Tell Us What You Think - Topic for June 23, 2009

Join us Tuesday, June 23, 2009 for a short presentation by United Way followed by a round-table discussion on the topics you would like to hear next year. The June 23 meeting is the last meeting before summer break. We will reconvene on September 22, 2009 with a new slate of topics and speakers that will come from the round-table suggestions.

So please come prepared to discuss your topic/speaker wish list for next year's meetings.

Correction: Brooks Ball of Mutual of America will be giving a short talk. And the discussion afterward will center on these topics:

• Treasurer's Report
• Discussion of dues
• Discussion of logistics for meetings: location, time, date and food
• Review of this year's presentations and discussion of topics for next year

Accounting and Reporting Changes Affecting nfp's Part II - Revenue Reporting Requires Precision

On Tuesday, May 26, 2009, Jen Vacha of Brown, Smith, Wallace, presented the changes the 2008 990 is having on revenue reporting. The 2008 990 divides revenue into three basic categories (in Part VIII Statement of Revenue): Contributions, gifts, and grants; Program service revenue; and Other revenue.

The basic trait of Contributions is that the donors receive nothing of value in exchange for their gift and the donor determines the amount of the payment.

Program service revenue is revenue provided from the programs which are the basis of the organization's exampt status.

Other revenue consists of investment revenue, gaming revenue from activities like casino nights raffles, and bingo. Other than qualified bingo, most gaming revenue generates Unrelated Business Income.

The upshot is to be very precise about categorizing revenue so that 990 reporting is less difficult.

Accounting and Reporting Changes Affecting nfp's Part II - Topic for May 26, 2009

Ever get confused when trying to determine the portion of a contribution that provides value back to the donor? Worried about whether gifts have been properly categorized as restricted or unrestricted? Bewildered as to how all this ties into the 990?

Well stop worrying and join us Tuesday, May 26, 2009 when a representative of Brown Smith Wallace will discuss the latest regulations affecting accounting for contributions. Among the topics discussed will be:

• Contributions vs. Exchange transactions
• Restricted gifts
• GAAP and 990 Direct Benefit to Donor

Accounting and Reporting Changes Affecting nfp's Part I - FAS 157

On Tuesday, April 28, 2009, Janet Ramey of Brown Smith Wallace discussed the implications of FAS 157, which was issued in September, 2006 and which is effective for fiscal years that begin after November 15, 2007. FAS Statement 157 provides a framework to measure fair value. But first, it provides a definition of fair value:

"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."


FAS 157 then sets out three levels of information by which fair value is determined.

1. - transactions for same item that are observable from active independent markets
2. - observable market inputs
3. - no observable market

As usual, consistency and documentation are critical in substantiating fair value techniques.