Financial Reporting Under FASB 117-1 After Enactment of UPMIFA
Barry C. Hawkins
Shipman & Goodwin LLP
You will Learn:
- What is the standard of disclosure of endowment funds under UPMIFA as compared with UMIFA?
- How should a Non-Profit disclose so-called “underwater funds”?
- Does the removal of Historical Dollar Value from UPMIFA and the substitution of the seven factors of prudence change the classification of endowment funds with respect to being restricted, unrestricted or temporarily restricted?
- And more!
In this brief preview of the upcoming live webinar “Living with the Uniform Prudent Management of Institutional Funds Act” (UPMIFA), we will concentrate on only one aspect of the challenges inherent in advising non-profits about how to report endowment funds on financial reports. Non-Profit organizations often receive conflicting advice from their accountants on what standards for disclosure in their financial statements are required under the current guidance from Financial Accounting Standard Board (FASB-117-1, as opposed to the legal guidance delivered to them based on UPMIFA. Worse, some non-profits are even receiving conflicting legal guidance as to whether the accountants are correct in their common guidance to Boards to act as though the processor statute, Uniform Management of Institutional Funds Act (“UMIFA”), with its bright line test of Historical Dollar Value (“HDV”) was still the governing law. Who is correct and what should a concerned Board member conclude from the uncertainty?
Sign up for a free Bronze membership today to receive your complimentary ondemand webinar!
Please provide a valid business e-mail to receive your access instructions.
Already a member? Log In
You will receive a Free Bronze Membership
to Tax Professionals' Resource with your OnDemand Webinar!