Corporate
Jul. 11, 2017
Not-for-profits must recognize funds earlier
New accounting standards address not-for-profit financial statements, while accelerating the recognition of incoming funds.
Megan Lisa Jones
Email: megan.jones@withersworldwide.com
Loyola Law School
Megan is a tax attorney who specializes in estate and business planning. She was previously an investment banker at firms including Lazard Freres & Company.
When do funds left to you from an estate actually become yours? This issue is fraught with meaning for not-for-profit organizations for numerous reasons. First, and importantly, many future grants or bequests are dependent upon an entity's financial statements, which are directly impacted by the timing of incoming funds. Next, new Federal Accounting Standards Board (FASB) updates were issued to go into effect as of 2018 in August 2016 titled Not-for-Profit-Entities (T...
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