Giving Tuesday

Make a Difference on Giving Tuesday

After the overindulgence of Thanksgiving and the Black Friday frenzy of consumerism that follows, turning our focus to how we can help others feels especially rewarding. November 27, 2018, marks the celebration of Giving Tuesday, a relatively new but widely enjoyed annual event. As a committed partner of the non-profit community, HBP invites all of our friends and clients to join us in making a difference this year.

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Man looking at computer screen and taking notes

Updated Reporting Standards for NFPs: Intermediate Measures of Operations

With the Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) in 2016 came a host of new financial reporting requirements and changes that impact nonprofit organizations. ASU 2016-14, as the update is officially titled, makes a wide variety of changes to financial statements and requires additional disclosures regarding functional expense reporting; net assets and endowments; and liquidity and availability of assets.

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A man and woman discussing net assets and endowments over a stack of papers

Updated Reporting Standards for Nonprofits: Net Assets and Endowments

Nonprofit leaders must prepare for change as they approach their annual accounting and fulfill their disclosure responsibilities. In August of 2016 the Financial Standards Accounting Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit (NFP) Entities.

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A group of people reviewing important documents

New Liquidity and Availability Reporting Standards for Nonprofits

In August of 2016, the Financial Accounting Standards Board (FASB) released a broad update of accounting standards that will change the way nonprofit organizations report and present their financial data. Formally titled Accounting Standards Update 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14), the update addresses multiple aspects of financial reporting. Not-for-profits (NFPs) will make the most significant reporting changes in the areas of functional expenses; treatment of net assets and endowments; liquidity and availability of resources; and intermediate measures of operations.

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Three people reviewing a nonprofit's statement of functional expenses

A First Look at the New Statement of Functional Expenses

When considering a charitable gift, prospective donors want to know how a nonprofit spends its money. While the information is accessible through publicly available financial statements, these documents can be difficult to wade through and interpret for a non-accountant. That’s why the Financial Standards Accounting Board (FASB) has established a new requirement for nonprofits to prepare expense statements in a form that helps donors easily grasp the relevant information: the schedule of functional expenses.

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money on table as cash reserves

The Importance of a Cash Reserve Policy

We all know the budgeting process can be quite challenging and stressful for nonprofits. A budget will not only help you plan for the future, but also help to assess your current financial health. Organizations need to use various methods and strategies to determine how much revenue and expenses need to be collected and spent in order to achieve their short- and long-term goals as well as to maintain their daily operations. But fewer organizations than expected factor the unexpected into these projections or when discussing long-term goals. One of these goals should be the continued financial stability of the organization, and one way to achieve this is to implement a cash reserve policy.

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