UPMIFA and Endowment Reporting

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
• CPE Field of Study: Accounting
• Length: 120 minutes
• Prerequisites: none
• CPE Credits: 2

Fees

Time

Available on-demand at any time.

Length

Approximately 100 minutes

Technical Requirements

• Windows 9x/NT/2000/XP (Mac and Linux are not supported)
• IE 5.0 or Higher (Netscape is not Supported)
• Windows Media Player 6.01 or Higher (May have some issues with versions below 7.0)
• To successfully view this program you must first follow the Test Your System link located on the Event Help Guide

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