The Financial Accounting Standards Board (FASB) has recently updated their guidance for the first time since 1993. The updates may change how some of your reporting and record keeping will be performed. Changes to the standards will commence with fiscal years starting after December 15, 2017. The biggest changes impact how net assets are classified, how statements of cash flows are prepared, explain how liquidity is maintained, and other changes.
Further discussions will cover the benefits and pitfalls of unrelated business income and the associated tax, dealing with state sales and property tax exemptions, and other miscellaneous accounting headaches.
Andrew Peterson is a CPA and has extensive experience in the nonprofit industry as a member of the UNA Southern Utah Committee and Treasurer of the Silver Reef Foundation in Leeds, Utah. He has lived in Southern Utah for about 3 years. He has a BA in Economics from Cornell University and a Master of Accountancy (MAcc) from Southern Utah University.
*Immediately following the session from 12:00 – 12:30 will be a tour of the RRCI Facility.