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:
What is financial transparency? and what are the benefits to financial transparency reporting in your nonprofit or business?
In uncertain or difficult times, strong decisions count more than ever. For nonprofits, this means that financial and business strategies need to be informed by data.
Take a look at some of the ways you can assess your reporting system and make changes to adapt to your individual needs.
As long as your financial management is protected and handled by a professional staff, financial transparency can offer key benefits to your nonprofit.
Beyond the federal requirements and day-to-day accounting needs, your finances fuel the change you want to make in the world.