In September 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-07 – Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (“ASU 2020-07”). The FASB issued the update to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. Prior to ASU 2020-07, Generally Accepted Accounting Principles did not contain specific presentation requirements for contributed nonfinancial assets or specific disclosures for contributed nonfinancial assets other than contributed services.

In the ever-evolving digital age we live in; one would believe that check fraud would be a thing of the past. Unfortunately, the age-old trick of criminals stealing checks out of the mail continues and appears to be more advanced than ever. Once the criminals are in possession of your checks there are several tactics deployed in editing the original check. These include but are not limited to altering the payee/amount (check washing) or simply forward endorsing the checks. On the more sophisticated side, criminals will take an image of the check, make alterations to it, and sell it on the dark web.

Nonprofit organization’s (“NPOs”) cash flow and operations have been impacted by the COVID-19 pandemic just like commercial businesses – and in some cases, even more severely. NPOs are making changes at a rapid pace to deal with this outbreak. Cash flows, budgets, layoffs/furloughs and working remotely are some of the decisions NPOs face while trying to navigate these unchartered waters. While there has been and will be difficult decisions to make, a NPO has to be mindful that it is also a business and there are things that can be done to mitigate cash flow and operating issues.