Statement of Position 98-2, Accounting for Costs of Activities of Not-for-Profit Organizations and State and Local Governmental Entities that Include Fund Raising [now under Accounting Standards Codification (ASC) 958-720].
Some nongovernmental not-for-profit organizations solicit support through a variety of fundraising activities. These activities include direct mail, telephone solicitation, door-to-door canvassing, telethons, special events, and others. Sometimes fund-raising activities are conducted with activities related to other functions, such as program activities or supporting services.
External users of financial statements—including contributors, creditors, accreditation agencies, and regulators—want assurance that fundraising costs, as well as program costs and management and general costs are stated fairly. Certain financial statement disclosures are required if joint costs are allocated between fund-raising and program.”
In this 11-minute video our speaker, Carol E. Barnard, CPA, CFE, reviews the three criteria that must be met for costs to be eligible as joint costs – purpose, audience and content. She also discusses allocating joint cost, and ratio and charity watch groups.
Carol E. Barnard, CPA, CFE is a senior manager in the Nonprofit Services Group at Aronson LLC. She concentrates in accounting, auditing, and internal control systems for nonprofit organizations. Ms. Barnard has extensive experience with and has conducted webinars on multiple topics including federal grant compliance and fraud.
Agenda
Faculty
Carol Barnard, CPA, CFE
Aronson LLC
- Senior manager in the nonprofit services group at Aronson LLC
- Has extensive experience with federal funding and Uniform Guidance audit requirements, making her well versed in cost principles and compliance issues
- Obtained her Certified Fraud Examiner designation in January 2012
- Member of the Association of Certified Fraud Examiners and a member of the American Institute of Certified Public Accountants
- Was contributing author and editor of The Financial Management Handbook for Associations and Nonprofits, published by ASAE
- Licensed in the state of Maryland and Virginia and has been working in public accounting for fifteen years specializing in nonprofit organizations
- M.B.A. degree in accounting
- Can be contacted at 301-222-8214 or [email protected]
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