Accounting board weighs in on endowments

March 17, 2008

The staff of the Financial Standards Accounting Board has issued input on nonprofit endowments and is seeking feedback from the sector, WebCPA reported Feb. 25.

The Staff Position, as the input is known, provides guidance on how nonprofits classify net assets and equity associated with donor-advised funds that are subject to the Uniform Prudent Management of Institutional Funds Act.

The provisions, which will be effective for groups with fiscal years ending after June 15 this year, could have significant implications for how nonprofits recognize assets and use their donor-restricted funds.

The Financial Accounting Standards Board is accepting email feedback from nonprofits through April 18.

 

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