Regardless of your investing experience, certain traits can be advantageous for anyone investing. Let’s see what they are.
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Temple Management Consulting, Certified Public Accountants
Do you need current information on the financial standing of your organization in order to make decisions?
Do you lack in house accounting know how?
Is your team losing time that it could be spending on core activities in order to manage your accounting and financial reporting?
Temple Management Consulting is a complete virtual accounting and finance partner to supplement your in-house accounting department.
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How We Help…
Nonprofits and Churches
- Nonprofit Accounting Support From the Ground Up
- Donation and Contribution Management
- Fund Accounting
- Grant Financial Management and Grant Compliance
- Financial Statements and Day-to-Day Accounting for Nonprofits
- Real-Time Financial Reporting and Metrics with Easy to Understand Dashboards
- Design and Implementation of Accounting Systems
- Budgeting and Forecasting
- CFO and Controller Services
- Business Advisory
- Financial Literacy Training
Professional Businesses
- More Time. Less Stress. Stronger Accounting!
- Bookkeeping
- Financial Reporting and Analysis
- Budgeting and Forecasting
- Day-to-Day Accounting
- Real-Time Financial Reports and Metrics and Easy to Understand Dashboards
- Design and Implementation of Accounting Systems
- CFO and Controller Services
- Business Advisory
- Financial Literacy Training
Contact Temple Management Consulting to get started
Meet Temple Management’s CEO, Annette Sullivan
Resources from Temple Management
Women: The Traits of A Good Investor
Regardless of your investing experience, certain traits can be advantageous for anyone investing. Let’s see what they are.
A Brief History of FASB Standards for Nonprofits
In 1993, FASB introduced SFAS 116 and 117. These standards revolutionized nonprofit financial reporting. They established guidelines for contribution recognition and financial statement presentation. For over two decades, these standards served as the backbone of nonprofit accounting. SFAS 116 focused on accounting for contributions received and made. It provided clear guidance on how to recognize and measure contributions, including distinguishing between conditional and unconditional promises to give. This standard significantly improved the consistency and comparability of contribution reporting across nonprofit organizations. SFAS 117 addressed the presentation of financial statements. It introduced the concept of three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. This classification system helped users of financial statements better understand the nature and extent of donor-imposed restrictions on a nonprofit’s resources. However, the nonprofit sector has changed dramatically since 1993. New challenges and complexities emerged. The rise of social enterprises, increased scrutiny from donors and regulators, and the growing importance of impact measurement all contributed to a need for updated accounting standards. FASB recognized the need for updated standards to reflect these changes and better serve the evolving needs of nonprofit organizations and their stakeholders. Introducing ASU 2016-14: The New FASB Standards In August 2016, FASB released Accounting Standards Update (ASU) 2016-14. This update aims to improve nonprofit financial reporting. It became effective for fiscal years beginning after December 15, 2017. The new standards represent a significant shift in nonprofit financial reporting, addressing many of the challenges and limitations of the previous standards. Key Changes in ASU 2016-14 Net Asset Classification for Nonprofits ASU 2016-14 simplifies net asset classification. It reduces the categories from three to two: This change provides clearer information about a nonprofit’s