016. NFP_photo_volunteer.jpg

The newly released ASU will change the way all not-for-profits (NFPs) classify net assets and prepare financial statements. To view the standard in its entirety, visit the FASB’s website here.

Adoption of FASB ASU 2016-14 will result in significant changes to financial reporting and disclosures for NFPs. FASB believes the update will improve NFP financial statements and provide more useful information to donors, grantors, creditors, and other financial statement users. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018.

If you have a question about your not-for-profit financial reporting, contact us. We’re ready to meet with you and start the conversation. Email skrantz@zinnerco.com or 216.831.0733. 

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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No Tax on Overtime Pay

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