Abbreviations
"ASC", such as ASC 842 Implementation
Accounting Standards Codification
Yes / No - Do non-profits need to provide comparative financial statements in their reporting according to US GAAP?
No: US GAAP does not require the presentation of comparative FS for any entity. However some laws, regulations, contracts, or agreements may require it
The current Chief Executive Officer of CLA
Jen Leary
Yes / No: For nonprofits, the results of a single-audit are typically made public.
Yes - The notable exception to this rule is Native American tribal governments, which are not required to release their audit reports publicly.
"FASB", is the independent, private- sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations.
Financial Accounting Standards Board
When using the accrual method, a non-profit will not recognize when they receive it, but rather when they
Earn it
The next scheduled "Friday Drawasaurus!!" this Friday is set to take place during this timeframe:
3:00-3:30pm
Yes / No: if you are subject to Single Audit requirements, then you are also subject to Yellow Book requirements.
Yes - it is required
"ERC", where C stands for credit, is a fully refundable payroll tax credit provided by the IRS to eligible employers who have experienced a significant decline in gross receipts
Employee Retention Credit
Yes / No: Does a nonprofit have to use the US.GAAP?
No: Not all NFP have to use GAAP; Nonprofit entities that are not required to use US GAAP by law regulation, contract, or arrangement may use a special-purpose accounting framework
This third-party company administered the "Great Place to Work" survey we (hopefully) all just completed.
Emprising
Major programs
"CECL" is an accounting standard that requires financial institutions to estimate and recognize credit losses on financial assets, such as loans and debt securities
Current Expected Credit Loss
Net assets are classified based on the existence or absence of _______ _________.
Donor restrictions
The exact year Clifton Gunderson LLP and LarsonAllen LLP merged to create CLA
2012
For a low-risk auditee, what required % of total federal expenditures must be audited as major programs?
20% of federal expenditures
For 'not a low-risk' auditee', it is 40%
This can be found on the Planning Worksheet under the 'Pre-Engagement' section of Single Audit binder.
"SCOTABD", meaning significant account areas
Significant Class of Transaction, Account Balance, or Disclosure
FASBO ASU ____-__ requires all nonprofits to present their expenses by both function and nature in one place, which can be on the face of SOA, in a separate statement (such as a statement of functional expenses), or the notes to financial statements.
2016-14
Listed in alphabetical order on the CLA homepage, CLA offers these services: Audit, Consulting, Digital, Tax, and _________ _________.
Wealth Advisory
For nonprofits, the Single Audit reporting package must be submitted either within 30 calendar days after receiving the auditor’s report or __ months after your fiscal year end, whichever comes first.
Nine