The Financial Accounting Standards Board, also known as FASB, has released Accounting Standards Update (“ASU”) 2016-14 with huge changes for Not-for-Profit Entities (“NFPs”). You’re probably wondering why there even was an update. Great question.
Everyone, it might seem, wants to know how effectively your not-for-profit is fulfilling its mission and running its operation. Performance, or outcome, measurement — essentially a way to determine the impact of a program or activity — can supply interested onlookers with the proof they need to know you’re doing your job. Unlike traditional measures, such as number of clients served or amount of donations received, these “super metrics” allow an organization to assess whether a program is achieving its intended results.
As the economy slowly crawls back, many not-for-profits (“NFPs”) are still experiencing stagnant or even declining revenues, prompting them to look to nontraditional types of revenue sources—including licensing agreements.
Among a flurry of opinions issued recently by the Supreme Court as they closed out their judiciary session on June 30th was a split decision on a broad interpretation of the Fair Housing Act of 1968.
Two major studies were released this week that cast a dark shadow across what generally has been a sunny outlook on the strengthening economy.
Lee Ann Collins, CPA, a partner at Lane Gorman Trubitt, PLLC ("LGT") and a well-known leader in the Dallas/Fort Worth accounting industry, has been named the fourth managing partner of LGT in its 65 years of business.
Topics: Firm News
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