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  • 1.  Finance/Acctg: New Standards for Nonprofits

    Posted 05-29-2017 10:45 PM
    Dear Colleagues,

    We are working on updating our processes and set ups so we are in compliance with new financial accounting standards for 2018.

    I am very interested in connecting with other museum's finance and accounting staff as we will all have similar revenue sources/types, expenses, and other museum transaction specific tasks to complete in preparation for the change.  It would be excellent if we could learn from each other's implementation plans. We utilize Financial Edge for accounting, Siriusware for box office/visitor services, and Salesforce-NGOC for Development. 

    I am fairly new to staff and did not make it to the AAM conference. Perhaps there is already a working group or discussion thread for this topic(?).

    Thank you so much!

    Ella

    efrank@childrensmuseum.org

    ------------------------------
    Ella Frank, MBA
    Director of Finance
    The Children's Museum of Indianapolis
    Indianapolis IN
    ------------------------------
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


  • 2.  RE: Finance/Acctg: New Standards for Nonprofits

    Posted 05-30-2017 08:13 AM

    Having a working group, blog or thread is a wonderful idea.  This is an important topic and we can't start the transition to it soon enough.  Although 2018 is when transition is mandatory, you need to consider at least a one year lookback period for the comparative statement.  That means you really need to consider the changes now.  This mostly impacts Financial Edge or whatever other accounting software an organization uses.  Of course the biggest changes will be preparing the financials to show 2 net asset classifications (in FE the VCO will be very helpful but you will need an available field or attribute to sort) and preparation of new audit disclosures.  I would love to be on any group formed to address the transition and implementation of both the revenue recognition changes (FASB ASU 2014-606) and the net asset reclassification changes (FASB ASU-230).

     

    Hazel P Duncan, MBA, CMA

    Director of Finance and Accounting
    Virginia Museum of Fine Arts Foundation
    VMFA-web-sig
    Virginia Museum of Fine Arts
    200 N. Boulevard / Richmond, VA 23220-4007
    T 804.340-1488 / F 804.340-1647
    email:Hazel.Duncan@vmfa.museum

    See what's new at: www.vmfa.museum

     

     

     




    Original Message
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


  • 3.  RE: Finance/Acctg: New Standards for Nonprofits

    Posted 05-30-2017 09:58 AM
    As I small museum with only a part-time bookkeeper, I am very interested in hearing about these changes.  Where can I find information about what the new requirements will be?

    Beth Hansen



    Original Message
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


  • 4.  RE: Finance/Acctg: New Standards for Nonprofits

    Posted 05-31-2017 08:27 AM
    The best place to find information is at fasb.org.  They have a special section for not-for-profits.  Once in that section look for relevant standards.  I have included a link to the page.  I hope it works.  If the link does not work the go to fasb.org and look for not-for-profit under "Quick Links" on the home page.

    Not-for-Profits
    Fasb remove preview
    Not-for-Profits
    Assist the FASB and its staff with communication and outreach activities to the NFP sector on recent standards and other existing guidance, current and proposed projects, and longer-term issues. NAC members are encouraged to communicate with the NFP sector, both to educate the sector about the roles of the FASB and the NAC and to encourage the sector to communicate with the FASB on financial reporting matters.
    View this on Fasb >


    ------------------------------
    Hazel Duncan
    Virginia Museum of Fine Arts
    Richmond VA
    ------------------------------

    Original Message
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


  • 5.  RE: Finance/Acctg: New Standards for Nonprofits

    Posted 05-30-2017 04:10 PM

    Ella,

     

    I am also interested in a working group for finance related discussions. 

     

    The Newark Museum uses Financial Edge for accounting; Raiser's Edge for Development and Membership; Siriusware for visitor services. 

     

    Beth Aron
    Deputy Director, Finance & Administration
    Newark Museum
    49 Washington Street
    Newark, New Jersey 07102
    Phone: 973.596.6681
    Fax: 973.642.0459

    baron@newarkmuseum.org

     

    NM_Logo

     




    Original Message
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


  • 6.  RE: Finance/Acctg: New Standards for Nonprofits

    Posted 05-31-2017 09:27 AM
    Hello all,

    Our institution chose early implementation for the new rules for our year ended September 30, 2016.  I found the AICPA examples extremely helpful (attached).  They are also available in Word and Excel versions.

    I'm by no means an expert, but I'm happy to try to help anyone if I can.

    ------------------------------
    Susan Surber CPA
    Director of Finance
    The Cummer Museum of Art & Gardens
    Jacksonville FL
    ------------------------------

    Attachment(s)

    pdf
    save-our-charities-master.pdf   735 KB 1 version
    pdf
    save-our-charities-master-ASU-2016-14.pdf   877 KB 1 version
    Original Message
    AAM Annual Meeting & MuseumExpo, Baltimore, May 16-19, 2024, click to learn more


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