Accounting Endowments of Not-for-Profit Organizations After UPMIFA
Single Attendee: $ 199
Use Discount Code: Y7430088 for 10% off when registering online or when registering by telephone at (866) 352-9538. Seminar ID 388546
Who Should Attend?
This live audio conference is designed for accountants, attorneys, executive directors, officers, board members, controllers, CFOs, tax managers and enrolled agents.
In response to the enactment of the Uniform Prudent Management of Institutional Funds Act in most of the United States, the Financial Accounting Standards Board, in 2008, promulgated FASB Staff Position No. FAS 117-1. FSP FAS 117-1 provides guidance for nonprofits as to the proper classification of endowment funds when UPMIFA has been enacted and expands the required disclosure about endowment funds.
The replacement of the prior legal restrictions of historic dollar value with the seven articulated standards of prudence set forth in UPMIFA has thrown into some turmoil the rules governing how a nonprofit organization should present its financial condition. The requirements of UPMIFA as a state statute and FSP FAS 117-1 as an accounting requirement often appear to be and perhaps are in conflict. This live audio conference will review these requirements and attempt to provide useful guidance in reconciling the accounting standards and the law, with a particular emphasis on how to report expenditures from so-called underwater funds. The program will review the two sets of requirements, and help you better understand the similarities and the critical conflicts between UPMIFA and FSP FAS 117-1.
Continuing Education Credits
1:00 PM ET(please do not contact the hotel directly)
2:30 PM ET, Live Audio Conference, New JerseyTeleconference