OD: UPMIFA and Endowment Reporting
Recorded March 21, 2008
Overview
The new UPMIFA environment has led to proposed endowment disclosures by FASB. The guidance in proposed FASB Staff Position (FSP) FAS 117-a will augment the landmark FASB Statement No. 117, Financial Statements of Not-for-Profit Organizations. UPMIFA interpretation in your state and/or by your governing board can potentially alter the net asset classification of true endowments. This conceptual change and new disclosures will be effective in this fiscal year’s financial statements. The webcast is your opportunity to understand the paper directly from the source – the FASB staff. The FSP is a proposal that carries a 60 day comment; participation in this program will allow for debate and questions that inform institutions’ and NACUBO’s response to FASB.
What You Will Learn:
- The drivers behind the accounting proposal
- An understanding of the model UPMIFA
- An understanding of how changes impact you – even if your state does not adopt UPMIFA
- Steps that must be taken to inform colleagues and trustees
Who Should Participate?
- Controllers
- AVPs of Finance and Administration
- Business Officers at public institutions’ foundations
Meet the Presenters:
- Jeff Mechanick, FASB Staff
- Susan Gary, Law professor and model UPMIFA expert
- Sue Budak, FARM author and NACUBO FASB Advisor
Course Information:
- Course Level: Advanced
- Length: 120 minutes
- Prerequisites: none
Fees
Member: $0.00Non-Member: $29.00