Sum Things to Think About:
New Financial Reporting Rules for Nonprofits
Don't lose sleep over the first change in nonprofit accounting rules since Sleepless In Seattle debuted in theaters in 1993.
Last year, the Financial Accounting Standards Board (FASB) made the first changes since 1993 to the way that nonprofits must present their end-of-the-year financial statements. Starting December 31, 2018, all nonprofits must adhere to the new standards which will impact how your year-end nonprofit financial statements are presented to and viewed by the donor community.
The new standards:
- Give donors, grant-makers, and creditors better information on nonprofits.
- Make nonprofit financial statements more useful.
- Allow nonprofits to better convey their financial story.
Andrea Mills, CPA, CGMA, from FMA joins us on this webinar to explain the new accounting standards and the significance for your entire nonprofit organization from accounting to development.
During this webinar we'll provide a background and summary of the changes to accounting standards. We'll also discuss the importance of good communication between finance and development leadership as you proactively address implications and opportunities for your nonprofit organization by:
- Taking a proactive approach to understanding the impact on your organization.
- Developing effective communication strategies for sharing your nonprofit organization's financial story with donors in terms of your efficiency and to address specific financial needs.
- Leveraging proactive fundraising and donor relationship management strategies that positively position your nonprofit amidst the changes.