Changes to NFP reporting of gifts-in-kind

There is a new emphasis and an upcoming required change in how your NFP financials will present and disclose gifts-in-kind. Accounting Standard ASU No. 2020-07 has mandated this change. It will be effective for annual periods beginning after June 15, 2021. This Accounting Standard improves transparency for gift-in-kind transactions by requiring the following:

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Open Books: How Cultivating an Environment of Financial Transparency Builds Trust in Your Nonprofit

As long as your financial management is protected and handled by a professional staff, financial transparency can offer key benefits to your nonprofit.

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