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Episode 4: How the FASB Not-for-Profit Proposal May Impact You

How FASB’s Not-for-Profit Proposal May Impact You with NACUBO's Sue Menditto

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SueMenditto
Sue Menditto

Director, Accounting Policy
NACUBO

The last time FASB’s reporting model changed for higher education and other non-profits was back in the 1990’s. In the last 20 years however, much has changed in our industry. As a result FASB has tried to respond. With those changes comes the next chapter which could affect how we handle asset class restrictions, operating performance, expense reporting and more.

Today on NACUBO In Brief, NACUBO’s own director of accounting policy, Sue Menditto, joins us to provide background on the changes, outlines what business officers need to know about the proposal, and how it can impact your institutional reporting.

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On My Desk Right Now:
A small basket of reading glasses in various colors,
annual reports from a sampling of colleges and universities, and
“The Great American University” (Jonathan Cole, on the indispensable national role of higher education).
What I do when I'm not at work:
I enjoy browsing in antique stores and open markets, cooking, trying new restaurants, and bike riding.
My Media Mix:
Fixer Upper (HDTV), The Good Wife, Orange is the New Black and Grey’s Anatomy. The only newspaper I consistently read is The Washington Post.
Favorite Quote:
"People always live forever when there is an annuity to be paid them" – Jane Austen, Sense and Sensibility

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Biography: Susan M. (Sue) Menditto joined the National Association of College and University Business Officers (NACUBO) in 2002. Ms. Menditto leads NACUBO’s financial accounting and reporting advocacy efforts for both independent and public higher education institutions. She also is responsible for all accounting related issues that impact higher education.

Ms. Menditto is NACUBO’s expert on financial accounting and reporting standards, managerial and research accounting, audit, and financial governance matters of interest to higher education. She is charged with fulfilling higher education advocacy needs with the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), American Institute of Certified Public Accountants (AICPA), and the Department of Education. She has recently concluded a six year appointment on the Governmental Accounting Standards Advisory Council, where she represented the interests of public higher education institutions.

Ms. Menditto holds degrees in psychology and accounting, and is a certified public accountant. Prior to joining NACUBO she began her career in public accounting, was the CFO and Controller of a not-for-profit organization, and as a vice president with Bank of America had progressively responsible positions in financial reporting, accounting policy, mergers and acquisitions, and organizational change management.