College Alumni Boost Charitable Giving in 2017
According to the Council for Aid to Education’s recent Voluntary Support of Education survey, college alumni were happy to give back to their alma maters in 2017. For the fiscal year ending June 30, 2017, colleges and universities amassed $43.6 billion in charitable donations. The total is a 6.3 percent jump from 2016 and marks the highest fundraising total in the survey’s history. While foundations were the top source of voluntary support in 2017, the survey says that the 14.5 percent rise in alumni giving is responsible for most of last year’s growth. More on this survey is available on the Inside Higher Ed website.
Faux Donor Scams Nonprofit for Veterans
An Oregon-based nonprofit gym for veterans has fallen victim to a con artist. Alleged wealthy businessman named Garyn Bowen had pledged $425,000 to Lift for the 22, and claimed that supplement retailer GNC would match his gift. Since Bowen was a frequent attendee of the gym’s workout programs, the organization did not bother to check his background. After arranging a Facebook live-stream of the check presentation, the gym never received Bowen’s check. Later, the gym discovered that Bowen had stolen another member’s wallet to make purchases. More on Lift for the 22’s story is available on the Nonprofit Quarterly website.
Gift Acceptance Policy Tips for Nonprofits
In a recent blog on the American Institute of Certified Public Accountants’ (“AICPA”) website, Foundation of the Carolinas Vice President Alyssa Federico shares her insights on developing a gift acceptance policy for a nonprofit organization. According to Federico, a well-developed policy can protect a nonprofit from potential risks and educate staff members on when to decline gifts. Some of the guidance Federico outlines concerns handling non-cash gifts, the process for deciding whether or not to accept a gift, and determining what is required prior to acceptance. Federico’s blog can be read in its entirety on the AICPA website.
Forthcoming Revenue Standard Proposal to Help Nonprofits
New Financial Accounting Standards Board (“FASB”) guidance could make it easier for nonprofits to record revenue from grants and donations with restrictions. On June 7, the FASB unanimously agreed on a proposal to help nonprofits differentiate between a condition and a restriction in U.S. GAAP for received grants and donations. Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606) removed guidance on “exchange” transactions. Furthermore, many nonprofit organizations have had trouble distinguishing between a condition and restrictions. To address the matter, the FASB will clarify that when a gift comes with a donor-imposed condition, the agreement must. Read More.
Topics: Accounting Standards Update "ASU", Charitable Giving, FASB, Financial Accounting Standards Board "FASB", Nonprofits, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, U.S. GAAP
University of Wisconsin Reaches Midpoint of Naming Agreement
With the University of Wisconsin Madison at the halfway point of its 20-year deal to keep the name of its business school intact, campus administrators and donors are reflecting on the agreement. Thoughts have consisted of the upside of the deal and what its future may hold. Most recently, there have been talks on whether donations can be used to delay the ending of the deal. Such talks have opened a larger discussion about college fundraising efforts, naming rights, and the impact on a university’s identity. The discussion has also garnered interest from donors, who consider the Wisconsin naming deal. Read More.
Oregon Nonprofit Survey to Reflect Equity and Inclusion
In a change from previous years, the Nonprofit Association of Oregon is updating the questions in its annual 100 Best Nonprofits to Work for in Oregon survey to reflect equity and inclusion. The change is being credited to the nonprofit sector shifting its focus to creating an equitable workforce. Oregon Business’ Kim Moore says that local philanthropy has spearheaded the change, as some donors are considering equity and inclusion in their grantmaking efforts. More on the Nonprofit Association of Oregon’s survey changes is available on the Nonprofit Quarterly.