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This month's newsletter features information on the best time to change accounting systems, as well as, takeaways from the 2016 Annual COCPA Not-for-Profit Conference. 
May 2016

When is the Best Season for Changing Your Accounting System?


With a new season, summer, quickly approaching one may start thinking about other changes, such as an accounting software change. When we begin talking with a customer that is interested in Abila MIP Fund Accounting the conversation always includes when should we implement or “go live?” Further questions arise, “should we make the change at the start of a fiscal year or in the middle?”

Many non-profits immediately jump to making the change at the start of the new fiscal year but is that really best? There are pros to making the change then, including a clean cut off with year-end information or a complete year of detailed financial data in the regular reporting package. But there are also plenty of cons.

To continue reading, please click here.

Highlights and Takeaways From the 2016 Annual COCPA Not-for-Profit Conference

This week I attended the Colorado Society of CPA’s Annual Conference. The one-day event primarily serves the continuing professionals education needs of CPA practitioners and others serving in CFO and controller roles with nonprofit organizations; but is of interest to nonprofit accountants, regardless of whether they are CPAs. One of the takeaways is detailed below.

Accounting and Financial Reporting Update
  • The FASB revised rules for revenue recognition apply to most nonprofits except for donor contributions. They will apply for all contracts with customers (e.g., grants) for fiscal years beginning after December 15, 2017. This standard has already been delayed one year from its original implementation date. Nothing new was presented on the FASB 117 recognition of revenue conundrum.
  • Auditors will be required to disclose when there is substantial doubt that the nonprofit entity will continue as a going concern for a period of one year from the financial statement issuance date. Effective date is for fiscal years beginning after December 15, 2016.
  • The Net Asset section of the Statement of Financial Position will contain two classifications: “with donor restrictions” and “without donor restrictions” with additional disclosures in the footnotes regarding their nature and amount.  The proposed effective date is for fiscal years beginning after December 15, 2017. Other proposed financial reporting revisions concerning liquidity, cash flow, and reporting of functional expenses are on hold.    
My take: There is really nothing requiring immediate action. We try to keep our newsletter readers abreast of accounting, auditing and financial reporting rules in our Articles of Interest section.

To read more conference takeaways about multi-state fundraising regulations, marijuana legalization impact on nonprofits and crowdfunding, click here


MIP Virtual Forum for June

The MIP Virtual Forum meeting is rescheduled for Wednesday, June 22 at 10 a.m. This meeting will be special. We need more time to prepare for it and hope for better attendance after the middle of the month. The general topic will be “how can NFP Partners better support its clients and award them for their loyalty?” We have some ideas and would like to get your feedback and suggestions. We plan to put some real work into this. You can pre-register for the session now by clicking here. Expect a more definitive invitation the 2nd week in June.

 

Message From the Editor

We, at NFP Partners, sincerely apologize for the late mailing of this month's newsletter. We appreciate your support and hope you enjoy the read. 

 

In This Issue

February DrillPoint Reports Webcast

 

DrillPoint Reports is an advanced report writer for Abila MIP Accounting using Microsoft Excel. DrillPoint Reports integrates your copy of Excel to your Abila MIP database to allow robust report writing using all of the features available with Microsoft Excel.

The next webinars are scheduled for Thursday, June 16th, 12:00-1:00 p.m. MDT and Tuesday, July 12th, 12:00–1:00 MDT. If you'd like to register, click here



Articles of Interest

We have discovered, and continue to explore, new sources of useful information for nonprofit executives and managers. We plan to publish a cumulative compendium of these links on our blog when our new website is launched next month.


New Clients

Western Guaranty Fund Services – Abila MIP Fund Accounting

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