July 2018 Accounting News

Certain non-profits are required to undergo a review or an audit which results in formal financial statements. For the year ending December 31, 2018, the reporting requirements are changing. The presentation of Temporary Restrictions and Permanent Restrictions along with Board Designated will be different. New footnote disclosures are required.

It is important to ensure that your Non-profit has the correct and accurate descriptions of your donation and supported with thank you letters. We continue to recommend that all restriction of funds be fully detailed and if appropriate, approved by your Board.

Please send us a note or call us to discuss these and any other questions or issues you may have.

Rob Lynch 781-871-5850
Tony Marini 580 650-0018