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Proposed FASB FSP on NPO Endowments
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GAQC Home > Resources > Proposed FASB FSP on NPO Endowments
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NPO Endowments: Enhanced Disclosures and UPMIFA Accounting Guidance Conference Call
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This call provides you with an understanding of Financial Accounting Standards Board (FASB) proposed FASB Staff Position (FSP) FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures, issued on February 22, 2008. Your understanding of the proposed guidance is critical because the FSP is expected to impact your not-for-profit clients with June 30, 2008, year-ends. Learn More>>
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The GAQC hosted this exclusive member conference call titled, Not-for-Profit Endowments:  Enhanced Disclosures and UPMIFA Accounting Guidance. This call provides you with an understanding of Financial Accounting Standards Board (FASB) proposed FASB Staff Position (FSP) FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures, issued on February 22, 2008, click here to find the FSP. Your understanding of the proposed guidance is critical because the FSP is expected to impact your not-for-profit clients with June 30, 2008, year-ends.

 

The Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA), intended to modernize the legal guidance on investment and management of donor-restricted endowment funds, has also raised significant questions about the accounting and reporting of such funds in financial statements prepared in conformity with generally accepted accounting principles (GAAP). Rapid endowment growth, especially in larger NPOs, has also helped usher in an era of increased public scrutiny of endowment management. This session will provide an in-depth review of proposed guidance that the FASB has issued which would address both of these matters and which would be effective for fiscal years ending after June 15, 2008. The session covers:

 

·         The key changes in UPMIFA from its predecessor, the Uniform Management of Institutional Funds Act (UMIFA), especially concerning spending guidelines

·         The questions that UPMIFA raises about the accounting and reporting of donor-restricted endowment funds, and the proposed guidance on that in Proposed FASB Staff Position (FSP) FAS 117-a

·         The enhanced disclosure requirements contained in the FSP, which would apply to all NPOs with endowments, whether or not they are subject to UPMIFA at this time

·         Implementation issues in applying UPMIFA and the proposed FSP

 

About the Presenters

 

Jeffrey D. Mechanick is a Project Manager for the FASB, where he specializes in NPOs (health care providers, colleges and universities, public charities, and other). In his role, Jeff manages projects involving GAAP specific to NPOs (including Proposed FSP FAS 117-a) and serves as a consultative resource to the FASB board and staff on the NPO implications of other proposed changes to GAAP. Prior to joining the FASB, Jeff spent a combined twenty years in public accounting and industry. Jeff earned a Bachelor of Arts degree in biological sciences from The University of Chicago and an MBA in professional accounting from Rutgers – The State University of New Jersey. He is a member of the AICPA and the New York State Society of CPAs, and has served on the AICPA's Not-for-Profit Organizations Expert Panel.

 

Lisa C. Hinkson is a partner currently on rotation in KPMG's Department of Professional Practice. Prior to her rotation, Lisa served on both the financial statement and OMB Circular A-133 audits for several large universities and other not-for-profits. In her current role, she provides guidance to KPMG offices on not-for-profit accounting, performing audits in accordance with Government Auditing Standards, and performing single audits. Lisa received her BBA in Accounting from Iona College.

 

Archived Call Listening Instructions

 

You should print out and have available the following presentation materials for reference during the archived call:

 

GAQC FASB NPO Endowment & UPMIFA Call Slides Final (PowerPoint or PDF)

 

The presenters addressed some of the questions within the time allotted for the call. However, all questions received are posted on the GAQC Member Discussion Forum. We encourage you to visit the forum to post additional follow-up questions.

 

Thank you for your interest in this GAQC conference call.

 

Listen to the archived call in streaming audio

 

You can download the archived call for playing on your computer while offline or uploading to an MP3 player.  To do so, right click on the following link and select "Save Target As" or "Save Link As."  The download may take a while depending on your connection speed, so please be patient.

 

Download archived call to your computer or MP3 player

 

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Copyright © 2008 by the American Institute of Certified Public Accountants, Inc., New York, New York.
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Expiration Date:(mm/dd/yyyy) 0/30/2009
Search Key Words:FASB, NPO, Endowments, UPMIFA
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