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Posts Tagged Financial

New Standard Aims to Improve Not-for-Profit Financial Reporting

ASU 2016-14 Replaces the Reporting¬†Model That Has Existed for 20 Years by AICPA Not-for-Profit Section Published August 18, 2016 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. The […]

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Change in Accounting Period

When an organization first incorporates to begin operations one of the things it must do is establish with the Internal Revenue Service (IRS) what the fiscal year of the corporation will be. For many organizations setting the fiscal year to coincide with the calendar year (e.g. January 1 through December 31) may be the appropriate […]

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Fiduciary Responsibilities of the Board of Directors

One of the main responsibilities of board members is to maintain financial accountability of the organization. Board members act as trustees of the organization’s assets and must exercise due diligence to oversee that the organization is well-managed and that its financial situation remains sound. What does fiduciary mean? Fiduciary duty requires board members to stay […]

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