In This Issue

News for Nonprofits

   

FASB Proposes Major Financial Reporting Changes

  

The Financial Accounting Standards Board (FASB) has developed a new set of accounting standards that, if passed, will greatly alter the way nonprofits prepare their financial statements. 


 
Some financial professionals say that proposed Accounting Standards Update ,...(Read More)

 

 Client Quote

"Our experience working with Gilbert Associates over the last 5 years has made us a financially stronger organization through the audit and management feedback process."

  --Marlu Investment Group
JULY 2015


Are you aware that the Financial Accounting Standards Board (FASB) has developed a new set of accounting standards that, if passed, will greatly alter the way nonprofits prepare their financial statements? Though there is quite some time before implementation is required, we wanted you to be aware of these pending changes. Of course, we will provide training on the new standards, once finalized. 


Also, every nonprofit dreams of receiving a large endowment. While it may seem that the steady cash flow will make everything easier, there are some very real responsibilities that come along with properly managing an endowment that every nonprofit leader should be aware of.
 

If you need further assistance with any of the topics discussed in this issue, please give us a call. We are here to help! 

 
 

Not as Simple as A, B, C:

Put Ample Effort into Your Board Meeting Minutes

 

Board meetings are the most crucial activity of your board of directors. And minutes of those meetings are among the most important documents your organization will ever produce. But is your nonprofit doing all it should in preparing its minutes? And is it done in a way that will protect your nonprofit against future problems?

 

Different states have different rules about board meetings and minutes, so check with your attorney to ensure that you're meeting those requirements. Here are some general best practices to consider when drafting the minutes...(Read More)

What it Takes to Manage an Endowment

  

Every nonprofit dreams of receiving a large endowment that will keep it financially worry-free in the future and allow it to fulfill its mission with ease. But, in the real world, endowments also carry serious responsibilities, created by the Uniform Prudent Management of Institutional Funds Act (UPMIFA). When managing endowments, nonprofit leaders must keep the following realities in mind. 

 

An investment policy drives fund management. Every endowment should have a comprehensive investment policy that drives the management of the fund. According to UPMIFA, investment decisions must be made in relation to...(Read More)