New FASB Financial Reporting Requirements: Are Your Board and Management Team Up to Speed?

Now that the new FASB accounting standards for nonprofit organizations have taken effect, it’s time to step back and evaluate whether your CAA’s board and senior staff are familiar with the new presentation of financial statements, and how each is effectively using the information to inform its organizational strategy discussions and decisions. Join us for a two-part webinar series discussing the board’s and management’s responsibilities for exercising oversight and stewardship over a CAA’s finances, particularly how the new FASB accounting rules impact their review of a CAA’s financial statements. Webinar 1 will focus on the board’s responsibilities, and Webinar 2 will focus on the management team’s role in financial accountability for a CAA.

In connection with the webinar series, we will be issuing a newly-updated section of CAPLAW’s toolkit, Tools for Top-Notch CAAs: A Practical Approach to Governance and Financial Excellence, to address the new FASB rules and required disclosures and their impact on nonprofit CAAs. The updates include newly-developed appendices with sample financial statements to train the board and executive and fiscal staff on analytic approaches most likely to produce useful insight for organizational decision-making.

These resources are part of the Community Services Block Grant (CSBG) Legal Training and Technical Assistance (T/TA) Center. They were created by Community Action Program Legal Services, Inc. (CAPLAW) in the performance of the U.S. Department of Health and Human Services, Administration for Children and Families, Office of Community Services Cooperative Agreement – Grant Award Number 90ET0467-03. Any opinion, findings, conclusions, or recommendations expressed in these materials are those of the author(s) and do not necessarily reflect the views of the U.S. Department of Health and Human Services, Administration for Children and Families.

The contents of this publication are intended to convey general information only and do not constitute legal advice. Any communication through this publication or through CAPLAW’s website does not constitute or create an attorney-client relationship. If you need legal advice, please contact CAPLAW or another attorney directly.