Friday, October 13, 2017

Accounting for Contributions, Donations, Pledges, and Grants to Not-for-Profits (FASB ASC 958)

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Accounting for Contributions, Donations, Pledges, and Grants to Not-for-Profits (FASB ASC 958)
October
 
16
3 pm - 4:15 pm ET
Presenter: Neely Duncan, audit partner at Lane Gorman Trubitt, LLC
Credits: CPE (Credit Details)
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Course Description
 
In this course, you will learn how to properly account for contributions, donations, pledges and grants to non-profits. You will learn how to:
  • Identify the critical differences between support and revenue
  • Describe how a verifiable promise differs from an intent to contribute
  • Properly account for conditional or restricted awards
  • Properly record noncash contributions
Course Outline
  • Standards and guidance that apply
    1. FASB ASC 958--Not-for-Profit Entities
    2. Pending revisions to OMB grants management guidance
    3. Chap. 5 of AICPA's Not-for-Profit Entities Audit and Accounting Guide
  • Practical issues that arise with contribution and grant accounting
    1. Support vs. revenue
    2. Promise vs. intent
    3. Conditional and restricted contributions
    4. Contribution recorded in right year, in right amount
    5. Proper disclosures
    6. When to record non-cash contributions
  • Complex scenarios involving non-profits
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The Presenter
About The Presenter
 
Neely Duncan, CPA, CFE, FCPA, is an audit partner at Lane Gorman Trubitt, LLC, where she focuses on not-profit audit, tax, and consulting engagements. Ms. Duncan also performs forensic work related to various cases. In addition to handling the accounting and audit needs of her clients, she advises clients on operational efficiencies and governance issues. She is a graduate of Old Dominion University.
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